Logbook Loans Explained in Plain English, Get the Facts.
Logbook loans could be the answer to all your problems. Yet not many people understand what a logbook loan is and how they work.
We at Car Cash Point will offer you a loan for your car so that you get the cash you need sooner rather than later. Fill in your details, the loan amount you are after along with the vehicle registration and mileage for cash in an hour.
What are logbook loans?
Simply put, a logbook loan is a loan secured against a vehicle. By providing your vehicle's logbook (V5), verifying that you are the registered keeper of the vehicle in question, you can borrow money while still being able to use your vehicle. This form of loan is quick, and also ideal for those who have been refused credit before. A logbook loan is, effectively, an instant loan for car and vehicle owners.
When you take out a logbook loan, you are effectively handing over your registration documents to the lender until you have paid off your loan. Once you have paid off the loan, you are handed back your logbook.
A logbook loan can only be issued by an FCA regulated company like ourselves.
How do logbook loans work?
A loan is secured on the vehicle in question using a bill of sale. The customer will then be asked to sign a consumer credit agreement. It is simple to apply for a logbook loan through Car Cash Point; all we ask for is the borrower's logbook (V5).
By handing over your logbook (V5), it will act as insurance for the company. This is so that if you are unable to pay back your loan, the vehicle can be used as a deposit in case you cannot keep up with payments or are unable to pay back the borrowed amount. The logbook (V5) is also used as proof that you are the registered owner of the vehicle.
Although the borrower can use the car as usual, when the logbook (V5) is not in your possession, the car is effectively owned by us. Once the loan has been paid off, the V5 will be returned to you.
Here at Car Cash Point, repayments can be made weekly or monthly. For the latter, though, you will need prior approval. Be sure to speak to a member of our sales team for more information.
How much can I borrow?
Typically, you can borrow up to 50% of the value of your vehicle. This can differ, though.
Here at Car Cash Point, you can borrow from £500 to £50,000. If you find a lower price with another provider, we will endeavour to beat it by 10%.
The amount you wish to borrow could be deposited into your bank within an hour. This is, however, subject to our terms and conditions.
Do you take my vehicle away?
No, you are able to continue using your vehicle. However, you do not technically own the vehicle anymore. This means that if you are unable to make payments, the lender has the right to sell your vehicle so that they can get their money back.
Although you do not technically own your vehicle while your V5 is in our hands, it is your responsibility to insure, tax, MOT and maintain your car so that it is road legal and safe to drive.
If you fail to keep up with payments, however, your car will be taken away and sold so that we can cover the costs.
Do I qualify for a logbook loan?
In order to qualify for a logbook loan, you must be at least 18 years of age and own your vehicle. Your name must also be on the vehicle's V5 registration document.
What vehicles are accepted?
Car Cash Point accept more than cars. If you have any of the following vehicles, we can provide you a loan for them:
- Motorbikes (Storage only)
- Boats (Storage only)
- Light aircraft (Storage only)
- Helicopters (Storage only)
How do I make the repayments?
There are numerous repayment options available so that it makes the process easier for everyone. To make sure everyone has a repayment option suitable to them, Car Cash Point will accept the following payment options:
- An electronic bank transfer
- A standing order
- Debit card payment
- Direct cash or cheque payments at a Barclays Bank branch
If you miss a payment, be sure to contact us as soon as possible. Our team will act compassionately regarding a change in circumstances and whether financial difficulties have appeared. What's more, our team will work with you regarding any financial issues so that there is a solution for everyone involved.
Can I settle the loan early?
Yes, of course, you can! You can settle the loan at any time. What makes Car Cash Point so special is that unlike our competitors, our interest rates are Pay As You Go, meaning you only pay interest for the time the loan is in effect. If you want more information on how to pay the outstanding amount on your loan, be sure to contact us.
How do I apply for a loan?
Call us on 0333 220 4419 or complete the application form online.
You can set up an appointment with Car Cash Point at our office, or one of our nationwide representatives can meet with you at your home or an alternative address. What's more, our representatives can help complete the form for you, making the process even easier!
Once you have completed and submitted your form, we will review the arrangements as soon as possible. If you are approved, then a money transfer will be quickly made to your bank account. In some cases, people will find the money in their bank accounts in an hour's time!