We would love to hear from you if you have any suggestions as to how we could improve our website and. Auto advance offers easy logbook loans throughout the uk, with stores in london and the south east, and over 600 agents nationwide. Logbook loans can seem tempting if you need cash fast and have a poor credit rating, but there are always alternatives. Log book loans get their name from the collateral used to secure the loans log books. Logbook loans has been designed with you the user as the main focus. Logbook loans have been described by the head of citizens advice as a toxic mix of the worst part of payday loans and unruly bailiffs. Our lenders will deliver a personalised quote that suits you best. Our v5 loans are a great alternative to guarantor loans and offer an easy way to unlock the.
Logbook loans are secured against your vehicle and are subject to affordability. A log book loan is secured against your vehicle, which may be repossessed if you do not make payment. Get instant quotes, fast payouts and great rates online. The logbook lender will take possession of the vehicles v5 document, so that the cars ownership will be transferred temporarily to the lender until the borrower has repaid the debt back in full. Apply for a loan in scotland with mobile underwriters based throughout scotland you could be applying for a logbook loan today and have the money today as well. Logbook loans have become the loan of choice for those looking for a straightforward, convenient loan without. If you have a ccj or are in arrears then you could still be eligible. The logbook is held by the lender as collateral, and you get to keep and use your vehicle throughout the agreement. Logbook calculator can provide loans throughout england, wales, northern ireland and scotland. Fca needs to take action on logbook loans urgently debt. For logbook loans in scotland, a bill of sale is not used, instead a lender will loan money through a hire purchase agreement. If you are in england, wales or northern ireland then when you take out your loan you will have to sign a bill of sale.
You simply hand over your logbook, which is then returned to you once the agreement has finished. Auto advance proudly offer same day logbook loans from. Logbook calculator are part of the biggest logbook loan lenders group in the united kingdom having served tens of thousands of customers with loans from. In exchange, the lender will keep the logbook of the borrower with them. The reason they are called logbook loans is that the logbook your vehicle registration certificate, also known as your v5 is taken by the lender for duration of the loan term, temporarily resulting in the lender owning your vehicle.
The vehicle owner will be asked to produce the logbook v5 to prove they are the registered keeper of the vehicle. Your car s v5 document is the key to such hasslefree money lending. The logbook lender will take possession of the vehicles v5 document, so that the car s ownership will be transferred temporarily to the lender until the borrower has repaid the debt back in full. But they are used by a very vulnerable group of people. Logbook loans online with no credit checks elogbook. Late or missed payments may incur a charge for chasing letters and telephone calls. Logbook loans enable borrowers to use their car or van as security for a loan. Logbook loans are not a large part of the highcost credit market. Scottish loans are not the same as english loans when it comes to logbook loans, the big difference is in how the logbook loan is structured in scotland it is a hire purchase agreement rather than a bill of sale, either way your still get the money that your car is worth and your still paying the loan back over time. One of our loans agents can come to you and complete your loan application in person. Logbook loans loans secured on your car or vehicle. When you take out a logbook loan in scotland the ownership of your car is transferred to the lender and you are given money equal to 80% of the second hand. From glasgow to edinburgh to the highlands we provide loans all throughout scotland. If you own a car, you could secure a loan against your vehicle.
So long as you are over 18 and are own the car, motorbike or van outright we can typically lend up to 50% of the vehicles value. Logbook loans, also known as a v5 loan can be a quick and convenient way to borrow money. Your vehicle must be road legal throughout the life of the loan. Borrowers transfer ownership of their car, van or motorcycle to the logbook lender as security for a loan. So whilst you may have been turned down for other types of loans and finance, many borrowers are able to release. If you do take one out, check that the lender is a member of a trade body and it complies with a code of practice, specifically on logbook loans. You can normally borrow up to 70% of the trade value of your vehicle and pay the money back in instalments. Compare logbook loans and get the very best deal you can. In order to become eligible for a logbook loan, youll need a v5 logbook registered in the applicants name, an insurance certificate, recent bills as proof of address and a passport or driving licence as proof of id. You can still use your vehicle, but it is owned by the lender until the loan is repaid in full.
