A logbook loan is an instant loan for the car owner that allows them to withdraw the spare equity from the vehicle. It is a quick and easy solution to raise cash quickly without the need for a formal credit check.
No matter whether the borrower is looking for a quick cash loan or has bad credit that prevents them obtaining finance from a traditional route, a Logbook Loan is a great way to secure cash quickly.
The borrower must be the owner and the registered keeper of the vehicle. The loan will be secured against the vehicle via a Bill of Sale and against the customer via a Consumer credit agreement. The vehicle owner will be asked to produce the logbook (V5), but the Logbook will not be altered in any way.
Only companies approved and regulated by the FCA can provide a Logbook Loan.
The borrower can use their vehicle throughout the duration of the loan, and it is the borrower’s responsibility to ensure the car is insured, taxed and kept in good order.