How do Logbook Loans Work?
Information on secured vehicle lending
Logbook Loans are simply a form of secured lending, using your car, motorbike or other vehicle as security against a loan. They can be a quick and convenient way for people who, for whatever reason, don’t want to go through the traditional lending route, or for people who have an adverse credit rating, to get the cash they need.
In England, Wales and Northern Ireland this is done through a ‘Bill of sale’, whereby a borrower transfers ownership of their vehicle to the lender. The borrower also hands over their logbook (V5 document) to the lender, and the borrower keeps and continues to drive their vehicle while making repayments towards the loan. Once the loan is repaid, the logbook is returned.
For logbook loans in Scotland, a bill of sale is not used, instead a lender will loan money through a hire purchase agreement. The borrower also keeps the use of their vehicle while making the loan repayments.
Our logbook loans focus on you, the customer, getting the money you need as fast as you need it, no endless paperwork and no hassle.
At elogbookloan.uk we give you the customer service, low rates and flexibility you want in a loan, from weekly or monthly payments, our unique pay as you go interest, and your choice of settling the loan early with no penalties.
✓ Fast approval
✓ Same day cash
✓ All credit types accepted
✓ Pay as you go interest
✓ No admin or early redemption fees
At eLogbookloan, we don’t just look at your vehicle, we also consider you, the customer. We want you to have the best experience when choosing us for a logbook loan.
For a free no obligation quote, simply call us or fill out our quick quote form and we will let you know how much you can borrow today!
FREE ONLINE QUOTE
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.