What is a V5 logbook?

A V5 logbook, or log book, is the “paper work” for your car or other vehicle.  To legally transfer a car from seller to buyer the V5 logbook must change hands.  The V5 is used to register a vehicle in a person’s own name.  An up to date logbook let’s people check the history and ownership of the car.  The document is essential for motoring transactions in the UK.

Loans secured against a car are called logbook loans in reference to the fact that the lender retains the car’s logbook until full repayment has been made.  If the borrower does not pay the money then the lender can take legal action to get ownership of the car.  The borrower keeps the car while repaying the loan.

If you do not legally own your car and possess the V5 logbook then you will not be able to take out a logbook loan.  Find out if you qualify.

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.