What are the eligibility criteria?
The eligibility criteria for acquiring a logbook loan are as below:
- You need to be of 18 years of age at least.
- You need to have valid documents.
- Have to be the owner of a vehicle and should have the documents to substantiate that fact.
- There should be no outstanding finance against that vehicle.
- You need to be a resident of UK with a bank account.
- That vehicle has to be insured with a valid MOT certificate.
What are the documents required?
You need certain documents which have to be provided during the application process. They are:
- The V5 document.
- The tax documents for that vehicle, along with MOT certificate and insurance documents for that vehicle.
- Photo identity proof.
- Bank statements for past 2 months.
How much money can I take form the lender?
You can borrow as low as £500 to as high as £50,000. However, any amount you can borrow is directly proportional to the vehicle’s worth that you list as collateral. Usually, the money you can borrow is around 50-60% of cost of that vehicle.
What are the risks?
If you cannot make repayments, you need to contact as immediately so that we can find a solution. We try to help out in any way we can. However, it is necessary to note that if failed to make your payments repeatedly or even do not agree to mutual terms set, then we will be forced to acquire your vehicle and take up necessary legal actions.
What documents do I need to sign?
When you apply for logbook loans, there are certain documents which needed to be signed. They are:
- The bill of sales, which transfers the ownership of any vehicle to us, for the interim, until your pay us back.
- The credit agreement.
- The income and expenditure documents.
Is my vehicle applicable for such a loan?
We consider all kinds of vehicle for a logbook loan, be it a car, bike or van.
I am self-employed. Can I apply?
Yes, everybody is eligible for logbook loans. The only thing you need to do is provide us with your bank statement, invoice or account that proves that you have a stable income and will be able to pay instalments.
I have a bad credit score can I apply?
We are more liberal than a bank and even people with a bad credit score can apply for such a loan. You need to provide us with the required documents and proves of capability of repayments.
Do I need to leave my vehicle?
No, you do not need to leave your vehicle with us. You can use your vehicle as per your convenience. Only if you fail to make repayments will we repossess your vehicle.
How fast will I get the cheque?
You can get the cheque almost on the same day, depending on how much time we take to review and process the application.
Can I pay early?
Yes, you can pay early if desired, although we will collect that money on a specific date only.