If you have an urgent bill to pay, or you need cash fast for an unexpected household emergency, you sometimes can’t wait for your bank to decide whether to approve an overdraft. Applying for a logbook loan can help if you need funds in a hurry.
However, some people might be indecisive about going through with a logbook loan because they don’t fully understand how it all works. They may worry they will be without a car, or that the process implies a lot of hassle.
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There’s nothing to fear when getting a logbook loan. In fact, there are great benefits, such as still being able to drive your vehicle after you’ve taken out the loan. The application process is simple and you can get a free quote before signing up to decide whether you’re happy with the terms.
What is a logbook loan?
A logbook loan is secured against your vehicle. Intended as a short-term loan to get you over a tough patch, when extra money is needed urgently; you can keep your car while you make the repayments, so you won’t be inconvenienced at all.
Logbook loans are processed and approved the same day. We can often provide the funds in as little as two hours, depending on your requirements. Once you’ve signed all the paperwork, the money will be transferred to your bank account within minutes.
How does it work?
When you decide to take out a loan with Logbook Loans 247, simply call us, or apply online. You will need your car’s original logbook, a copy of your driving licence or passport, a copy of your insurance certificate, proof of income and the spare key, if you have one.
In order to be eligible, your vehicle needs to be taxed and insured with a valid MOT. You must be aged 18 or over and living in the UK.
Once the loan has been paid to you, we will hold your V5 document (the logbook) and register our interest in the vehicle on the HPI database until the logbook loan is fully repaid.
How old does the vehicle have to be?
Usually, we will consider a logbook loan against vehicles less than ten years old, but we may lend against older vehicles subject to their trade value. If you have an older vehicle but think it’s worthy of our consideration, please contact us and we’ll be happy to take a look. Of course, we are always happy to take a look at vintage models.
Can I get a loan with my bad credit history?
We lend on the strength of the value of your vehicle and your ability to repay, so providing you’re the legal owner of the car, each application is considered on its own merits. To help us make decisions regarding credit, we may collect information from sources including credit reference agencies.
Being self-employed does not prevent you from applying for a loan. You’ll simply be asked to prove you can make the repayments.
How long is the term of the loan?
Our Logbook Loan contracts are all between 18 and 36 months. The most popular loan term is 18 months. Easy to make repayments can be provided via several options: online banking, standing order, debit card over the phone, or through any branch of the Metro Bank.
What if I can’t afford the repayments?
As a responsible lender, we always ascertain whether you will be able to afford the repayments before approving your loan application. However, if your circumstances change and you’re struggling financially, we will act with compassion and try to assist you by agreeing a workable payment plan.
Our objective is to get you back on track in a realistic and fair manner. Although the loan is secured on your vehicle, our first step is always to try and help you by working out an affordable repayment plan.
Unlike some of our competitors, we do not impose early settlement penalties.
Contact Logbook Loans 247 to find out more about how our loans work.