Theyre a controversial form of raising shortterm finance, where. Lenders abide by the ccta voluntary code of practice. To see if you qualify apply now and we will call you straight back to discuss. The main difference between logbook loans and guarantor loans is that. With a logbook loan from log book loans scotland, it is the car that provides security. All loans granted subject to eligibility and affordability. Logbook loans in dunfermline, fife enter reg for quote. If you own the vehicle and can afford the repayments then a poor credit rating need not be a barrier to getting a. Get a quote for a logbook loan which is a loan secured backed by your vehicle as security.
Missed payments may result in additional fees andor the repossession of your. Logbook loans get the best logbook loan deal today. By borrowing money against this document you avoid all the pitfalls of traditional lending methods such. There is a difference between getting a logbook loan in scotland and getting one in the rest of the uk. Logbook loans in england, wales or northern ireland. Scottish loans are not the same as english loans when it comes to logbook loans, the big difference is in how the logbook loan is structured in scotland it is a hire purchase agreement rather than a bill of sale. Click here to compare log book loan rates and discover which company is the cheapest. You stay in the driving seat when applying for a logbook loan online with auto advance. Compare loans that are borrowed against your vehicles v5c logbook. Our v5 loans are a great alternative to guarantor loans and offer an easy way to unlock the cash in your car without selling it. A logbook loan is a loan secured against your vehicle. Logbook calculator are part of the biggest logbook loan lenders group in the. Our lenders provide free logbook loan quotations for people looking to borrow anything between. If you want to get a loan against your car, read our most frequently asked questions below that will guide you through the log book loans process.
Logbook loans are a form of finance in which you can use your car as security for a loan. Car logbook loans companies are specialist lenders who can lend to you regardless of your credit history, and its different from a traditional car finance, as you get to keep driving the car, and receive your loan. Did you know you could be driving your car and taking home anything between. Logbook loans for older cars and other vehicles such motorbikes, vans and commercial vehicles over 10 years old can be arranged on the sameday with no credit checks. Before we release your money, we need to come to your home or place of work to inspect. Logbook loans are, again, aimed at those who may not be able to get finance through more mainstream lenders like the banks. An apr is a measure of how much it costs to borrow money.
Logbook loans are loans secured against your vehicle. The lender holds on to your v5 logbook for the duration of the loan, but you get to keep in driving it as normal. Get your cash faster with a logbook loan log book loans are a great way to get cash fast, without the hassle of going through credit checks and banks. The logbook loan lender is given ownership of your car until you fully pay back the loan, although the lender owns the vehicle, you can.
Authorised and regulated by the financial conduct authority frn 679836 for accounts formed under the consumer credit act 1974 amended 2006. Instant cash from online car logbook loans for older cars. The borrower also keeps the use of their vehicle while making the loan repayments. Loans 2 go is a trading name of loans 2 go ltd, registered in england and wales. A logbook loan from log book loans scotland usually allows you to borrow anything from. To see if you qualify apply now and we will call you straight back to discuss your requirements. See how much you can borrow with a logbook loan, no credit checks, fast decision, cash in as little as 1hr. Logbook loans are designed as a finance solution for those with bad credit. We offer loans to scottish residents on cars, vans, motorbikes etc.
Logbook loans scotland could be an option for applicants that have been refused elsewhere. Logbook loans are a special kind of personal loans secured against a vehicle. Your cars v5 document is the key to such hasslefree money lending. By borrowing money against this document you avoid all the pitfalls of traditional lending methods such as unsecured lending.
