Logbook loans offer a means of securing a loan against a car or other vehicle that you own without having to surrender that vehicle. The loan is secured against the value of the vehicle and you do need to leave the log book with the lender but this can provide you with access to loans of up to £50,000 and starting at £500 with monthly repayments. If you’re looking for a quick injection of cash for any purpose then taking out a loan against a car could provide a viable means of borrowing money even if you have bad credit or no credit history whatsoever.
Eligibility
In order to be eligible for a logbook loan you need to own the car yourself and have the logbook or V5 document in your own name. You must be 18 years old or older and be resident in the UK and the vehicle must be free of finance and not have any outstanding credit. If you meet these criteria then you may be able to borrow quick money against the value of the car.
Applying Online
The application process is a simple one. You can apply online for a decision in principle in minutes and then arrange for a loan representative to visit your home where they will take a quick look at the car. This is done so that the loan company can ascertain the real value of your car.
Applying In Person
You may choose to visit the logbook loan company in person, taking you car and the appropriate documents with you in order to drive away with the money. You will need the V5 document, a copy of your MOT and insurance, a copy of your passport, utility bills for proof address, and you may need to provide a spare key in some cases.
Secure A Loan Against A Car
Securing a loan against a car enables you to quickly and conveniently access money. If you have bad credit then it can prove very difficult to acquire loans, but a loan that is secured against the value of your car is considered a safer bet meaning that you have a greater chance of success when applying for this type of loan.
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