FAQs – Getting a Loan Against Your Car, Van or Motorbike with Logbook Loans

How to get a loan against your car and other frequently asked questions

Everyone has questions. If you want to get a loan against your car, read our most frequently asked questions below that will guide you through the log book loans process.

A logbook loan, or log book loan, is a loan secured against your vehicle. It allows you to unlock the value in your vehicle without having to sell it. The lender holds on to your logbook for the duration of the loan, but you get to keep the vehicle and keep on driving it as normal. You are not allowed to sell the vehicle until the loan is paid in full.

We do our best to help as many customers as we can, as quickly as we can. To qualify for one of our Logbook Loans, we need to confirm 3 things: your identity, your ownership of a vehicle and your ability to make repayments. Our friendly team will talk you through all three of these items at application stage. Here is a brief summary of our requirements:

  • Over 18 and a UK resident
  • Be able to show you can comfortably afford the repayments;
  • Have a photo ID (passport, driving license or CIS card); and
  • Own a vehicle which is clear (or nearly clear) of finance and which is taxed, MOT’d and insured.

You could borrow anything from £400 all the way up to £50,000. The amount for which you are eligible will be calculated based on the value of your vehicle and how much you can afford to pay on a weekly or monthly basis.

All customers have the right to settle their loan at any time. Depending on how early you settle, you could be entitled to a rebate. You can contact us at any time to request a settlement figure. Of course, the earlier you settle your loan the greater the rebate you will receive on the original total amount payable!

Yes! We consider everyone and make a decision based on the affordability of the loan, not just on your credit score.

In most cases we can get you your money on the same day. Following a brief appointment for you to sign the documentation and for us to inspect the vehicle, you should receive the money in less than 60 minutes.

We do not charge any set up fees when you take a loan with us. You may however incur charges if you fail to make your payments on time such as court fees or repossession expense for the vehicle.

Yes! We lend against all types of vehicles including motorcycles and vans. You just need to make sure the vehicle is roadworthy, taxed, MOT’d and insured.

A logbook loan is secured on your vehicle. We keep hold of your logbook (V5) for the full term of the loan but you keep driving the vehicle as usual. Once the loan is repaid you will receive the logbook (V5) back.

We offer Continuous Payment Authority (CPA) repayments as it’s a convenient choice for our customers. CPA is simple to set up as all you need is your debit card details.

You will be giving us a permission to collect the agreed repayments when they are due, so you don’t need to do anything when it comes to your repayment date, the money will be transferred automatically. Also, there are no charges if your bank declines payment due to insufficient funds when we try to collect your repayment.

You can also make payments online using our online payment portal.

Payments can be made safely and securely online using our online payments portalYou will need your agreement number and a bank debit card to make this payment.

You can use the following debit cards when making a payment online; Visa Debit, Debit MasterCard, Visa Electron and Visa Delta. Please note we do not accept Credit cards or American Express.

After entering your card details, and confirming you want to continue with the payment, there will be a short delay while your card details are validated.

Payments are processed during business hours.  The confirmation you receive at the end of the payment process is to confirm that we have received your instruction.  We will then apply your payment to your loan on the next working day and send you an SMS to confirm.  If, for any reason, we are unable to apply your payment we will cancel it and send you instructions on how to proceed.

Please note that although card payments are usually deducted from your account within 24 hours they can take up to 5 working days.

We are a direct lender, not a broker. We do not charge any set up or early repayment fees.

If you fall into arrears, the most important thing you can do is keep in contact with us. We will do everything possible to work with you if you fall on hard times. You should be aware however that a logbook loan is secured against your vehicle and if you are unable to make payment or refuse to comply with mutually agreed alternative measures, your vehicle may be at risk of recovery and we might also consider taking legal action against you, which could affect your credit rating.