Frequently Asked Questions

What are Logbook Loans?

Logbook loans are no credit check loans that are secured against your vehicle.  You keep your car, but the lender keeps your V5 logbook until you have finished repaying the loan.

Is there a credit check when I apply online?

No.  The logbook loans companies NEVER do a credit check when you apply online.

Who can apply?

As long as you are a car owner, UK resident, over 18, and can afford the monthly repayments you are eligible to apply.

How long does the application process take?

The online application form can be completed in a couple of minutes. You will then be contacted by a member of staff from the lending company.

How much can I borrow?

This varies from company to company, however in most cases you can borrow between £200 and £50,000 depending on the value of your vehicle.

What information do I need?

For the initial online application you will normally be required to submit your name, email address, telephone numbers (these must be correct), post code, make and model of your vehicle, and the car registration year.

Are applications private and confidential?

All applications are dealt with in a confidential manner, and all lending companies hold both a consumer credit licence, and full data protection certificate.

How long does it take to get my loan?

This is dependent upon the lender, however loans can normally be processed within 24 to 48 hours.

I have a bad credit history – will this affect my application?

Logbook loans companies DO NOT carry out credit checks, so any bad credit history is not taken into account as part of your application.

Are Logbook Loans secured against an asset?

Logbook Loans are secured against your vehicle. Failure to keep up with the loan repayments can put your vehicle at risk.

Do I get to keep my vehicle while I repay my loan?

Yes, you keep your vehicle throughout the repayment period.

Can I take out a logbook loan if my car is currently financed?

Most lenders prefer a car is free of finance, however if the amount still to be repaid is relatively low there is often options available.

Are these types of loans regulated?

Yes. All logbook loans companies hold an up to date and valid consumer credit licence. They are also legally bounded by the rules set out in the “code of practice”

Disclaimer: A logbook loan is secured on your vehicle. Your vehicle is at risk if you do not keep up with repayments. CompareLogbookLoans.co.uk is not a lender and does not give financial advice. All loans are issued by third parties.