The number of people who apply for motorbike logbook loans has always been high and is expected to remain high in the future. This can be attributed to the many benefits of this credit facility. There are very many lenders who offer these loans around the world.
For a person to secure a logbook loan, he or she must be over the age of 18 years. The applicant must also own a finance-free motorbike. The applicant should also have a motorbike insurance cover, logbook and other relevant ownership and registrations documents. The name of the applicant should appear on the logbook as proof of ownership of the motorbike. Applicants also have to prove that they are able to repay the loan.
Motorbike Logbook Loans Explained
When a motorbike owner wishes to procure a loan using the vehicle as collateral, he or she should be willing to surrender the logbook to the lender. The first thing prospective borrowers should do is find the right lender. A simple internet search will reveal numerous reputable companies in the region. The loan can be applied for either online, over the phone, or at the offices of the lending company. During the application process, the applicant will be asked to give a detailed description of the motorbike. This will be followed by a visit to an authorized agent for inspection and valuation of the vehicle. If the vehicle is as described, the applicant will be asked to surrender the logbook and sign the loan agreement and bill of sale before the loan can be awarded.
Benefits of Motorbike Logbook Loans
Logbook loans are versatile and borrowers with different credit histories can get the loan easily. Borrowers can get 50 to 90 percent of the current market value of their motorbikes. Loan processing is also very fast, and applicants normally get the money within 24 hours. One of the most attractive features of these loans is that borrowers get to keep their motorbikes as they continue to repay their loans.
It is important to note that failing to repay the loan according to the stipulated terms may lead to repossessing of the motorbike. The lender will have to sell the motorbike in order to recover the outstanding loan amount.