How it Works

What is a Logbook Loans?

So what is How do logbook loans work? logbook loans? Logbook loans were created as an alternative financial solution, for people who own a vehicle and want to get logbook loans quickly without any fuss. You may have a bad credit history, or are unable to secure a loan by more conventional means, such as a bank or building society.

Logbook Loans is secured against your vehicle making this a secured loan, much like a mortgage that is secured against your home. Your credit score does not affect your ability to take out logbook loans, although outstanding credit on it may. In some circumstances, we may offer to take on this debt, if the amount owed is significantly smaller than the value of your vehicle.

Logbook loans are arranged quickly, with no fuss, after an inspection of your vehicle at either your premises or ours. An agreement will be signed, and your cash will be in your hand, in your bank, or in the form of a banker’s draft or cheque depending on your preference, within the hour.

The vehicle is still yours to drive, as is the responsibility of its maintenance, MOT and insurance.

How Much Can You Borrow?

We offer logbook loans from £1,000 to £50,000. The amount you can borrow is dependent on the value of your vehicle and your repayments are fixed over the agreed logbook loans term which can be from 12 – 36 months.

Interest Rates

Interest rates on logbook loans are higher than a bank but much less than say the extortionate fees you will pay through a payday loan company. You can use the Loan Calculator on this page to get a good idea of the potential repayments you can expect.

What Are the Pitfalls Other Lenders Try to Hide?

It’s a fantastic short term solution but can cost you over a long period of time, so consider carefully your financial circumstances and make sure that you are able to make the agreed repayments> on time to avoid a chargeable default notice. Continued failure to make payments will in the end, result in the repossession of your vehicle and neither we the lender, nor you the borrower, want this to happen!

What Happens If You Can’t Pay?

We’re not ogres, we’re human too, and we understand that life can knock you back sometimes. If you’re having difficulties, don’t bury your head in the sand . . . Pick up the phone and contact us. We will do what we can to resolve the problem and take the pressure off.

At LoanMyMotor we practice responsible lending, outlining the exact money you will be repaying and in turn we expect you to borrow responsibly, only taking out a loan you can afford, that will help with your current situation, as opposed to one which will pile on the debt.

Early Loan Settlement

Should you find yourself in a better financial position at any time in the future and you are able to pay off the loan early, we will welcome this and reward you by not charging any settlement penalties. You will only pay interest on the amount and time you have borrowed.

For more answers to your Logbook Loans queries, please refer to our FAQ page or Contact us.
Or if you know everything you need, Apply for a Logbook Loan today!

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Calculate Your Loan

One of the UK’s Cheapest Logbook Loans! Borrow up to 70% of the trade value of your car with the UK’s cheapest logbook lender. Can’t be beaten on price 50% cheaper than any other logbook lender.

tick No early settlement fees
tick No credit checks
tick Lowest APR GUARANTEED
tick Money within hours
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