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FAQs

How old should I be before I can apply for a logbook loan?

You should only be of legal age in order to apply for a logbook loan, which is 18 years old in the UK.

 

How can I become eligible?

Aside from being of legal age, you should be a permanent resident of England or Wales. You must also be the legal owner of the vehicle you’re putting up for a logbook loan. This vehicle should be free from outstanding finance, and should be fully insured.

 

What are the requirements for a logbook loan?

The basic requirements you should bring are your vehicle’s V5 document or “logbook”, MOT certificate, and insurance details. Additional paperwork include your proof of identification, proof of income (pay stubs, bank statement), and proof of residence (recent utility bills).

 

Is the logbook loan company going to keep my vehicle?

One of the most wonderful things about a logbook loan is that you can keep the vehicle subjected under the loan. The lender will only keep the logbook, and you are free to drive your own vehicle as long as you make your monthly payments to the lender on time.

 

What types of vehicle do you accept?

Our lenders accept most type of vehicles under good condition, so whether you have a car, motorcycle, van, or truck, we can most probably guarantee you a loan since we work with a lot of lenders who are willing to accommodate your needs.

 

How much can I borrow?

Usually, logbook loan companies can lend between £500 and £50000, depending on the vehicle’s value. Typically, the maximum amount one can borrow is up to 50% of the vehicles’ worth.

 

When can I receive my money?

Our accredited lenders have fast very approval rates. Once you submit all the required documents, you can expect to get your money within 24 hours, and in as little as one hour in some cases.

 

How long should I pay the loan back?

It depends on the amount you borrowed, your affordability, and the terms of the loan. Usually, the loan lasts within several weeks to a few months. The more you can afford to put in monthly, the faster you can pay off your debt and retrieve your logbook.

 

My credit is really bad and I’ve been refused a loan everywhere. Can I still apply?

Of course! Logbook loan does not require credit checks, so even if your credit has gone as bad as having a foreclosure or bankruptcy, you should still compare with us and apply for a logbook loan.

 

What are the risks?

Just like with any other types of debt, there’s always a risk. In this case, a vehicle is secured against a logbook loan, so there’s the risk for your car to be repossessed if you failed to meet your repayments.

But don’t worry because that’s what we’re here for. We’ll make sure that you’ll find the right logbook loan with the best terms tailored for your specific financial situation.

© 2013 ExpressLogbookLoan.co.uk