David Allan

Expertly compared by David Allan

Products Updated November 4, 2018

Compare Logbook Loans

If you are looking to get a loan secured against your car, motorbike or van then you’ll need a logbook loan. With these types of loans you can borrow money secured against the value of your vehicle. Suitable for bad credit applicants and those who have been refused an unsecured loan previously.

This calculator will give you an idea of costs. The exact amount and APR payable will be provided from the lender subject to credit and affordability checks.

Your monthly payment will be:

£136.90

Interest on this loan will be:

£714

Annual Percentage Rate (APR):

3.7%

Total repaid will be:

£8,214

5 providers expertly compared:

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Poor Credit
Rated 5/ 5

Easy Logbook Loans Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£800 - £5,000

Representative APR
230%

Loan Term
1 - 3 years

Loan Type
Logbook Loan

Status
Homeowners & Tenants

lf you own your own car, van, motorbike or caravan, you can obtain a loan quickly and easily. A logbook loan is a fast way of obtaining a loan secured against your vehicle (car, van, motorbike or caravan). When the loan is repaid Easy Logbook Loans will return your V5.

Representative Example

5 providers expertly compared:

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All credit types
Rated 4/ 5

Car Cash Point

Loan Amount
£500 - £100,000

Representative APR
230.70%

Loan Term
1 - 5 years

Loan Type
Logbook Loans

Status
Homeowners & Tenants

Car Cash Point claims to be one of the UK’s leading online Logbook Lenders offering customers their ‘Best Rate Promise’, which means if you find a lower price with another provider and they will beat it by 10%.

Representative Example

5 providers expertly compared:

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All credit types
Rated 4/ 5

Auto Money

Loan Amount
£500 - £5,000

Representative APR
349.9%

Loan Term
1.5 - 3 years

Loan Type
Logbook Loan

Status
Homeowners & Tenants

AutoMoney is a trading style of Mobile Money who have been providing logbook loans for over 19 years making then part of the longest established and experienced lenders of this type in the UK.

Representative Example

5 providers expertly compared:

Learn More
All credit types
Rated 4/ 5

Logbook Loans

Loan Amount
£250 - £5,000

Representative APR
450.5%

Loan Term
1 - 5 years

Loan Type
Logbook Loans

Status
Homeowners & Tenants

Logbook Loans is operated by Loans2go who have over 50 branches and mobile representatives across the UK, they are able to assist with your application in person and helping you get the cash you need as quickly as possible.

Representative Example

5 providers expertly compared:

Learn More
Poor Credit
Rated 4/ 5

V5 Solutions

Loan Amount
£300 - £50,000

Representative APR
495.12%

Loan Term
1 - 5 years

Loan Type
Logbook Loan

Status
Homeowners & Tenants

V5Solutions.co.uk has over 12 years experience and have developed an innovative loan system that puts you in the driving seat. They offer loans at some of the lowest rates you will find offered by other log book loan lenders on the marketplace

Representative Example

What you need to know about logbook loans

If you need to get your hands on some money quickly there are a number of different types of loans you can potentially take out. A logbook loan is a loan that is given to you by a lender using your vehicle as security. For the duration of the loan the lender owns your vehicle, but you are still able to drive it as normal. However you should note that you will have to hand over the registration certificate, or the logbook, to the lender until you have repaid the loan.

What are the benefits of a logbook loan?

If you need cash quickly for an emergency then a logbook loan might be what you need, especially if you have a poor credit rating and you do not have the option of going to a mainstream lender in order to find the money. You can potentially borrow between £500 and £50,000, but the amount you will be able to borrow will depend on the value of your car and how much you can afford to repay each month. However you should note that some lenders will only allow you to borrow up to 50% of the value of your car, however each lender has it’s own criteria regards how much they are willing to lend.

This type of loan allows you to get hold of cash quickly, with no credit checks and you can find them both on the internet and also on the high street. You should also be aware that some of these loans are paid to you by cheque and so you should allow up to four days for this to clear. Most lenders are willing to secured loans against most vehicle types including motorbikes, vans and motorhomes.

The value of your vehicle must be adequate to provide security and some lenders will also consider older cars more than 10 years old.

