Car Cash Point Review - Logbook Loans
- Car Cash Point is a UK lender that specialises in logbook loans on cars (as opposed to all vehicle types). Note, however, that they only operate in England and Wales. This is quite limited when compared to some other logbook loan providers.
- They have a representative APR of 356.40% which is the lowest in the industry by far. Their standard loan period is 104 weeks (or 2 years) and the weekly installment for a £500 loan is £16.31, making the total repayable interest £1,196.24.
- Similar to most other logbook loan companies, the loans available at Car Cash Point range from £500 to £50,000. The maximum loan amount available to you personally depends on the trade value of the car: they will not lend you more than 50% of that value.
- The online application form on their website does not seem to be secure.
- They promise to have the cash loan delivered to you within 24 hours.
- Car Cash Point does not run credit checks on their customers.
- You need to provide your car's logbook when you visit them for signing the loan agreement.
- Car Cash Point has somewhat stricter lending criteria than most other UK logbook loan providers. For example, they require your vehicle to be free of finance while most others also accept vehicles that are almost fully paid for. Also, they require their customers to be employed full time or able to prove a regular income.
- They only accept payment by direct debit or standing order. This is quite limited as some companies also accept payment in cash, by cheques etc.
