A logbook loan is a loan secured against the value of your car. You will give the lender your V5 Document and the lender will use the car as collateral against a potential default in the loan repayments. Its a great way to access money if your in urgent need. Applications do not generally require as in-depth credit checks as normal loans, so the applicate if you have CCJs or previous bad credit is more likely to be approved.
Loan Requirements The vehicles V5 document (logbook) MOT certificate Proof of income (wage slips, bank statements, etc.) Valid photo ID Recent proof of address
Can I get a Logbook Loan? Refused a loan elsewhere? Vehicle Must be 8yrs old or less CCJs considered Self Employed considered Your vehicle must be free or nearly free of finance You must be the legal owner of the car Your must be at least 18 years old You must be a UK resident
What is a Logbook Loan A logbook advance is a British term for a bill of deal securing a credit on an indebted persons vehicle (with the loan specialist holding the vehicles logbook, or vehicle enrollment declaration). They are also referred to as title car loans.
Logbook Loan Representative example:
|Total amount of credit
||Total amount repayable
||Fixed annual interest rate
||17 x £140.72
1 x £140.76
First4LogbookLoans 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. When taking out a logbook loan, the logbook is held and owned by the lender until the loan is re-paid
However, interest is charged monthly and you should not be penalised for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more. Logbook loans are secured against your vehicle and subject to affordability.
There are no setup 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.
All loans granted subject to affordability. Proof of income will be required.
A Log Book loan is secured against your vehicle, which may be repossessed if you do not make payment.
Late or missed payments may incur a charge for chasing letters and telephone calls. Over 18's only, T&Cs apply.
Lenders abide by the CCTA voluntary Code of Practice.
We do not have a renewal policy.