Logbook Loans

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Things to think about before applying for logbook loans

Before a person goes out and signs up for a logbook loan, they need to consider a few things. A logbook loan is relatively easy to obtain: an individual needs a clear logbook, a full-time job or verifiable income and be over 18 years of age. One reason people seek a logbook loan is because they are experiencing financial difficulties. The vehicle owner should go over their budget and be sure they can afford another monthly or weekly payment.

Each logbook lender has different conditions for the individuals who need a loan against their vehicle. Before heading down to a logbook loan office, you might want to look online to see if they have a website so that you can check their terms. They will spell out what needs to be brought to the loan office with the person and the terms and conditions for that company's logbook loan. There are some 'across the board' logbook loan regulations such as the individual must be 18 years of age or older. From there, many of the logbook loan lenders have their own set of rules.

An individual needs to consider their budget carefully for repayment options. If they are already in financial hard times, would adding another monthly or weekly payment set them farther back? Would another payment cause them to lose their transportation? If an individual is unable to pay for their logbook loan, the logbook lender has the right to reposes the vehicle and sell it to recoup monies they are owed. Another reason to consider carefully ones budget is so that a vehicle owner is not borrowing more money than he needs. There is no reason to borrow more than the exact amount needed because this will only make the payments higher and could increase an individual's difficulty in repaying the loan.

There are probably many different logbook loan companies in your area and an individual needs to be sure they choose the one that is right for them. The interest on a logbook loans is regulated by the government and should be similar at each loan company. You may save a few dollars by shopping around and finding the best interest rate for your logbook loan.

Other laws regarding the vehicles are pretty much set in stone. The vehicle must be free and clear of other financial obligation which means there should not be another loan against it. The car needs to be in good running condition and pass a MOT inspection before it is eligible for a logbook loan. The automobile must remain in roadworthy condition throughout the length of the logbook loan and the owner of the vehicle needs to keep up with the maintenance on the car.

Other responsibility the vehicle owner is obligated to perform on the car during the length of the logbook loan is to pay any taxes and insurances. If anything were to happen to the automobile, the logbook lender would need to know it is insured to be restored or replaced. Licensing is another item the car owner is responsible for keeping up during the loan period.

A logbook lender will only lend a vehicle owner the value of the vehicle at the time of the loan. They cannot lend more money than what the vehicle is worth. This could be a problem if an individual needs more money, however, obtaining a logbook loan will help thousands of people who find themselves in a financial jam.

Representative Example

450.5% APR Representative

Representative example: if you borrow £850 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 17 monthly payments of £140.72 and 1 payment of £140.76, repaying £2,533.00 in total. However, our lenders only charge interest monthly and do not penalise you for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more.

Rates range from 99.9% to 450.5% MAX APR. Logbook loans are instalment loans secured against your vehicle and are subject to affordability. Missed payments may result in additional fees and/or the repossession of your vehicle. Over 18s only, T&Cs apply.

LoansLogbook.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and the duration of the loan. Loan terms range from 12 months to 36 months paid on a monthly instalment pay schedule.

Our lenders do not charge any set up fees when you take out the loan, nor is there any charge for settling early. You may however incur charges if you fail to make your payments on time. Any late payment charges will be clearly set out in the agreement you sign with the lender and will be explained to you fully before you take out the agreement.

Implications of Non-Payment and other Considerations

We would like to remind you that LoansLogbook.com is not a lender and LoansLogbook.com does not charge any fees for its services. Every lender in the LoansLogbook.com network provides the consumer with specific terms, conditions, and practices prior to the consumer's acceptance of the loan. We recommend that you carefully review the terms and conditions of any loan offer presented to you. For further details about the above considerations see our Rates & Fees page.

Implications of Non-Payment, Late Payment, or Partial Payment

When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. LoansLogbook.com cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. LoansLogbook.com has no control of knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. LoansLogbook.com does make an effort to work only with reputable lenders dedicated to pursuing collections of past due accounts in a fair and reasonable manner.

Fees and Interest

If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. LoansLogbook.com is not a lender and cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.

Credit Score Impact

LoansLogbook.com does not make credit decisions nor does LoansLogbook.com conduct a credit inquiry on consumers. Some lenders on the LoansLogbook.com network may conduct a non-traditional credit check in order to determine your eligibility for a loan. Lenders typically conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. Ultimately, your credit score may or may not be affected by the actions of a particular lender. If you do not repay your loan on time your lender may report this delinquency to one or more credit bureaus, which could have a negative impact on your credit score. We encourage consumers with credit problems to consult a Credit Counseling company.

Renewal Policy Information

Renewal policies are determined by the lender, not by us, so they will vary. Be aware that some lenders may not debit your account for the full amount of the loan which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.

Collection Practices

LoansLogbook.com is not a lender and LoansLogbook.com does not engage in debt collection practices. Your lenders' collection practices will be disclosed to you in the loan documents. If you are unsure of the collection practices used by a specific lender we recommend that you discuss this issue with your lender directly. LoansLogbook.com makes reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct.

Legal Disclaimer

LoansLogbook.com are a broker and not a lender who refer customers to other brokers or lenders that are authorised and regulated by the Financial Conduct Authority.

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. Lenders abide by the CCTA voluntary Code of Practice. We do not have a renewal policy.