Logbook loans and how it works

UK logbook loans

	Logbook loans
	How it works
	The lenders
	The costs

Application 1 - Application 2 - Terms & Conditions - Contact

Log book loans

LogBook loans generally happen without a credit check which is good for you for two reasons. Your credit rating is unaffected (frequent checks against your history does actually have an adverse effect on your score) and the lender doesn't know your borrowing history.

There are security check in place though to combat fraudulent applications. Basically, the V5 document is checked and placed in security with the lender. This is compared to your identification.

A HPI check may be done on the vehicle associated with the V5 logbook.

As a general guide, you must:

Be over 18 years old ( some providers require you to be over 21)
Be the legal owner of the car or other vehicle
Have fully paid for your car or almost paid for it
Be a UK resident
Provide all relevant documents when you visit your local branch

If everything checks out you will be told how much you can borrow against your car. As a rule, please expect to be lent roughly 75% of the motor's true value, or slightly less. So if you car is deemed to be worth £10,000.00, you will be offered in the region of up to £7500.00 depending on the actual lender for your logbook loan.