Logbook loans – Frequently asked questions
Applying for a logbook loan is one of the easiest credit products to apply for. That said, we have prepared a list of frequently asked questions that we often receive about our best-selling loan product. Let’s take a closer look.
Why is a logbook loan an option for me?
If you are looking for a substantial amount of money based on the value of your vehicle and you need a decision on your loan application quickly, then a logbook loan is a great option for you. Not only that but once you are approved, the money can be paid into your bank account within a mere twenty-four hours.
Who is eligible for a logbook loan?
If you are a citizen of the United Kingdom, are 18 years or older, have a fully paid off vehicle and a steady monthly income, then you can take out a logbook loan.
What if I have a bad credit rating?
No matter your credit rating, you are still able to get a logbook loan, even if you have been bankrupt at some point in your life. Your vehicle and a regular monthly income are the keys to securing this loan product, not your past credit history.
I know I need to bring paperwork along. What exactly must I bring?
We need your vehicle V5 document, the MOT certificate, your identification documents, and proof of residence as well as bank statements for the last three months.
How much can I expect to be given as a loan?
Depending on the condition of your car, we could borrow up to 60 000 pounds to logbook loan applicants. The minimum amount you can borrow is 250 pounds. Remember, we borrow up to 50% of the trade value of the vehicle.
I can still use my car right?
Yes, you can! You keep your car and get to use it as you normally would. This is why logbook loans are such an attractive credit product.
Do you put any restrictions on where I can spend the money?
Of course not! Once the money is in your bank account, we don’t care what you do with it. We do care that you make your monthly repayments timeously though. We don’t want you to default at all.
What happens if I can’t make the monthly payment?
Whatever you do, contact us first. We understand that financially, times are very hard and we can make a plan to help you. Normally this involves tagging the month you miss a payment onto the end of the loan deal. So in other words, you will pay for one month longer to offset the month that you missed. This is a once off deal, however.