Logbook Loans

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Logbook loans available for any vehicle with a V5 Logbook

When an individual has hit on financial hard times, they may wonder where they are going to turn to for help. If they have a V5 logbook, help is not to far away. They may qualify for a logbook loan. A logbook loan is where a lender holds the logbook as collateral on a sum of money lent to the vehicle owner for an agreed upon period of time.

Many individuals have bad credit, some through no fault of their own, and could probably not qualify for a bank loan. With a bank loan, there is large collateral to be held like a house. A lot of people do not want to place their house up for collateral and if that is not an issue, then the credit check could be.

With a logbook loan, a vehicle owner will receive money without having to go through a lot of 'red tape' to apply or get their money for what they need it for. And the money could be used for anything the individual needs it for. There are no restrictions on how the money is to be spent.

A logbook lender is required to have a clear logbook of a vehicle not more then eight years old. However, there are some special circumstances in which a lender may deal with a logbook of an older car. Other items a vehicle owner must be aware of before signing up for a logbook loan are that they will be responsible for all taxes, insurances and licensing during the period of the loan. The automobile owner will also need to secure a MOT inspection before the logbook loan is approved and then every three years after that.

Besides the taxes, insurance, tolls, licensing and MOT inspection, a vehicle owner needs to maintain the vehicle so that it is in good working order. If for some reason the car owner is unable to make the payments on the loan, the logbook lender has the right to take the vehicle and sell it for loan repayment money.

When an individual sets out to obtain a logbook loan, one requirement is that the individual has a full-time job or be gainfully employed so that they will be able to repay the loan. The logbook lender does not want to put additional financial burdens on the individual; however they do need to make sure they are going to be repaid the money they lend out.

A logbook loan could be the answer for an individual's financial emergency. Since they own their vehicle, with a clear V5 logbook and are financially capable of repaying the loan, they should have no problem securing the money.

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.