What you need to know about logbook loans?

So you still might have some questions about various aspects of the logbook loan process. Let’s take a look at those that we are commonly asked on a daily basis.

Do you as the loan company own my car if I take out a logbook loan?

Well, technically yes. Your car acts as security should you not repay your loan. If this happens, we can legally sell your car to recoup our money.

What is the best way for me to make repayments?

We have a number of repayment options to suit your specific needs. You can either come into one of our branches and pay us in cash every month, or we could arrange to have the money taken from your bank account by either standing order or direct debit. It is then paid into our account each month. We suggest the latter option as this ensures you pay on time and do not default on your loan.

My car is still under finance, does a logbook loan apply to me?

If you are still paying off your car, we unfortunately cannot give you a logbook loan against it. Why? Well, you are in a contract with your finance provider and it would be impossible to get them involved in the details of a logbook loan.

Is my confidentiality guaranteed?

Yes! We absolutely guarantee that any details you pass onto us are for our eyes alone. We understand how important this is. We will never pass on your information to anyone or contact your employer other than to confirm that you work for them. We have a very extensive privacy policy, click here to view it.

Are you a regulated company?

Yes we are! We pride ourselves on our track record both as a company and as an ethical lending service. It is important to us that our customers and potential customer have faith in our services. For this reason, we are regulated through the Financial Conduct Authority , the Consumer Credit Trade Association of the UK and the Consumer Credit Association.

I am struggling to make loan repayments, what now?

We understand that times are tough but we firmly recommend that you keep up with your payments otherwise we will have to sell your vehicle to recoup our money. That being said, if for instance, you cannot make a payment for only a month, come into our offices and speak with us. We can find a solution that will work for both parties.

Can I pay my loan off earlier?

Of course! If you can manage to pay the loan off earlier we ensure there are no extra early settlement fees that you will need to pay.

I work for myself, do I qualify for a loan?

We do not believe that entrepreneurs should not be able to access logbook loans if need be. All we ask is that you can provide proof of a regular income. For this reason, you will need to provide us with bank statements for the last six months.