How it works
What are logbook loans?
Logbook loans allow you to borrow money using you car as security against your loan. If your car is fully paid or almost paid for, then you will probably qualify for a logbook loan.
How to qualify for a loan?
As a general guide, you must:
- Be over 18 years old ( some providers require you to be over 21)
- Be the legal owner of the car or other vehicle
- Have fully paid for your car or almost paid for it
- Be a UK resident
- Provide all relevant documents when you visit your local branch
How much can I borrow?
How much you can borrow is based on the value of your car or vehicle. If your car is worth £2,000, then you can generally only borrow up to £2,000 depending on the logbook loan provider you choose.
Getting a loan?
When you are ready to apply for a logbook loan, follow these steps:
- Select your local area from the branch locator
- Review the descriptions of providers in your area
- Select your chosen provider and then click apply now
- You will be called back by an advisor with further details
- Visit your local branch bringing all documents requested( Your V5 is most important!)
- Agree the terms of the loan and then pick up your loan
- Keep on driving and remember to make your repayments on time
Repaying your loan
Check the terms when you visit your local branch and make sure the repayments are manageable for you. You may be given a number of options for your repayments from weekly to monthly repayments in cheque, cash or by standing order from your bank account. Remember that the quicker you repay your loan the less interest you will have to pay and that a lower APR is better than a higher APR over the same time period.
Accepted Vehicles
