What Is A Logbook Loan?
A logbook loan is a type of secured loan where you use your vehicle as collateral. It gets its name from your V5 document, also known as a logbook. They are typically small amount loans taken over a short period of time. Since there are no credit checks involved in the process, they are ideal for people with bad credit.
Am I Eligible?
To be eligible for a logbook loan, you must meet a few simple requirements. The first, is that you must be of at least 18 years of age. Secondly, you must be a legal resident of either England or Wales. You must also have an eligible car, and be completely insured. Lastly, you will have to provide some sort of proof of income. If you meet all of these requirements, you are eligible for a loan!
What Kind of Vehicle Can I Use?
We accept all kinds of vehicles. Each circumstance is different, but in most cases we will accept cars, vans, or motorcycles. If you have something else you would like to use, you can contact us and discuss it with us. Another general rule is that your vehicle should have been manufactured within the past 10 years. This ensures that your vehicle still has a decent amount of value to it so that you can get a loan for it.
What Documents Do I Need?
You will need several documents in order to get your loan. You will need to provide documentation to show that you are a legal resident, like a photo ID, along with your V5 document and insurance information. Lastly, you will have to show proof of income, either in the form of a pay stub or a bank account statement.
How Do Repayments Work?
When you take out your loan with us, we will talk with you about your repayment schedule. This schedule is determined by several factors, including how much you are borrowing, how much you currently earn, and how long the loan will be out for. When it comes time to make a payment, you can either visit one of our local locations, or by paying online. We make the payment process simple so that you can focus on more important things in your life.
Can I Keep Driving My Car?
Absolutely! This is why we ask for your insurance information when you apply for a loan. We know that your car is probably important you earning a living, and so you can keep driving your car while your loan is out.
What If I Miss A Payment?
If you are having trouble meeting your payments, you can contact us at any time. We work with you to try and set up payments that will be easy for you to manage, but sometimes unseen circumstances come into play. If you start missing your payments, there is always the risk that you will lose your collateral, in this case that would be your vehicle. This is why it is important that you contact us right away if you think you will be missing a payment so that we can work something else out with you.
Can I Pay My Loan Back Early?
Yes you can. There may be some fees involved with paying back your loan early, but this will depend on the personal circumstances of your loan. Talk to your loan account manager to discuss all of your options with them.
Are There Any Hidden Fees? There are no hidden fees. We are upfront about all of our costs so that nothing will hit you by surprise. When we say that you get from us some of the most affordable loans around, we mean it. We guarantee no hidden fees with all of our loans.