FREQUENTLY ASKED QUESTIONS
1. Are Cars the Only Vehicles Accepted?
No. Generally, any vehicle that has a V5 logbook can be considered for a logbook loan. Cars, motorbikes, vans, boats, caravans, trucks and lorrys can be used as security for your loan.
2. How Much Can I Borrow?
Check with individual logbook loan providers as amounts differ, but generally you can borrow between 50% and up to 75% of the value of your vehicle.
3. How Do I Qualify for a Logbook Loan?
You must be aged 18 or over; be a UK resident; be the legal owner of your vehicle; have fully paid or almost fully paid for your vehicle.
4. Do Lenders Run a Credit Check?
Don't worry if you have bad credit, CCJ's, defaults or arrears on any of your loan repayments as most lenders do not run a credit check on your application as your vehicle will be held as security.
5. Will My Credit History Affect My Chances of Securing a Logbook Loan?
No.
6. Do I Need a Credit or Debit Card to Apply?
No, your loan can be paid in cash so you don't need a bank account or debit card to apply.
7. How Will My Logbook Loan Be Paid?
Loans can be paid in cash or by cheque and handed to you directly during your appointment at your local branch.
8. Are Logbook Loans Regulated by a UK Authority?
Yes, logbook loan lenders must have a Consumer Credit License and are regulated by the OFT or the Office of Fair Trading. Logbook loan brokers must also have a Consumer Credit License to arrange credit. All logbook loan companies (lenders and brokers) linked to from this website have a Consumer Credit Licence. LogbookLoans.UK.com gives general information on these companies but is not a lender nor a broker and does not give legal advice or financial advice. Please consult your financial advisor for financial advice.
9. I Live in Scotland - Can I get a Logbook Loan?
Yes, the lenders we list operate throughout the UK. That means England, Scotland, Ireland and Wales. Check out the 'More Info' pages from the main comparison table for lender specific regions.
10. How Long Before I Receive My Loan?
Once your documents have been verified and you have handed over your logbook as well as agreed and signed any terms to your loan, you should be able to pick up your loan immediately. This generally takes between 15 and 30 minutes in total.
11. How Do I Repay My Loan?
Repay your loan in a number of ways: standing order; paying in book at any bank; or through a debit or credit card over the phone. See individual providers for details.
12. What Should I Do If I Have Difficulty Making a Repayment?
If you are having any problems meeting repayments the best thing to do is to contact your logbook loan provider so they can discuss a temporary payment plan with you.