Can anyone apply for a logbook loan?

Well, literally speaking, anyone can apply for a logbook loan. However, in as much as logbook loans are open to everyone, there are a number of key requirements that people need to meet. For one, if you do not reside in the UK, you cannot be considered for a logbook loan. You need to be residing within the UK, be 18 years and over and have a car that is legally registered in your own name. This is because the logbook of your car is used as collateral and a car not registered in your name does not qualify as collateral.

Do I need to worry about my credit score when applying for a logbook loan?

No. You need not be worried that your credit score might be a stumbling block to your efforts to get approved for a logbook loan. The reason logbook loans continue to soar in popularity over the years is because it does not attract credit checks. You can therefore apply for a logbook loan even if you have bad credit or have a history of arrears.

What documents do I need to produce prior to being approved for a logbook loan?

Before we can approve your logbook loan, we require you to furnish us with a number of documents. For one, we need you to provide us with a Ministry of Transport (MOT) certificate that essentially tells us that your car is in good condition. We also need information on insurance as well as tax details concerning your car, a copy of your recent pay slips as well as bank statements. Once we have in our possession these documents, we can assure you that the approval process will be swift and fast.

Under what situations can my logbook loan be denied or rejected?

While we strive to approve each logbook loan application we receive, we at times might be forced to deny or reject your logbook loan applications. The reasons for that may be as a result of errors in your application, provision of false information, providing us with a car logbook not registered in your own name as well as if you have a car that is not in good condition.

Can you accept a vintage car as collateral?

As stated earlier, we only accept cars that have been on the road for a period not exceeding 10 years. However, should you have a vintage car that is older than 10 years but in good condition, we might be able to work out a deal for you.

I have a history of arrears. Can I still apply?

Yes. You can still apply even if you have a history of arrears. The wonderful thing about logbook loans is that your credit history does not work against you. You don’t need to have a stellar credit score to be considered for a logbook loan. We do not perform credit checks and therefore your credit score should be the last thing you need to worry about when applying for a logbook loan.

Will I loose possession of my car when I set it up as collateral?

No. you will not lose possession of your car. What we need from you is your car logbook. However, the car remains in your possession for the duration of the loan as you make repayments. You can also use it for income generation purposes as you continue to make repayments for your loan.

What will happen if for some reason I cannot repay my loan?

If something unexpected happens and you have difficulties paying your loan, we advise you to get in touch with us so that we can draft a new arrangement reflecting your situation. However, failure to do so and your fall back in repayments without any form of communication might lead to car repossession.