What Is A Logbook Loan?

By Author: Gareth Hoyle
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A logbook loan is a short term loan that is secured against the value of your car, van, or other vehicle. If you are aged over 18, own your car outright, and have the funds to be able to meet the agreed repayments then you could borrow as much as £50,000 and repay it over the space of several months. You provide your logbook or V5 to the lender and you continue to drive your vehicle while you make the repayments. You can use the money for whatever purpose you want.

Borrowers can borrow as much as £50,000 using a logbook loan although the actual amount of money you are offered will depend on the value of your car and your personal circumstances. As the loan is secured against the logbook of your vehicle, this means that it may be necessary for the lender to see your car before lending you the cash.

If you own your car outright, so there is no finance remaining on the vehicle and it has done under 100,000 miles, has a valid MOT and is taxed, then it could be used as collateral for your loan. It doesn't have to be a car either; you could instead use a van, motorbike, or maybe even caravan. As long as it meets ...
... the other criteria then it should be fine to use as security for your loan.

The lender will keep the logbook for the period of the loan, but they will not take possession of your car. This means that you can continue to drive your vehicle so you won't be stranded without a means of getting to work or dropping the kids off at school. As soon as you complete the term of your loan, the logbook will be returned to you.

A logbook loan is a simple and convenient form of loan. It can prove you with access to the money you borrow today, if you apply now, and you can borrow the money for several months while also retaining the use of your car throughout the full period of the loan.

A logbook loan from LondonLogbookLoans.co.uk can be used for any purpose and can provide you with up to £50,000 in cash in as little as one hour.