Borrow up to £50,000 with a Logbook Loan from Lending Expert
A logbook loan can help you borrow money secured against your vehicle – and essentially the lender owns the vehicle until you pay back the loan.
With the comparison table provided by Lending Expert, you can compare logbook loans and find the best deal for you, whether you are looking to borrow £500 to £50,000 over a period of 1 to 5 years.
Depending on the lender we feature, you will typically be able to borrow at least 50% of your vehicle’s value, but don’t forget that your loan is secured against your car. So if you are unable to keep up with repayments, this could be repossessed by the lender as a last resort.
Simply use our table provided and click on ‘check my eligibility’ where you will be taken to the direct lenders website where you can apply. Logbook loans are typically approved and funded within a matter of days.
Key Features
- Borrow up to £50,000
- Repaid monthly over 1 to 5 years
- Secured against your vehicle
- Borrow at least 50% of your vehicle’s value
- All types of vehicles accepted
- Bad credit considered
- Funded within a few days of approval
At Lending Expert, We Can Offer:
- Logbook loans for classic cars
- Logbook loans for bikes and motorbikes
- Logbook loans for vans and campervans
- Logbook loans for older vehicles
How Does a Logbook Loan Work?
A logbook loan can be a very fast and effective way to borrow a large sum of money if other options are not available. When you apply, you will need to provide that you are the registered keeper of the vehicle and you will temporarily hand over your car’s logbook (V5) to the lender.
The logbook lender will hold this document, confirming that they own this, and then give it back to you until the loan is repaid in full. So essentially, the lender will own your vehicle temporarily during the loan term.
It may depend on the lender you choose, but you can typically borrow around 50% of your car or bike’s value, with older vehicles accepted too, if they are 5,7 or 10 years old.
You can still be approved if your car is on finance – and the amount you can borrow may be adjusted accordingly.
The most important thing to remember is that if you cannot repay your logbook loan and the lender has tried to contact you, eventually your vehicle may be repossessed to help the lender recover the money they have lent out to you.
Use Our Logbook Loan Calculator
Use the calculator provided to select the best loan amount and duration for you. The amount you can borrow is based on the value of your vehicle and other factors including your income and credit status.
Do You Offer Logbook Loans for Older Cars?
Yes, our lenders are willing to offer logbook loans for older cars that are 5,7 or 10 years old, with some taking a view on classic cars too. The reason that some lenders do not accept older cars is because they are likely to be worth less over time, especially if the loan term is around 5 years old. But with some vehicles, such as classics and vintage cars, they will keep their value and some lenders are willing to take a view, also taking your income and credit status into consideration.
What is the Eligibility Criteria?
- Must be over 18 years of age
- UK residents only
- Must be registered keeper of the car, bike or van
- Campervans and caravans considered
- Must be employed and able to afford monthly repayments
- Car or vehicle must be used as security
- All credit histories considered including bad credit
Can I Get a Logbook Loan if I am Unemployed or On Benefits?
No, typically you will need to be employed, either part-time or full-time and able to afford monthly repayments.
There are some direct lenders we work with who may consider your application if you are unemployed or on benefits – since being on benefits is a form of regular income. The lender will also take into account the value and condition of your vehicle.
Why Would I Get a Logbook Over a Traditional Loan?
Logbook loans are popular for people with less than perfect credit scores who may have been turned down for traditional credit cards and personal loans, but they do have a valuable car which they can use as security to borrow money.
Whilst the rates are not cheap, they are lower than payday loans and other bad credit loans.
In some cases, you may find that businesses or more well-off individuals use logbook loans to raise large sums of money quickly. For instance, if you own a sports car or supercar, you could use this as security and borrow large amounts such as £25,000 or £50,000 for any purpose.
How Much Does a Logbook Loan Cost?
Based on an example from MoneyAdviceService, the typical APR is around 400%.
If you borrowed £1,500 and paid £55 a week for 78 weeks, you would repay over £4,250 in total.
That means you would have paid over £2,750 in interest in order to borrow £1,500.
Are Logbook Loans Available for People with Bad Credit?
Yes, logbook loans for bad credit are available, since it takes into account the value and age of the vehicle and this is used as security to help you borrow the money you need.
It is common for logbook lenders to run a credit check and you will need to be employed to ensure that you can afford monthly repayments and avoid falling into financial difficulty.
How To Apply for a Logbook Loan with Lending Expert
You can apply for a logbook loan online with Lending Expert, for free, and no impact to your credit score.
Simply use our price comparison table provided and select the best logbook lender for you based on the rates, loan amount and terms provided. Click on ‘Check My Eligibility’ where you will be taken directly to the lender’s website where you can apply and receive a provisional decision in minutes.
At Lending Expert, we are proud to offer a whole of market comparison for logbook loans and all other types of financial products. This ensures that you can see the best market rates all in one place, saving you time and money.
You can apply for a logbook loan today and if approved, you can usually receive funds to your bank account within a matter of days.
