Logbook loans allow you to borrow up to £50,000 by releasing cash from your car, bike or van. Funds can be made available within just a few days and loan terms are typically around 1 to 3 years.
A logbook loan means that you are temporarily ‘transferring’ your logbook to the lender, so that you can release one large cash sum upfront, but you can continue to drive your vehicle as per usual. Your vehicle is used as security and your collateral is at risk if you cannot keep up with repayments.
For many people, using a logbook loan can be a quick way to access finance, allowing you to borrow between 60% to 80% of your car’s overall market value. For customers with bad credit, it offers higher approval rates since your credit score is less important, and the value of your vehicle offer a good form of security to the lender.
My Financial Broker works with a number of logbook loan companies, helping you get access to the best rates across the market and lender most likely to approve your loan. To get an initial quote, click on the apply now button below.