How it Works
We are a FCA Regulated Logbook Loan lender. We are a direct lender and not a broker.
The new Logbook Loan key facts
A New Logbook Loan is the perfect way for a borrower to withdraw the equity cash from their vehicle via a quick cash loan. By using the car as security helps the borrower to get a better interest rate compared to unsecured forms of credit.
The borrower to retain full personal use of their vehicle for the full term of the loan. We use a Hire Purchase Agreement regulated by the Consumer Credit Act 1974 to secure the loan against the car. This is compared to other Logbook Lenders securing the original Logbook Loan against the car with an the out of date Bill of Sale.
We will never ask the borrower to surrender the V5C / Logbook or spare key to secure the loan.
The trade value of the car will determine the maximum value of the loan, therefore the higher the car value the more we will lend., subject to the borrower suitability and affordability, We must ensure the borrowers monthly repayments are affordable and manageable in line with the current monthly financial commitments.
How much can I borrow?
We will lend up to 70% of the car value with loans from £500 – £100,000. The loan will be subject to the borrower completing an affordability assessment and credit check.
Loan rates are from 6%-10% per month and we provide flexible loan terms from 12 – 60 months.
How does it worK?
We will complete every application online safely and securely without the need for a home visit. We will even complete the car inspection via ‘WhatsApp’ and we aim to complete the loan the same day and transfer the cash into the borrower’s account.
Settle early, penalty free
You can be settled early at any time during the term penalty free. The borrower can request a settlement figure at any time and it will be valid for 28 days. The interest will stop accruing when the settlement figure is paid.
You can make unlimited number of capital overpayments. On receipt of a capital overpayment, we will reduce the original loan principal by this amount, so you pay less interest.
Who is responsible for the car?
The borrower tax, comprehensively ensure and maintain the vehicle of the duration of the loan. The borrower is not allowed to the sell the vehicle without our approval.
New Logbook Loan key facts
How does the loan work?
- Loans from £500 – £100K
- Loan Terms from 12 – 60 months with monthly repayments
- Loan is secured on the car via ‘Hire Purchase Agreement’
- Customer retains use of the car for the duration of the loan
- Borrow up to 70% of the vehicle trade value
- Loans are subject to an affordability assessment and credit check
- Interest and Capital Repayments
- Overpayments are allowed and the interest is then re-calculated
- Settle early, 100% penalty free
- Applicable throughout the United Kingdom
- Application completed online and no home visit required
- Cash in bank same day
- No Hidden Fees or charge
Is my car suitable?
- Vehicles must be under 10 years old – prestige, classic and vintage cars considered
- Personal Cars only [No Company Cars Allowed]
- 150,000 maximum mileage
- Cars must be free of finance [LOYC can clear existing finance agreements, if required]
- Minimum trade value of c£2.5K
- No additional keeper added to the logbook
- Car must be fully taxed. have a valid MOT and be fully comprehensively insured
- Logbook and spare keys are not required