349.9% APR Representative Example: 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.
Late repayment can cause you serious money problems. Your vehicle may be repossessed if you do not keep up repayments on your loan. For help, go to moneyadviceservice.org.uk
Will your older car be suitable for a logbook loan?
When you are applying for a logbook loan, the age of your car / vehicle is very important. A logbook loan uses your vehicle as security and the vehicle’s trade value must be high enough to cover at least 75% of the value of your loan. As newer cars tend to have less wear and tear, their trade value if often higher therefore the value of loan that can be secured against them is frequently far higher.
We will always try our very best to help you access the money you need; however as a general rule, it can often be harder to secure a loan against a car that is over 10 years old. However, older prestige vehicles such as Mercedes, BMW and Audi can often have a higher trade value depending on the mileage and condition of the vehicle. If you have an older vehicle and wish to use it as security against a logbook loan, apply online or give us a call and one of our team will be happy to help you.
Some of our customers have applied for logbook loans against classic / vintage vehicles because, like antiques, some cars increase their value by age. Naturally, vintage or classic vehicles with a high enough value will qualify for a logbook loan; however, ascertaining the value of such cars can often be tricky. We recommend giving us a call and speaking with one of our friendly team to discuss your particular vehicle to see whether it will be suitable.