Auto logbook loans are a quick way to get money for emergencies if you have a car. They are fairly easy to get and are processed fast. Typically most of the lenders that offer auto logbook loans let you keep the car but you surrender the logbook and they install a tracking device in your car. A valuation of the car is done to determine the maximum amount you can qualify, which is usually a percentage of the value of the car. Processing after presenting all the required documents takes anywhere between 24-72 hours.
- Car's log book and copy
- Valuation report and photo
- A copy of the motor vehicle’s records with the Kenya Revenue Authority as at the date of loan application
- Original ID/Passport
- KRA PIN
- Personal/business bank statements
- Proof of comprehensive insurance valid during the entire period
- Post dated Cheques
- Two blank but signed motor vehicle ownership transfer forms
Benefits and more on auto log book loans
Auto log book loans are ideal if you want some quick cash. Processing is simple provided you have your vehicle documents ready. They can cater for emergencies as they are fast. The biggest benefit is that depending on your application you can still keep and use your car.
You can apply for a Auto log book loan from patamkopo platform here.