Low Rate V5 Secured Loan in Weston-super-Mare, Avon – Logbook Loans

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. We’ll 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 you’ve 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 you’ll 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 you’ve completed your loan, you’ll get the logbook back.

What if something happens to my car during the loan period?

As you’ll be driving the vehicle throughout the loan period, you’ll be responsible for it’s 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.

Weston-super-Mare, Avon

 

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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

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.

Logbook Loans