How long do I have to repay the loan?

A logbook loan typically lasts for 78 weeks maximum and the way that most repayments work is that you pay interest only for the term of the loan and then the final payment you make is the repayment of the original loan amount. You should expect to pay interest at around 200% APR so you do need to be aware that you will be paying significantly more in interest than your loan value in total.

Loan calculator – how much will it cost?

Calculate how much your logbook loan will cost over the period of the loan. Find out how much interest you’ll pay and what the monthly repayments will be for the term of the loan.

This calculator will give you an idea of costs. The exact amount and APR payable will be provided from the lender subject to credit and affordability checks.

Your monthly payment will be:

£136.90

Interest on this loan will be:

£714

Annual Percentage Rate (APR):

3.7%

Total repaid will be:

£8,214

Before you apply for a logbook loan with one of the lenders above ensure you fully understand the cost of loan and that you can afford to meet the monthly ongoing loan repayments. Check that the loan repayments are within your budget before committing to the loan.

Things you need to be aware of

Until you have made every repayment on your loan there is the possibility that you could lose your car if you find that you cannot make your repayments. In order to qualify for the loan in the first place you will need a vehicle that has a value of at least £500 and you will also have to own it outright. You also need to be aware that the interest rates for logbook loans are much higher than other types of unsecured loans due to the perceived risk to the lenders as they generally do not conduct credit checks in order to assess whether you are likely to pay the loan back on time. Some lenders also do not accept Direct Debit so be prepared to keep a careful track on how much you still owe.

 

FAQ's

How does a logbook loan work?

A logbook loan is a loan that is secured against your car or vehicle such as a motorbike or van. Loans are often secured via a bill of sale and your vehicle provides security to the lender in the event you were unable to pay back the loan.

Would the lender take my car if I couldn't repay the loan?

Yes, your car is the security and would be sold in order to repay the outstanding loan.

Can I get a loan without a credit check?

Yes. There are a selection of lenders who will provide loans without a formal credit check. They will however make assessments and checks to ensure you can meet the repayments of the loan.

What do I need to provide?

Most lenders will require the following basic information:
- Logbook in your name
- Certificate of insurance
- MOT Certificate, if applicable
- Photographic proof of identity - passport or driving licence.
- Proof of residence - utility bill.
- Proof of income - 3 months pay slips or bank statements.

How old does my car need to be?

Generally, less than 10 years old, but there are some exceptions for some lenders.

Can I settle my loan early?

All customers have the right to settle their loan at any time. There are no charges for settling early and depending on how early you settle, you could be entitled to a rebate.

Will taking out a logbook loan affect my credit rating?

Lenders do not conduct any credit checks when you apply for a loan so applying and taking out the loan will have no effect whatsoever on your credit rating. However, if you fail to make payment and the lender decides to take legal action against you, that could result in a CCJ be recorded against your name, which will impact on your credit rating and credit score.

Which lenders provide logbook loans?

There is a large choice of lenders to choose from many of whom you can apply to online. Our panel consists of Car Cash Point, Autoadvance, Varooma, Ramsdensforcash, v5lenders, Mobile Money, v5 solutions, Auto Money, Easy Logbook Loans, Loans2go.

I am a retired pensioner can I get a logbook loan?

Yes. Logbook loans are available for pensioners over 65, 70 and those who have retired. You will however need to demonstrate to the lender that you are able to afford the repayments and have income that meets their requirements.

How much could I borrow?

How much you can borrow will depend on the value of your car or vehicle and how much you can afford to borrow and meet the repayments. Loan terms are between 1-5 years for the majority of lenders.

Will the lender repossess my car in the event I am unable to repay what I owe?

As a last resort the lender will repossess your car or vehicle in order to repay the loan amount and interest. Any proceeds of the sale that are left over after the loan, interest and fees have been paid will be yours to keep.

Can I get a logbook loan without proof of income?

No. You will need to provide the lender adequate proof of income to show you are able to meet the loan repayments. If you are employed then this will be your most recent payslips. If you are self employed as a sole trader or company director then you may need to show proof of accounts or SA302 documents from HMRC that show your income for the last financial year. If you are a pensioner then you may need to show pension and or benefit income.

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