Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Representative 171%APR. Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.** We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with
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.
Logbook loans offer a fast and effective way to access funds, whether it is for emergency purposes, business purposes, paying bills or consolidating debts. For some customers who are limited to borrowing due to their credit scores, it offers a way to extract the value from your car and get the finance that you need. When compared to the cost of payday loans, it is often considered a less expensive option.
For borrowing larger sums, such as £25,000 or £50,000, logbook loans allow you access funds perhaps faster than you would through other types of personal loans or commercial business loans.
To move your application forward, the logbook lender needs to confirm three things: your identity, proof of vehicle ownership and affordability. You will be required to meet the following criteria:
The lender will request these pieces of information from you step-by-step. To help move your application along quicker, you can have a copy of this information scanned on your computer and ready to proceed.
Most logbook loans require your car to be less than 10 years old. However, at My Financial Broker, we work with a number of different providers who are willing to consider logbook loans for cars older than 10 years. Some lenders will require your vehicle to be finance free and others are more flexible – so we will be able to help you depending on your requirements.
With a logbook loan, you are using your vehicle as security, so if you cannot keep up with your loan repayments, the lender can repossess your vehicle. This is because they have given you money upfront and if they cannot collect their repayments, they have to recover the money that they have lent out.
Specifically, with logbook finance, the lender does not need a court order and can seize your vehicle upon request. However, this is only on the condition that your repayments have been in arrears for several months and several attempts to work with you and collect your repayments have failed. Repossessing of vehicles is costly to the lender, so it is always a last resort.
In addition to the repossession of your vehicle, failing to repay can lead to late fees being charged and there will be a further impact to your credit rating which may inhibit your ability to borrow money in the future.Apply Now