Why should I get a logbook loan?
People apply for logbook loans for several reasons but the main one is that they are available to people with poor credit, who may have been refused a loan through the traditional routes. So whether you are having difficulty getting approved for other types of loans because of bad credit, or you just need to raise some cash as soon as possible, a logbook loan could be your perfect alternative.
Am I Eligible?
If you live in England, Wales or Scotland, own a vehicle that is fully insured and free or almost free of finance, and are over 18 years of age, you are eligible to apply for a logbook loan.
What do I need to bring during application?
Application is fast and easy. Just bring your logbook, MOT certificate, valid photo ID, proof of current address and valid proof of income in order for us to assess your affordability. Well also need to see your car to determine its value and how much they can lend you.
How much can I borrow?
You could borrow anything from £250 all the way up to £25,000. The amount for which you are eligible will be calculated based on the value of your vehicle and how much you can afford to pay on a weekly or monthly basis.
Where can I use the money?
There are no restrictions on how or where you spend your loan once youve been approved subject to affordability, the money is yours to spend how you wish
When can I get the money?
Logbook loans are so popular with our customers because they know they could receive the cash almost as soon as the full application is approved. At JustLogbookLoan we could be handing you the money on the same day as you apply!
How long will I have to pay?
The length of the term depends on the amount you borrowed, the interest rate, and your ability to make payments. If you can afford to make higher repayments during the loan term youll be able to minimize interest cost and finalise the contract in a shorter period. The sooner, the better.
What happens to my vehicle?
Your vehicle is used as security against the loan so you must provide us with the logbook (V5 document) to hold onto throughout the term of the loan. But the beauty of a logbook loan is that you get to drive the vehicle whilst you pay off the loan, as long as you continue to meet your contractual repayments. Once youve completed your loan, youll get the logbook back.
What if something happens to my car during the loan period?
As youll be driving the vehicle throughout the loan period, youll be responsible for its upkeep and any damage caused. We therefore ask that the car is fully insured in the event of theft or damage.
Is a logbook loan for me?
As with all loans, a logbook loan is suitable for particular situations and there. We would always suggest that you explore all options before making a final decision.
Logbook Loan Representative example:
|Total amount of credit||Total amount repayable||%APR representative||Fixed annual interest rate||Duration||Instalments|
|£850||£2,533||450.5%||132%||18 months||17 x £140.72 1 x £140.76|