A logbook loan is a loan secured against any vehicle. It's a quick and simple way to withdraw cash from a vehicle, without a formal credit check. The vehicle owner will be asked to produce the logbook (V5) to prove they are the registered keeper of the vehicle.
A Logbook Loan may only be issued by an FCA regulated company. The loan is secured on the vehicle using a bill of sale and the customer is asked to sign a consumer credit agreement.
The borrower can use their vehicle throughout the duration of the loan, and it is the borrower's responsibility to ensure the car is insured, taxed and kept in good order.
A logbook loan is a great way to secure cash quickly or you have been refused credit before and you are looking for a quick decision on a loan.