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Log Book Loans

Use the value of your car to free up money today

I'd like to borrow:

Amount to borrow:

For how many months:

Representative Example: 189.9% APR Representative: If you borrow £1,000 over 18 months at an interest rate of 111.3% per annum (fixed) you will make 18 monthly payments of £116.31 with a total amount payable of £2,093.58.
Representative Example: The Representative APR is 230% APR (fixed) so if you borrow £1,000 over 18 months at a flat rate of 84% p.a. (fixed) the total charge for credit will be £1,260. You will make 18 monthly payments of £125.56 and repay £2,260 in total.
Representative Example: 349.9% APR Representative: If you borrow £1,000 over 18 months at an interest rate of 160.2% per annum (fixed) you will make 18 monthly payments of £149.14 with a total amount payable of £2,684.52.
Representative Example: The Representative APR is 450.5% APR so if you borrow £850 over 18 months at a flat rate of 132% p.a. (fixed) the total charge for credit will be £1,683. You will make 17 monthly payments of £140.72, 1 payment of £140.76 and repay £2,533.00 in total.
warning

Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk

Pros

Cons

  • An option for those with a low credit rating
  • An option if your car is worth enough money
  • An option if you are in need of money quickly
  • You can still use your car as long as you keep up repayments
  • Car has to be worth min £500 with no outstanding finance
  • Interest costs are higher than with most unsecured loans
  • You can usually only borrow up to half the car’s value
  • You risk getting your car repossessed if you can’t repay it
Question icon

Is A Log Book Loan The Right Option For Me?

They’re an option if you need quick finance, can’t get credit anywhere else but have value in your car you can free up. Like payday loans, logbook loans should be a last resort option as they come with more risk.

Usually you contact the lender via their website or over the phone. Once you agree terms in principle an agent will often visit you, check out your car and discuss loan terms in person.

You have to own a car on which nothing is owed, and which is insured, taxed and has an up to date MOT. You must be a UK resident at least 18 years of age and have a photo driving licence.

Probably not. Most lenders will lend less than the advertised value.

You must own a car worth at least £500 and on which there is no money owing. The upper limit is around £50k.

The lender will ask for the V5 (logbook). This proves you are the owner of the vehicle. The lender will keep the document until the loan has been repaid.

Yes, although it is owned by the lender until the loan has been paid in full.

If you stop paying the lender can sell the car to get their money back.

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Find loans likely to say ‘YES’. All circumstances welcome. You could receive money today!