What is our car LogBook Loan about?
Our Logbook loan is a credit facility that issues finance against the logbook of our customer’s motor vehicle. You will still keep use of your vehicle even as you enjoy the loan facility.Only individuals with a logbook for their motor vehicle registered in their respective names can access this credit.
Fast Processing
Once the client checks all the eligibility requirements, the loan is processed within 3 working hours.
Flexible Repayment Plans
The loan term is up-to 6 months and our payment schedules are tailored to best suite your current incomes.
Eligibility Requirements
- Copy of National ID.
- Personal Cheque leaves.
- Copy of Logbook.
- Mechanical inspection report by our trusted mechanic.
- Comprehensive insurance of the vehicle covering twice the loan duration.
- Placement of a caveat on the Log book in favor of Express Loans Uganda through URA.
- Placement of a tracker in the vehicle for the loan duration.
In such a case the client provides proof of the insurance policy.
NB: The remaining months on the current policy should be twice the loan duration requested for.
- Comprehensive Insurance – 4% of vehicle market value.
- Placement of Caveat – 120,000
- Placement of tracker – 50,000 per month
- Mechanical Inspection – 20,000
Yes the loan can be processed and the fees are deducted / added onto the loan amount.
NB:
(1) – Once the fees are deducted, the money received by the client is less by the total calculated fees.
(2) – Fees can only be ADDED onto the loan amount if ;
- The vehicle’s valued loan-able amount is still higher then the loan being taken after including the fees.
- The client is in agreement with the new loan amount to be given.