Who can apply for a logbook loan?
Anyone who is a resident of UK, is at least 18 years old, and an owner of a car not more than 10 years of age without any financing left is eligible to apply for a logbook loan.
What are the requirements?
The following must be prepared when applying for a logbook loan:
- Proof of identity
- Proof of income
- Proof of residence
- Your vehicle’s logbook
- MOT certificate
How much can I loan?
You can loan between £500 and £50,000 depending on your vehicle’s type and current market value. However, your vehicle’s worth is not the only consideration. Since all logbook loans are subject to affordability, your income will also be reviewed to determine the maximum amount you can borrow.
What if my vehicle is still under financing?
Generally, logbook loan lenders require your vehicle to be free of any financing. However, if the outstanding amount is pretty small, some lenders might be able to make exceptions.
How much are your broker fees?
Unlike other brokers, we do not charge any fees for our comparison service. What we do is that we match you up with one of our suitable partners, and then if the loan becomes successful, they pay us our commission. Submitting your details to us will never cost you anything.
What if I am self-employed?
If you are self-employed, simply present your bank statements.
How often should I make loan payments?
You can choose between weekly and monthly payments, depending on what is more convenient for you. You can also request for an automatic deduction from your paycheque.
What will happen to my car?
While technically the vehicle’s ownership will be transferred to the lender, you will remain in possession of the vehicle during the entire loan duration, as long as you keep up with the repayment terms. Should you default, the lender has the right to repossess the vehicle, which is the greatest risk involved in a logbook loan.
How to Apply?
To apply, simply fill out the form which you can find in our homepage. Submit your name and contact details, and one of our staff members will follow up on your application. You will be matched with one of our partners, and once accepted, you will be informed on how and when you can receive your money.
How long does it take?
We receive applications instantly, and after checking them for a few minutes, you will receive a call. If successful, you can receive your money in less than 24 hours.