A guide to your Logbook Loan with AutoMoney.
Our logbook loans range from £500 to £5000 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.
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.
What are 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 we will need to:
– Make sure your car is free of finance
– Ensure you can afford the repayments
– 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 we are sure sure that you can afford the monthly repayments. When you take out a logbook loan, we will require you to complete a “Bill of Sale” which means that ownership of the car passes to us for the duration of the loan.
You 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.
Our logbook loans range from £500 to £5000 and can be taken over 18 to 36 month terms and you can choose a term that best suits your needs. You can make additional repayments to repay your loan earlier therefore paying less interest. We are a member of the Consumer Credit Trade Association (CCTA) and we adhere strictly to its principles.