Who is eligible to apply for a logbook loan?

Anyone who lives in the UK, of legal age and with a vehicle to use as collateral is eligible to apply for a logbook loan. You loan will be secured against your vehicle, which means you’ll be able to avail a larger loan than if you apply for an unsecured loan option. Is it possible to apply though I might be having a history of defaults or CCJ? Yes, you can still apply for a logbook loan even if you have a poor credit score or a history of CCJ and default. In fact, logbook loans are specifically offered for borrowers like you. You just need to provide and meet the basic requirements to be approved for a logbook loan fast.

What basic requirements or documents are needed?

The requirements are pretty simple and basic. First of all, you must be of legal age, that is, 18 years old or above. Secondly, you must be a resident in the UK. Finally, you must own a vehicle, which you’ll use as security for your logbook loan. As for the documents needed, you’ll be required to provide the following: your bank details to facilitate wiring of money once approved, V5 document, proof of where you stay, proof that you receive a monthly income, insurance and tax details of your vehicle as well as ministry of transport certificate.

Will you keep my car or do I get to keep it?

No, we won’t keep your car if your car logbook loan is approved. We’ll only need your V5 document along with other requirements. You can keep your car and continue to use it like before. Just keep in mind that temporary ownership has been transferred with the lender once your loan application is approved.

What is the maximum amount of money that one can borrow?

Our logbook loan offers start from a paltry minimum £500 and up to an impressive maximum amount of £50,000. The maximum amount a borrower can borrower will depend on two key factors, which are your vehicle’s current market value and your monthly income.

Can I apply even if I’m self-employed?

If you are self-employed who can provide proof of steady income, you are welcome to apply for a logbook loan. In most cases, you can borrow up to 70% of your vehicle’s trading value regardless if you’re fully-employed or self-employed.

What if my vehicle is hooked to a financial plan? Can I still apply?

If your vehicle is still attached to a financial plan then you may want to postpone your logbook loan application. Most lenders require vehicles to be free of any financing plan. Vehicles also need to be less than ten years in age to be acceptable as security or collateral for a logbook loan.

How can I make repayments for the loan?

Logbook loan repayments can be completed in different ways. The most common is over- the-counter at qualified payment centers. You can also pay through a debt collector. But the most convenience is paying for your loan through a direct debit payment arrangement. The latter option is highly recommended because it’s not only convenient but setting up an arrangement with your bank also eliminates delayed or missed payments.

What do I stand to lose in case I am unable to make repayments?

Suppose you miss or delay payments, your lender will give you a warning. Failure to respond on your end will prompt lenders to resort to debt collection agencies. If you still fail to pay for the loan, this is when your lender may enforce vehicle repossession. Repossession, in most cases, is the last resort but it can happen especially if you did not contact your lender for negotiations or payment arrangements.