Logbook Loans

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What are logbook loans?

A consumer who is strapped for money could make a logbook loan using their vehicle as collateral for the money received in the loan. Logbook loans are loans made on a clear logbook from a car. There are a few criteria regarding the ability to secure a logbook loan.

A logbook loan will be given to a car owner if the logbook is clear. This means that there are no financial obligations attached to the vehicle. Any taxes or insurance owed on the car will need to be paid before a logbook loan can be extended to the owner of the automobile. The vehicle must also be registered under the name of the person requesting the logbook loan; it cannot be someone else's vehicle. And it must remain in the logbook loan recipient's name for the duration of the loan; the vehicle cannot be sold without first satisfying the logbook loan.

A vehicle being offered up for a logbook loan needs to be in good shape and no more than ten years old. To insure that the car is being well cared for and that insurance coverage is held on the car always, the owner must have a MOT certificate on it. Then, every three years, a new MOT inspection will take place to make sure the vehicle is up to the standards of a vehicle on able to drive on the roadways of the UK.

Besides keeping the car in good shape, a vehicle owner needs to pay all the taxes and insurance on their car while it is under a logbook loan. It will need a valid license at all times, along with insurance and the driver will need to cover any road taxes that arise during ownership of the car.

The owner of the vehicle must have a full-time job or a steady stream of income to obtain a logbook loan. This is so that the owner of the car can repay the logbook loan in a timely manor. These loans on the vehicles logbook are specially designed for people with poor credit or downright. It is a way for them to receive money when they need it most.

Before applying for a logbook loan, a car owner needs to make sure they can comfortably pay back the funds through the payment schedule agreed on. If the monthly payments are going to be too much of a burden, then officials warn against going through with a logbook loan. However, if a car owner can fit the logbook loan payments into their budget and are in need of the cash, then this is one best way to obtain it if all the criteria are met and rules are adhered to during the loan period.

For people who need money now, for emergencies or whatever life has thrown at them, they can obtain the money they need through a logbook 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.