In order to keep our logbook loan rates transparent and affordable as much as possible, we recommended borrowers to avail of our free quote service. We will give you an accurate idea of how much a specific logbook loan deal may cost allowing you to thoroughly plan your borrowing. To avail a free quote for your logbook loan deal, we will need key information with regards to your personal and financial circumstances.
All borrowers are requested to fill out an online application form, which will take you seconds to complete. We will also need borrowers to meet the basic requirements first. To be eligible for a logbook loan, you must be of legal age (21 years old or above) and you must be a UK resident. More importantly, you must be a vehicle owner. All vehicles are accepted provided that it’s less than ten years old and is free of any financing plan.
In addition, borrowers are also required to provide important documents including your MOT certificate, insurance details and more importantly your car’s V5 or logbook document. You’ll also need to provide proof of income. While logbook loan lenders do not run credit checks on borrowers, your income is a key consideration when assessing your application. Other requirements are pretty basic which include proof of identification and billing address.
Based on the information provided, we will assess your personal and financial circumstance. We will give you a list of logbook loan deal recommendations that will perfectly suit your needs or budget. Or you can also tell us the amount you intend to borrow and the length of time you plan to repay said loan. Again, based on the key information we have on file, we will compute your logbook loan and give you an accurate quote or idea of how much it will cost.
With a clear and accurate idea of your logbook loan’s cost, you can proceed to completing the loan application through your respective lender’s main office or one of its branches near you. Once approved for a loan, your lender now holds temporary ownership of your vehicle. You still get to use your car but bear in mind that your lender can repossess said vehicle in case of nonpayment. When taking out a logbook loan, make sure you can comfortably afford the monthly repayments to avoid any financial consequences and lower the risks of vehicle repossession.