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N Whole of Market panel
N Trusted panel of lenders
N From £1,000 to £25,000
N Rates from 5.7% to 278%
N 3-36 month repayment




N Online decision
N Responsible lenders
N Borrow up to £3,000
N Rates from 278% to 1576%
N 3-12 month repayment

Representative Example: Cash price £7,500. Deposit £0.00. Total amount of credit £7,500.00.

60 monthly repayments of £137.22 Total charge for credit £733.20. Total amount payable £8,233.20. Interest rate 3.8% fixed. 3.8%APR Representative.

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What is a Logbook Loan? And How to Use Them to Get the Financing You Need

Its a type of finance that can make it a little easier for people to get financing who might otherwise struggle. This is an option similar to a guarantor style lending or secured based agreements, that can be a great choice for anyone who is struggling to find the right finance and at the right rate for them.

How it Works
Essentially, when you take out a secured finance agreement on your car, you will choose an asset that you can transfer to the bank or lender. This usually means a vehicle, so you might transfer possession of a car, van or motorbike.
This is different from a secured finance because the bank will now literally own your vehicle in all legal senses (as opposed to having the option to repossess it). However, the borrower will still keep possession of the vehicle and be able to use it as they normally would. Once the loan is paid off in full, the possession of the vehicle will then return to the borrower in full.


Why Take Out a Logbook Loan?


When taking out any money, the lender will base the APR they charge partly on how much risk they are taking on by lending the money. If for any reason it seems likely you will default on your agreement(if you have a bad credit score, for instance), then the lender will often increase APR in order to cover that potential loss. This also helps a lender to get more low risk borrowers on their books – and some companies might even refuse you to service you.


This then leaves you several options. One is to look for a bad credit , which will normally be from a specialist company and cost you a lot more. Another option is to use a guarantor cash, where someone else will co-sign the agreement and pay any missed repayments on your behalf. You can also secure finance against property.


This is an ideal solution for anyone who doesn’t have a property to secure a against, or who is worried about taking a conventional secured out in case they end up losing their home. Losing a vehicle is of course a much more manageable outcome.


A logbook loan is just one more way to reduce the risk for the lender. This way, they can lend you the money knowing that they’ll be able to get some or all of the amount back if you fail to make your repayments. Assuming you make your repayments on time though, there will be no difference to you. This now means you can take out cash with a better rate, or ask for more money than you otherwise would have been able to.


Of course it’s still important to only ever take out money that you can afford to repay however. If you should be unable to pay off a logbook loan, this can still hurt your credit rating to a great extent and this is something that will make it even harder to get anything in the future.

What do I Need to do For a Logbook Loans

What Happens if You Crash Your Car?

A good question to ask when taking out logbook loans, is what would happen if you were to write your car off in an accident?
This will depend on the small print in your agreement and it’s very important that you read this carefully before you make your decision. However, very often a term of the agreement will be that you have fully comprehensive insurance. This means that the car will be covered by your insurance if you have an accident and the company will automatically send the payout to your lender, seeing as they are the legal owners of the vehicle. If there is any shortfall owing to an excess, then you’ll have to pay that amount yourself.
This can very often pay off the agreement instantly – but it’s not a good way for that to happen, for numerous obvious reasons! Your insurance premiums being one of them…
This is an important consideration for another reason, as it means you now need to factor the insurance premium into the cost of the total lending before deciding if it is something you can afford.

Tips and Advice?

As with any loan, it’s always a good idea to shop around and to try using comparison sites before settling on a lender. You’ll find that different companies have different terms, different rates and different policies. Just because one lender won’t loan you the money, another may still. Moreover, some lenders will offer you better rates than others.


Always compare different types of finance too. You might find that a guarantor or a remortgage is a better option for you. Other options might include asking for an advance from your employer, or even asking for a loan from parents. You can also try getting a credit card with 0% APR as a sign-up bonus.

Does the logbook company own the car

That is defiantly one way to look at it, the logbook for the vehicle is nine times out of ten held at the main office securely until the agreement is settled in full. So until that is done and it is returned the vehicle is there’s obviously they cant sell it or drive it you still have control of the car you can still use it.

Tell me the basics i need!

In order to get a loan against a car, you must first be the owner of the item if you are not please stop here as this product will not suit you a personal or guarantor type product will be more of use to you. We The lender will ask for some very basic details about the car in question reg make and model is normally enough to let them know who owns the car and what finance is left on it. The application will then go through the normal steps making sure that the monthly instalments are affordable for you.If everything is okay they will pay the money out in a fast and timely manner.

Understand Value!

Another tip is to think about the type of vehicle you own before you go ahead. Most likely, the loan will be tied to the resale value of your car or bike rather than the amount you paid. This means you can’t assume that a very expensive car will necessarily help you to get a very good loan.

How do I Apply for a Loan

Look at your different options and consider the strengths and weaknesses of each before settling on any type of loan. Then consider the different companies and make sure not to just think about how much they’re willing to lend/the rates but also their flexibility. It may be that you do better to pay slightly more over a longer period of time versus paying less but paying in a big lump sum. Consider your cash flow and think about whether you’d be able to recoup some of the lost interest by putting the money into savings while you make your repayments.

How can i pay!

Make your monthly instalments couldn’t be any easier most companies will give you several options of repayment the most popular is a month direct debit but you can also pay over the phone via your debit card. This keeps everything smooth you are also entitled to make over payments on your agreement and settle the finance off quicker.

My Car is on finance is that an issue?

Unfortunately, this is more than likely to cause issues if you still owe money for your car it’s unlikely that the lender will be allowed to lend money on that vehicle. The reason for this is if you should not make your monthly instalments the finance company have the right to reposes the car and sell it to recover there expenses so please make sure you can afford to keep the monthly instalments up when you apply if not be prepared to lose the item you use for collateral.
There are some circumstances where the company may decide to lend on that item still this is normally if you are due to make your final payment on your current finance as this is often seen as low risk.

*Subject to lender approval and requirements.