Logbook Loans

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Logbook Loans - Unlock the Money in Your Car with a Logbook Loan

When an individual experiences an emergency where they need money quickly, they could turn to logbook loans to unlock the money in their cars. A logbook loan is made against a clean logbook in order to give the owner of the vehicle the money he needs.

Many of the people who take advantage of a logbook loan may have fallen on hard times and as a result, are saddled with bad credit. Some have filed bankruptcy, CCJs, defaults, IVA, insolvency and arrears. A financial institution such as a bank would check a credit score and credit history and would be unable to provide loans to people who have blemishes on their credit. What matters most to the companies that extend credit to people with poor credit scores is that fact that the individual can pay back a logbook loan currently.

To obtain a logbook loan, a vehicle owner must be employed full-time or have a means of income that will allow him to repay the logbook loan. What is of most concern to the logbook loan lender is the ability to pay back the loan without putting a burden on the individual and their finances.

The vehicle that will be used for the logbook loan must be in good shape, not more than ten years old and the driver needs to keep up with all maintenance issues, taxes and licensing. Insurance is also required on a vehicle that is going to be used as collateral for a loan. The amount of the loan varies with each logbook loan company. Other factors in determining the amount of cash an individual driver will receive is the condition of the automobile and what its value is at the time of the logbook loan.

The car will remain in the owner's possession and only the logbook will be taken by the logbook lender. While the automobile owner has the logbook loan, he must continue to have the car MOT inspected. The vehicle owner is also responsible for any and all insurance claims on the automobile during the logbook loan period. If anything were to happen to the car, the owner would be responsible for the damages, or his insurance company will cover the damages. The auto will have to be repaired in order to stay in the logbook loan program.

The vehicle owner must know and keep in mind that a logbook lender has the right to reposes the vehicle if the payment schedule is not met. Some logbook lenders will take the vehicle after two or more missed payments and some will not wait that long. Before turning over the logbook for money, a driver needs to be sure they can pay it back.

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

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.