A Guide to Logbook Loans

If you have never taken out a logbook loan but, would like further information before you consider applying, here is our quick guide to logbook loans.

  • A logbook loan enables you to borrow money using your car as security for your loan, in a similar way to a mortgage which is secured against your home.
  • When applying for a logbook loan, a reputable lender will need to:
    • Make sure your car is free of finance.
    • Ensure you can afford the repayments by answering questions about your income and outgoings and seeing proof of some of these.
    • Check the ownership documentation for the vehicle.
  • You can take out a logbook loan, even if you have had credit problems in the past - provided the lender is sure that you can afford the monthly repayments.
  • When you take out a logbook loan, the lender will require you to complete a “Bill of Sale” which means that ownership of the car passes to the lender for the duration of the loan. The lender allows you to keep driving your car and once the loan is repaid, ownership of the car passes back to you. We are required to register the Bill of Sale in the High Court in London.
  • It is important that you are aware that you could be at risk of your car being repossessed if you do not meet the agreed repayments on your loan. We do not need to go to court to repossess the vehicle. We will however always try to come to an arrangement with you if you fall behind with your repayments because of unforeseen financial difficulties.
  • AutoMoney’s logbook loans are set up over an 18 month term.Logbook loans
  • Unlike traditional High Street sources of credit, log book lenders tend to have a higher rate of interest. AutoMoney encourages its customers to make additional repayments to repay their loan earlier, resulting in them paying less interest on their loan.
  • Always ensure the lender is a member of the Consumer Credit Trade Association (CCTA). AutoMoney were forerunners in the creation of The CCTA Lending Code of Practice and we adhere strictly to its principles.

Remember, if you have any questions or need assistance regarding logbook loans or AutoMoney, feel free to contact your local branch or visit our FAQs section.

We’re happy to help!

Have a question about logbook loans?

Request a call-back
Visit our FAQ's
Find your nearest branch
Borrow with confidence

Borrow with confidence

We are PROUD MEMBERS of The Consumer Credit Trade Association. AutoMoney were forerunners in the creation of The CCTA Lending Code of Practice and we adhere strictly to its principles. Click here to view. ALWAYS MAKE SURE THE LENDER IS A MEMBER.

350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.