Frequently Asked Questions
What Are The Eligibility Requirements?
To be eligible for a logbook loan you must be aged 18-years-old or above, own a vehicle that is clear or nearly clear of finance;and be able to produce the relevant documents to prove you own the vehicle and that it is insured, taxed and holds a valid MOT.
What Documents Are Required On Application?
You will be required to produce proof of identity, address, and income. In regards to documents needed for your vehicle, you will be required to present your vehicle’s V5 document, details of insurance and an MOT certificate.
What Is The Maximum Loan Amount Available?
The maximum loan amount we offer is £50,000. The actual amount offered will be determined by your vehicle’s value and your affordability.
What Types Of Vehicles Can I Get A Logbook Loan With?
Logbook Lender offers loans on a wide range of vehicles including:
What Will I Need To Sign?
You will be required to sign a loan agreement and a Bill of Sale, which transfers the legal ownership of the vehicle to Logbook Lender for the loan repayment period.
Can Self-Employed People Get A Logbook Loan?
We regularly provide loans for self-employed people, providing you can provide suitable proof of income and demonstrate affordability.
Do I Keep My Vehicle?
Yes, you can continue to use your vehicle as usual for the full loan period. It is your responsibility to ensure the vehicle is appropriately maintained, insured, taxed, and MOT’d.
How Fast Is The Application Process?
Once you have spoken with one of our advisors, we will make an appointment for you to visit one of our branches / meet with one of our underwriters, depending where you live. If your application is approved, you will receive your loan the same day. Appointments typically take less than 1 hour.
Can I Repay My Loan Early?
Yes! There is no penalty or charges for settling your loan early. You can settle your loan at any point during the term.
How Long Is The Repayment Period?
Our loan terms range from 12 months to 36 months. The duration of the loan period depends on multiple factors, such as how much you borrowed and how much you can afford to repay each month. We also accept weekly or monthly repayments, making it easier for you to manage your finances.
What Are The Risks?
If you fail to make repayments, then Logbook Lender ultimately has legal authority to take possession of the vehicle. Should you find yourself in a financial position where you are unable to make the loan repayments, you are urged to contact us to find a viable solution.