Logbook loans are loans that are secured against your vehicle. You give the provider your logbook (more commonly known as a V5C) and they own your vehicle till you repay the full loan amount. These loans are usually helpful when it comes to emergencies and you can’t really wait for the bureaucracy involved with traditional lenders. They also help a great deal when your credit score is not the best.
Enjoy the freedom your vehicle gives you
So how this works is simple. Most providers use what is called a bill of sale to secure the loan against your vehicle. Giving up your V5C document doesn’t really mean that you won’t have access to your vehicle. You’ll be at liberty to drive your vehicle around as you pay the loan.
Getting your loan
We send the money within 24 hours of signing the agreement and we support various methods including wire transfer, cheques and even cash. You are also free to use the loan as you’d love and we have no limitations imposed. So whether you're planning your wedding, buying a bunker or going on vacation, taking a logbook loan will surely be a good source of finances.
To be eligible for the loan, you need to be over 18 years of age, own a vehicle, and show that you can pay back the loan. For verification purposes, you’ll need an ID and we can use your driving license, passport or even CIS card.
No hidden fees!
The best part about getting a loan with us is that we’re clear and upfront. You won’t have any hidden fees charged on you or penalties for early payment.
Additionally, we have a plethora of payment schemes designed to suit your exact needs so you won’t have to pay too little or too much. You are also free to select a duration of your choice between 12 to 36 months.
Is this the suitable option for you?
Well, that depends. Sometimes, people get into financial commitments for various reasons and always ensure you’ve explored all your options before diving right in. Taking a logbook loan is risky, but we strive to ensure that we never get to take your car away from you. Our agents will guide you throughout the process and if you’re having difficulties repaying the loan back, simply give us a call and we’ll be glad to make the necessary alterations for you.
We’ve also got a loans calculator that will give you a good picture of how much you can borrow over what period of time. If you need cash and need it fast, then contact us to get your loan. You can fill in the form below or get quote here.