Logbook Loans

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Logbook Loans – the same as Title Loans

Logbook loans in the UK and other European countries are similar to the United States title loans. A logbook holds all the information and particulars regarding the vehicle. This would include a vehicle identification number, the make and model of the car and the year, city or province in which it was manufactured. The logbook also shows who the owner of the automobile is.

Besides all the other data, a logbook could have the name of a lien holder if the vehicle is being purchased through an auto dealership or financed through a bank. If an auto is being finance and the logbook has the name of another finance company on it, it is unlikely that a logbook lender will be able to help the car owner. One stipulation of a logbook loan is that the logbook be free and clear. This means that there are no other financial institutions in line for the vehicle if payments are not made.

A title loan in America is similar to a logbook loan because the title must be held by the owner of the vehicle. If an individual is paying a bank or finance company monthly payments for the car, then the lender would hold the title and the title would have the banks name on it as owner. A logbook would also contain the bank or financial institutions name but the logbook is sent back to the vehicle owner to remain with the automobile. This is one major difference among titles and logbooks.

For a title loan, a title loan company will lend the owner of the vehicle the amount the automobile is worth and the owner must keep up the insurance payments, taxes and licensing. This is the exact same for a logbook loan. The difference here is in the repayment plan. With a logbook, a car owner could choose options such as weekly, every two weeks or monthly to make loan payments. Typically with a title loan, there are weekly payments required from the car owner.

When a payment is missed on a title loan in the U.S., the title loan company has the right to reposes the vehicle. For the logbook loan company, they, too have the right to take the automobile from the owner if there are missed payments. If there is a missed payment or two on a logbook, it takes longer for a repossession to happen because the payments happen over a longer period of time.

Another clear difference among the logbook loans and the title loans is the price of repayment interest. Currently, there are no regulations on title loans in many states. There are a few states that have passed title loan company loan payment caps so that people who are receiving the title loans are not paying an arm and a leg for the loan. A title loan company in non-regulated states could charge over 100 percent interest to their customers. Since there are no rules in place at the federal level and no one policing the title loan companies at the state level either, they can charge pretty much anything they want. People desperate for quick cash will pay the amount if they need the money badly enough.

The logbook loan amounts for interest repayments are regulated by the governing bodies in each city or town and there is a cap on the amount a logbook lender can charge an individual for using their money. The interest fees for a logbook loan are very low compared to a title loan.

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.