Logbook Loans with Outstanding Finance
Getting a loan on a financed vehicle
We are often asked 'can I get a logbook loan if my car is on finance'?
And the answer is ......maybe.
If a car is bought on finance, such as a hire purchase (HP) or personal contract purchase (PCP) agreement, the vehicle legally belongs to the finance company until the agreement has been settled and all outstanding repayments have been made.
Even if the logbook (V5 document) is registered in your name, it is the the finance company that legally owns your vehicle, which is why you cannot usually get a logbook loan on a car you do not legally own.
At Elogbook Loan we will always do our best to help in any situation.
If your vehicle has outstanding finance on it, then you might still be able to get a logbook loan from us, but only if the outstanding finance amount is small and your existing finance agreement is coming to an end. In some circumstances you may also need permission from your current finance provider.
Elogbook Loan advantage:
✓ Same day payout
✓ Simple online application
✓ No hidden fees
If you are looking for a logbook loan on a car with outstanding finance, apply online or contact us to see how we can help.
Financed car FAQ's:
No, it is illegal to try to sell any vehicle that has any type of finance on it, without paying the finance off first.
You can only have one logbook loan at any one time on a vehicle, but should you need further funds you could apply for a top up, or once the initial loan is repaid you can then apply for another logbook loan.
FREE LOAN QUOTE
Representative example;
Amount of loan £1000. Duration of loan 3 years. Total credit charge £2880. Weekly installments £24.87. Interest rate 96% PA fixed.
Representative 230.7% APR
Warning: Late payment can cause you serious money problems. For help go to www.moneyadviceservice.org.uk
This type of loan is secured on your vehicle. Missed or late payments may incur fees and/or the repossession of your vehicle.
elogbookloan lenders are members of the CCTA and are authorised and regulated by the Financial Conduct Authority.