Logbook Loan - The Loans Organisation

The Loans Organisation is the premier online site for applying for a loan. Personal loans, car loans, secured loans, unsecured loans and student loans.

Loans

Personal Loans
Car Loans
Secured Loans
Unsecured Loans
Student Loans
Homeowner Loans
Debt Consolidation
Adverse Credit

Mortgages

Commercial Mortgages
Interest Only Mortgages
Online Mortgages
Remortgages

Articles > Logbook Loan

For those of you who own a vehicle you’ll be aware of the V5 registration document, which has now been changed to a V5C (certificate). The V5 is also known as the vehicle logbook. It contains information regarding the cars make, model, engine, number plate, colour etc. This certificate can now be used in to apply for a loan, known as a logbook loan.

Essentially a logbook loan is a secured personal loan, with the car as collateral. Any UK resident who has a logbook registered in their name is eligible for a logbook loan. Although the lender keeps the logbook when the money is borrowed, the borrower can feel free to drive his/her car without any boundaries from the lender.

The amount borrowed can range from £500 to £50,000 depending on the value of your car and your current financial status.

The following criteria are to be adhered to, in order to become eligible for a logbook loan:

To be eligible for a logbook loan, the logbook should be in the name of the borrower and match up to the name of the car.

8 years is the maximum age of a car before the loan application will be accepted.

The loan applicant must be in full time employment and should have been in employment for at least 3 months.

The car should be owned fully be the applicant and not on finance.

The car should not have any due payments otherwise the application will be denied instantly.

The vehicle must be fully insured, road legal and taxed.

With every loan application, credit scoring must take place in order to check if you are a valid candidate for a loan. However with a logbook loan credit scoring need not apply.

Logbook loans can be obtained at most financial institution such as banks and building societies. The fastest way to apply for a loan is online. Online lenders provide the advantages of speed and ease when applying. A borrower can view hundreds of loan lenders from the comfort of their own chair and apply within minutes.