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 and 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 owing to unforeseen financial difficulties.
AutoMoney’s logbook loans are set up over a minimum 18 month term. However, you can choose a term that best suits your needs up-to 36 months. 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 where affordable, this will result 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.
We made the process as straightforward as possible
Once approved, one of our local nationwide agents will come to visit you at a convenient time and location for you to sign and complete your application.
You could have your money in your bank account in as little as 60 minutes from approval.