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Log Book Loans
Page last updated Saturday, 14 November 2009
A 'Log Book' Loan is a loan secured against your vehicle, (a car or a motorbike). Having a log book loan means that you will lose your vehicle if you default on the repayments to the loan company.
How much can I borrow?
Loans range from £500 to £50,000 according to the value of the vehicle in question.
Will I have to undergo a credit check?
No, this type of loan is usually taken up by those whose record denies them access to the more usual forms of credit. Basically they are available to anyone irrespective of their credit history.
How do I qualify?
- Be aged 18 or over
- Be the legal owner of the vehicle
- Hold a current tax disc, certificate of insurance and a valid MOT for the vehicle
- Have no or very little finance outstanding on the vehicle
- Demonstrate you can repay the loan
Who keeps the Log Book?
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