It allows you to unlock the value in your vehicle without having to sell it. Interest rates depend on how much you borrow, so the less you borrow, the lower the repayments. Borrow as much or as little as you need up to the full value of your vehicle. The only thing you need to hand over is the logbook also known as v5 document of your vehicle. Its a quick and simple way to withdraw cash from a vehicle, without a formal credit check. With no credit checks and a simple online application process, this can make them an ideal way to get money. It must be quoted by lenders and companies offering any sort of loan or finance such as mortgages, credit cards, car finance, bank loans, payday loans or logbook loans. A logbook loan is a loan secured against any vehicle, for example getting a loan against your car. Faqs getting a loan against your car, van or motorbike with logbook loans how to get a loan against your car and other frequently asked questions. A logbook more commonly known as a v5c or vehicle registration document is a document which records key information about a vehicle and its keeper. Once your have repaid your loan, you will receive your v5 logbook back. With our best rate promise, find a lower price with another provider and we will beat it by 10%.
Logbook loans may be expensive and can put your vehicle at risk, make sure you understand the cost of borrowing before applying. Compare logbook loans apply for cash loans secured against car. Car cash point is one of the uks leading logbook lenders offering customers a low rate of interest combined with a transparent and flexible loan. Citizens advice research found that people coming to them for debt help who had logbook loans had on average more. May 15, 2018 fca needs to act speedily to reduce the detriment being caused by logbook loans. A resident in the uk who has a logbook registered under their name is eligible for a logbook loan. If your car is free of finance you could receive your money in no time at all. The only thing you need to hand over is the logbook also known as v5. A logbook loan is a convenient way of borrowing money that uses your car or vehicle as security using cars as security against loans can allow you to get better interest rates compared to some other forms. If you live in the uk and own a car, van or motorbike that is free, or nearly free of any outstanding finance, then you could qualify for a logbook loan. This means at log book loans scotland, we can be more flexible than banks and other credit providers in deciding. Logbook loans scotland same day money, immediate decision. With no credit checks and a simple online application process, this can make them an ideal way to get money fast even with a less than perfect credit history.
Using your car as security means that you can get a better interest rate compared to some other forms of credit. At log book loans scotland we responsibly take into account how much you can reasonably afford to pay when deciding on the amount we are prepared to lend. Logbook loans set for law changes law society of scotland. Over the last 10 years their use has rocketed but if payments are missed borrowers can face swift repossession. Logbook loans cupar same day money, immediate decision. Logbook loans uk online same day payouts auto advance. The lender holds your logbook v5 while you keep your car. Fca needs to take action on logbook loans urgently debt camel.
All you need to know about log book loans in the u. A logbook loan is a loan secured against your vehicle enabling you to release cash from your vehicle. Theyre a controversial form of raising shortterm finance, where borrowers hand over the v5 logbook of their car to a lender in exchange for a loan. Our v5 loans are a great alternative to guarantor loans and offer an easy. A logbook loan allows you to use a vehicle you own as security for that loan by. The lender holds on to your v5 logbook for the duration of the. Bills of sale are not legally binding in scotland and so cannot be used as. A logbook loan is a form of secured lending in the united kingdom and is the most common modern example of a security bill of sale. Before understanding what a log book loan is, you need to know what a logbook is. The loan is secured against your vehicle, but you keep your vehicle throughout the agreement. Logbook loans offer a simple and convenient way of obtaining money for any purpose. It must be quoted by lenders and companies offering any sort of loan or finance such as mortgages, credit cards, car finance, bank. Our experts choice of logbook lender below can quickly arrange a loan secured against your older vehicle or classic car.
Before we release your money, we need to come to your home or place of work to inspect your vehicle and complete the paperwork. There are no hidden fees or penalties and you can apply for logbook loans online 247. Logbook loans online with no credit checks elogbook loan uk. Car cash point prides itself on offering excellent customer service and value. Logbook loans apply for cash loans secured against car. Logbook loans explained guide to v5 car loans in the uk. Logbook loans have become the loan of choice for those looking for a straightforward, convenient loan without any of the hassles of conventional loans. A logbook more commonly known as a v5c or vehicle registration document is a document which. Uk ministers are to act on reform proposals to remove the buyers of secondhand vehicles having them repossessed due to the laws around logbook loans. In order to access a loan from a lender, you will need to. The way fife loans against cars work is you use your car as security for getting a loan. Fca needs to act speedily to reduce the detriment being caused by logbook loans. Logbook loans for older cars and other vehicles such.