What is a logbook loan? - A logbook loan is a loan that you take out using your car as collateral.
How much can I borrow? - How much you can borrow will depend on your personal circumstances and the car you are putting up for collateral. Typically, you can borrow up to 50 percent of your car's worth.
Can I still drive my car? - Yes! That's one of the best things about logbook loans. As long as you continue to make your payments, you can keep driving you car. We know using your car is probably important for you to earn a living, so we let you keep your car while the loan is out.
Am I eligible? - There are several requirements to be eligible for a logbook loan. The first, is that you must legally own a car that is no older than 10 years old. There must be no money owed on the car, and you must be fully insured. You must also show an ability to repay the loan, usually by presenting a pay stub or a bank statement if you are self-employed.
What documents do I need? - You will need your V5. You will also need to show that your car is insured, and a proof of income.
What kind of car is acceptable? - We accept all kinds of cars, but it must have been manufactured within the past 10 years.
What are the repayment schedules like? - These will vary based on the individual. We will look at how much money you are borrowing, and your current income, to determine how much you need to repay each time and when it is due.
What happens if I am late with payments? - If you are continually late with payments, you run the risk of losing your car. We work with you the figure out a manageable payment schedule to try and prevent this from happening.
What are the advantages of a logbook loan? - The advantages are that you get a quick sum of cash, even if you have bad credit. You also get to continue driving your car for the duration of the loan. This is why we check for insurance.
What are the disadvantages? - The main disadvantage of a logbook loan only occurs if you fail to make your payments. If this happens, you may have your car repossessed until you catch up with your payments.
How does your site work? - Very simply. You input your personal information into our online application. After that, the rest is up to us. We will present you instantly with a loan rate. If you decide you go through with the loan, you'll have your money within 24 hours.