This section attempts to answer all the questions you might have with regard to our logbook loans. Should you find that you have a query that is not answered here, feel free to contact us or browse through our website–
- I have been denied a loan by my bank. Do I qualify for a logbook loan?
Yes. Our loans are based on your vehicle’s value and not on credit checks. We must, however, establish that you are in a position to repay.
- I purchased my car but I have not been making payments on it. Do I still qualify for a log book loan?
If you are just about to finish paying for the purchase of your car, we could consider you. But you are unlikely to get a loan if you still have a long way to go in paying for the car.
- What conditions must I fulfill to qualify for a logbook loan?
You must be over 18 years with valid identification documents. You have to be the legal owner of the vehicle on which you want to secure a loan against. The vehicle must be insured and MOT and insurance documents provided.
- What is the maximum amount that I can borrow?
Our loans range from £300 – £35,000. The loan amount largely depends on the value of your car as well as your affordability.
- I am self-employed. Do I qualify for a logbook loan?
Yes. As long as you bring along your bank statements to prove that you have an income, you qualify for our loans.
- How long should I take to repay the loan? Can I repay the loan earlier than the set loan term?
The loan term length depends on factors such as your affordability, the loan amount as well as your personal requirements. Depending on all these, you can choose a longer or a shorter term. If you think you can finish making the repayments earlier than the set loan term, we charge you no early repayment fees and no penalties.
- What are the risks involved with taking up a logbook loan?
You are only at risk if you are unable to make your repayments in time. We advise our customers to immediately speak to us should they foresee such a happening. Should you be unable to make repayments as well as breach the mutual agreement on the alternative measures we come up with, your vehicle is at risk of being recovered. Legal action could also be taken against you, affecting your credit rating. However we ensure all steps to avoid such a thing from happening and we would be happy to accommodate your individual situation.
- My car is very old. Can I still a logbook loan against it?
You can get a loan against your vehicle as long as it is in good working order, but we prefer dealing with vehicles less than 10 years old. We are, however, always willing and happy to discuss the situation with you.
- How much interest do you charge?
This purely depends on how much you borrow and the value of the vehicle. For a loan lower than your car’s value, the better the rate you get. The interest is calculated in relation to the amount of money you currently owe and not on the initial loan value.