Logbook Loans

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How to get a logbook loan

In order to receive a logbook loan, a consumer should understand what a logbook loan is. European vehicles come with a V5 logbook which is comparable to an American title on a car. The logbook is proof of legal ownership of the automobile and can be used as collateral on a loan in need. This is when a logbook lender steps in to lend money to a vehicle owner, up to the value of the automobile at the time of the loan. Most logbook lenders will only loan money on a vehicle that is under ten years of age.

Obtaining a logbook loan is a fairly straightforward process and many people will choose a logbook loan on their vehicle over a bank loan or personal loan because of their credit past.

As easy as it may seem to apply and receive a logbook loan, someone seeking money from their V5 logbook should first check with several logbook lenders in their area to be sure they meet all the qualifications prior to visiting a logbook lender location. Certain logbook lenders may have different conditions or regulations than others and an individual may not meet them all. To save time and not be turned down, it is a good idea to start online or on the phone before heading out for a logbook loan.

Individuals seeking a logbook loan must be 18 years of age or older before they are eligible for a logbook loan and they need to be the owner registered on the logbook. There can be no other financial liens against the logbook at the time of a logbook loan. For example, a consumer cannot have more than one logbook loan at a time or owe money to a bank or car dealer and also obtain a logbook loan.

Another reason people are flocking to logbook loan providers is because of the ease in obtaining money. When an individual has found themselves in financial hard times, they could have run into an emergency with their house or family members causing extra bills, they need money fast. The best way to get the funds is through a logbook lender.

An individual seeking a logbook loan will need to bring with them to the lender's office proof of income, proof of residence and proof of age if they are near 18 years of age. Some logbook lenders will require proof of ownership of the vehicle, which should be on the logbook and that there is no other financial lien against the logbook.

Individuals who have filed for bankruptcy, missed payments, have charge offs or other blemishes on their credit reports have a difficult time securing money from traditional avenues such as banks. With a logbook lender, since the individual is over 18 years of age, has a job and the car is acceptable, they qualify and will get their money in a matter of hours.

Representative Example

450.5% APR Representative

Representative example: if you borrow £850 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 17 monthly payments of £140.72 and 1 payment of £140.76, repaying £2,533.00 in total. However, our lenders only charge interest monthly and do not penalise you for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more.

Rates range from 99.9% to 450.5% MAX APR. Logbook loans are instalment loans secured against your vehicle and are subject to affordability. Missed payments may result in additional fees and/or the repossession of your vehicle. Over 18s only, T&Cs apply.

LoansLogbook.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs vary according to the information supplied by you in your loan request and the duration of the loan. Loan terms range from 12 months to 36 months paid on a monthly instalment pay schedule.

Our lenders do not charge any set up fees when you take out the loan, nor is there any charge for settling early. You may however incur charges if you fail to make your payments on time. Any late payment charges will be clearly set out in the agreement you sign with the lender and will be explained to you fully before you take out the agreement.

Implications of Non-Payment and other Considerations

We would like to remind you that LoansLogbook.com is not a lender and LoansLogbook.com does not charge any fees for its services. Every lender in the LoansLogbook.com network provides the consumer with specific terms, conditions, and practices prior to the consumer's acceptance of the loan. We recommend that you carefully review the terms and conditions of any loan offer presented to you. For further details about the above considerations see our Rates & Fees page.

Implications of Non-Payment, Late Payment, or Partial Payment

When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. LoansLogbook.com cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. LoansLogbook.com has no control of knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. LoansLogbook.com does make an effort to work only with reputable lenders dedicated to pursuing collections of past due accounts in a fair and reasonable manner.

Fees and Interest

If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. LoansLogbook.com is not a lender and cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.

Credit Score Impact

LoansLogbook.com does not make credit decisions nor does LoansLogbook.com conduct a credit inquiry on consumers. Some lenders on the LoansLogbook.com network may conduct a non-traditional credit check in order to determine your eligibility for a loan. Lenders typically conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. Ultimately, your credit score may or may not be affected by the actions of a particular lender. If you do not repay your loan on time your lender may report this delinquency to one or more credit bureaus, which could have a negative impact on your credit score. We encourage consumers with credit problems to consult a Credit Counseling company.

Renewal Policy Information

Renewal policies are determined by the lender, not by us, so they will vary. Be aware that some lenders may not debit your account for the full amount of the loan which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.

Collection Practices

LoansLogbook.com is not a lender and LoansLogbook.com does not engage in debt collection practices. Your lenders' collection practices will be disclosed to you in the loan documents. If you are unsure of the collection practices used by a specific lender we recommend that you discuss this issue with your lender directly. LoansLogbook.com makes reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct.

Legal Disclaimer

LoansLogbook.com are a broker and not a lender who refer customers to other brokers or lenders that are authorised and regulated by the Financial Conduct Authority.

All loans granted subject to affordability. Proof of income will be required. A Logbook Loan is secured against your vehicle, which may be repossessed if you do not make payment. Lenders abide by the CCTA voluntary Code of Practice. We do not have a renewal policy.