…or you can apply online at the bottom of the page!

How Do Logbook Loans Work?

A logbook loan lets you borrow money using your car as security for your loan.

Our logbook loans range from £500 to £5,000 and can be taken over 18 to 36 months. You can repay your loan early so you pay less interest and there are no hidden fees or charges.

Will my car be suitable?

Generally, the higher the value of your vehicle, the more we can potentially lend you. To get a logbook loan your vehicle must be in reasonable, road-worthy condition and be worth at least as much as the amount of money you wish to borrow. The value of your vehicle will be dictated by its “trade” value (i.e. the amount of money you would get if you part-exchanged it), not its “retail” value (i.e. the amount of money you would get if you sold it privately).

It is essential that your vehicle is taxed, has a valid MOT certificate and is insured – you won’t need to send us any documents to prove these things, but we will confirm them online before approving your loan. In order to qualify for a logbook loan your vehicle should ideally be less than 10 years old although it is possible to get logbook loans for older cars.

Will I get a logbook loan?

In order for your loan application to be successful, you must live in either England or Wales, you must be 18 years old or over and you must be able to afford the monthly repayments. To get a logbook loan you must be named as the owner on the vehicle’s V5 registration document. It is important to know that you must also be able to afford the loan repayments – any good lender will ensure that this is the case before providing a loan for you.

Can I get a logbook loan if my car is on finance?

In order to secure a loan against your car it must be free (or almost free) from finance. If there is a little bit of finance left on the vehicle, we may be able to add the outstanding balance to the logbook loan then use that extra to pay off the outstanding finance. However, as our interest rates are often higher than the rates of interest for car finance, we prefer to avoid this as it can often prove more expensive for our customers.

Can I have two logbook loans at once?

You can only have one logbook loan secured against a car at a time. You can have more than one logbook loan at once, but each one must use a different vehicle as security and it is essential to ensure that you can afford the repayments as a vehicle could be repossessed if you fail to keep up with the repayments of any loan secured against it. If you already have a loan secured against your car it is still worth applying with AutoMoney as we may be able to offer you a better interest rate than your current loan and save you some money.

Logbook Loans: Who owns the car?

A logbook loan uses your vehicle as security using a document known as a Bill of Sale. This document means that the ownership of the car is transferred to the lender until the loan is repaid. However, the borrower keeps possession of the vehicle while they repay the loan, which means they can drive and maintain it as usual.

Can logbook loans take my car?

Using a vehicle as security means that the vehicle can be repossessed and sold if the borrower fails to repay the loan or fails to work with us to find a solution should the repayments become a problem (such as an affordable repayment plan). We always do our best to ensure that you’re never in a position where you can’t afford your logbook loan repayments, but if you ever find that you can’t pay the logbook loan back it is really important that you contact us. Repossessing a vehicle is always the last thing we want to do, so as long as you are talking to us about the situation then we will do what we can to help you.

Ready? Simply click here to apply...

Remember: you could have your logbook loan in 60 minutes of approval!

349.9% APR Representative Example: If you borrow £1,200 over 18 months at an interest rate of 160.2% per annum (fixed). You will make 18 monthly payments of £178.97 with a total amount payable of £3,221.46.

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