Why should I get a logbook loan?
People apply for logbook loans for several reasons but the main one is that they are available to people with poor credit, who may have been refused a loan through the traditional routes. So whether you are having difficulty getting approved for other types of loans because of bad credit, or you just need to raise some cash as soon as possible, a logbook loan could be your perfect alternative.
Am I Eligible?
If you live in England, Wales or Scotland, own a vehicle that is fully insured and free from significant debts, and are over 18 years of age, you are eligible to apply for a logbook loan.
What do I need to bring during application?
You will need your logbook, MOT certificate, valid photo ID, proof of current address and a valid proof of income – this will allow the Lender to assess your affordability. They will also need to see your car to determine its value and how much they can lend you.
How much can I borrow?
You could borrow anything from £250 all the way up to £50,000. The amount for which you are eligible will be calculated based on the value of your vehicle and how much you can afford to pay on a monthly basis.
Where can I use the money?
There are no restrictions on how or where you spend your loan – once you’ve been approved subject to affordability, the money is yours to spend how you wish
When can I get the money?
Once you get a free quote, and if you then go ahead and sign up for the loan, you could receive your money within as little as 24 hours!
What happens to my vehicle?
Your vehicle is used as security against the loan so you must provide the Lender with the logbook (V5 document) to hold onto throughout the term of the loan. You are still able to drive your car throughout the duration of the loan. Once the loan is paid, you will get your logbook back.
Is a logbook loan for me?
As with all loans, a logbook loan is suitable for particular situations. Explore all your options before making a final decision. It has risks too, and in the worst case scenario, your vehicle could be repossesed.