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What Exactly Is A Logbook Loan?

What Is A Logbook Loan?

Also known as V5 loans, logbook loans are the kind where a person takes a loan secured against their car. The term logbook is used because you have to surrender your logbook to the lender before you can be approved for a loan. Logbook loans are not car loans but are loans that are secured against your car. You take a determined amount of money as loan and use your car as security. What this means is that should you be unable to repay your loan, the lender can take possession of your car. For long, this has been the preferred form of securing a loan especially for those people who have bad credit and have suffered the indignity of being rejected when applying for loans in the past because of credit checks.

How does a logbook loan work?

Thanks to the popularity of logbook loans across the UK, people no longer have to sell their car when they are in some form of financial crisis. Releasing your car value is no longer an option as you can simply use it as security to get the amount of money you need. Basically, you need to approach a lender of your choice and express interest in securing a loan using your car as security. The lender will then check out your car to ascertain its value and the maximum amount you can apply based on the current value of your car. Once this has been done, you are required to provide your lender with some documents. These are:

  • A V5/logbook document in your own name
  • A utility bill to act as proof of address that is not older than 8 weeks
  • Proof of income (if you are unemployed you need to provide most recent bank statements)
  • Cars MOT certificate
  • Insurance details of the car
  • Proof of identification (this could be a government issued ID, passport etc)

Once everything is in place and an amount of the loan reached between you and the lender, the next thing is for you to sign a bill of sale agreement. This is basically a document that legally transfers the ownership of your car to the lender in England and Wales until you clear paying off your loan. The amazing thing is that you will continue making use of your car as you make repayments for the loan.

Amount of money you can borrow

Generally, the maximum amount of money you can borrow is dependent on the current value of your car. Most lenders across the UK advance you up to 75% of the current value of your car. You can therefore borrow anywhere between £250 and £50,000 based on the amount of money you need. Applications can be done by physically visiting your lender or online. To improve the chances of being approved and avoid any delays, ensure that you have the aforementioned documents when making an application.

Benefits of taking a logbook loan

Taking out a logbook loan is popular for people who are in need of urgent cash and have bad credit. The following are a number of benefits that people enjoy when they apply for a logbook loan.

  • No credit checks are done (this means that people with a history of CJJs and with bad credit can also apply for them)
  • You continue using your car till you clear your loan
  • The requirements are not stringent. So long as you have a logbook, are 18 years of age and living within the UK, you are eligible to apply
  • Approval is always done in the shortest time possible and you can get access to cash within the same day

What are the risks?

  • Logbook loans attract a high interest rate and APR and therefore you might end up repaying thrice the principal loan amount
  • The lender can repossess your car in a situation where you are unable to repay your loan
  • Should your car not be able to completely repay your loan after being sold, you are still liable to pay the remaining balance.


Traditionally, 78 weeks is the standard logbook loans repayment period. You have the option of making payments weekly or monthly. The choice is yours depending on how comfortable you are. You can also choose to repay the loan earlier though there is always a small penalty for early repayment.


Disclaimer: All loans granted subject to affordability. Proof of income will be required. A Logbook loan is secured against your vehicle, which may be repossessed if you do not make payment. Late or missed payments may incur fees and charges if you fail to make payments on time. LogbookLoanExperts is a licensed broker and not a Lender. We work with multiple lenders and are not independent. The Lenders we work with abides by the CCTA voluntary Code of Practice and are FCA Regulated. We do not have a renewal policy.

LogbookLoanExperts is not a lender but a licensed credit broker that introduces borrowers and lenders for the purposes of entering into logbook loan agreements. LogbookLoanExperts does not charge customers a brokers fee but receives commission from the lenders.

LogbookLoanExperts is a trading name of Kamicom Limited. Registered office: 20-22 Wenlock Rd, London, N1 7GU. Kamicom Limited is authorised and regulated by the Financial Conduct Authority under reference number 631754.

LogbookLoanExperts only refers customers to lenders who are members of the Consumer Credit Trade Association (CCTA) and who are Authorised and regulated by the Financial Conduct Authority.

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