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Enquire Online Today! - 10 Apr 2020

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V5 Logbook Loans Against Your Car

Enquire online today to release the value in your car with your V5 document.

v5 logbook loan

Do you need to borrow anything from £400 to £50,000? Did you know that you could do this with a Logbook Loan and that by enquiring online you could receive your money on the very same day!

V5 document loans are one of the fastest growing ways to borrow in the UK. They are simple to apply for and can be more accepting than other loans, so if you've ever been declined a more traditional loan before they could be the ideal solution for you.

You can use your new loan for any purpose... so why not clear some debts or treat yourself to a holiday! With quick decisions and fast access to the funds why not enquire online today to see how much you could borrow? Simply complete our online form to enquire.

Free Enquiry Enquire online completely free and you can discover just how much you could borrow against your car.

Poor history considered: If poor credit history has been a problem with other applications then you may still be eligible subject to eligibility and affordability.

Keep driving: You can carry on driving the car you are borrowing against for the duration of the loan. Unlock the value and keep the keys!

Online form: Enquiring about a loan is as simple as completing a short 60 second online form with a few basic details.

Any purpose loans: The money you borrow can be used for any purpose you like, making these one of the most flexible loan types available.

Tailored Solutions: Out-the-box loans aren't suitable for everyone, so get in touch to discuss the best options for your lending needs.

If you'd like to find out more, and discover how much you could borrow with a Logbook Loan then complete our simple online form and a specialist will get in touch to discuss your own specific lending requirements further.

Why not find out how much you could borrow today?

Model Year Clear Finance? Postcode
FORD MONDEO 2012 Yes BH5
BMW 3 SERIES 2008 Yes CA25
AUDI A3 2004 Yes TF2
MERCEDES E-CLASS 2009 Yes BB5
VAUXHALL CORSA 2011 Yes LE67
VOLKSWAGEN BEETLE 2010 Yes EH51
BMW 5 SERIES 2012 Yes PO4
SKODA OCTAVIA 2011 Yes BD7
PEUGEOT 207 2011 Yes NP19
FORD FOCUS 2012 Yes TF1
logbook loans for older cars

Logbook Loans On Older Cars?

Even if you drive an older vehicle you could well be eligible to borrow against it. Other lenders may limit you to a maximum vehicle age of 8 years, however we consider all vehicles and vehicle ages for a loan. The reason is that the loan is based entirely on how much your vehicle is worth, and with loans from £400 all the way up to £50,000 most vehicles are eligible. To see if you qualify just complete our quick online form.

loans against classic, vintage and prestigious cars

Loans Against Prestige, Classic & Vintage Cars

What if you're the proud owner of a car considered to be vintage, classic or prestigious? You could still qualify to borrow money subject to eligibility and affordability. Everything from Bentley to Maserati, Rolls-Royce and Ferrari to classic Mercedes, BMW and Porsche are catered for. As with a standard loan enquiry, the value of the borrowing amount will be a direct reflection of the current market value of your vehicle.

no credit check logbook loans

No Credit Check Loans?

Actually this isn't true and is a popular misconception about this type of loan, however don't let that put you off! All applicants are credit checked, however as your vehicle is used as security then a V5 loan can be more attainable than other forms of loans making them popular with those with a less than favourable credit history. If you have applied for and been refused a more traditional type of loan then a loan against your car might be the solution for you subject to eligibility and affordability.

loans for self employed

Self Employed - Been Refused Elsewhere?

Getting a loan for any amount has always been a problem for anyone that is self-employed as lenders often want more income stability. Thankfully logbook lenders can be more sympathetic to your situation as your car is security against your loan repayments making it far less risk to a lender. As with all responsible lending you still need to prove you can afford the repayments, so why not get in touch to discuss your lending requirements.

Lending Examples - Loan From £400 to £50,000

A V5 loan can release up to 80% of the current value of your car no matter the age. With a minimum loan value of £400 and a maximum of £50,000 getting a loan against your vehicle can cover most borrowing requirements. Take a look below to see some typical car values and equivalent loan amounts.

Value of Car % Loan Loan Total
£500 80% £400
£1000 80% £800
£1500 80% £1200
£2000 80% £1600
£5000 80% £4000
£10000 80% £8000
£20000 80% £16000

Logbook Loan Calculator

If you know the approximate value of your vehicle you can get an approximate idea of the borrowing amount using the calculator below:

7000
80%

£5600

Frequently Asked Questions

We're sure you have a number of questions regarding V5 lending so have compiled answers to a number of the more frequently asked questions we receive. If you have any more questions or concerns then simply get in touch direct via the form above.

How exactly does a Logbook Loan work?

Using a car registration document to borrow money is a very straightforward way of borrowing money. Providing you own a car outright (or have very little finance remaining) you can use your V5 document as security to borrow up to 80% of the current market value. Plus, even though you are using your car as security for the loan, you can still carry on driving it as normal. Upon completion of the loan repayment your V5 document is returned to you. This is why you might often hear of these loans being referred to as V5 document loans.

Why are Logbook Loans a good idea?

They can be a great idea if you have been refused a loan elsewhere, if you are self-employed or even if you have a poor credit history. As long as you own your car and meet the criteria you are guaranteed a loan of up to 80% of the value subject to eligibility and affordability. By using your car as security you might find that V5 lenders are more accepting than other loan types which is why they are so popular for those looking for a quick and easy loan.

Can the unemployed get a loan?

If you are unemployed then you might still be eligible to take out a loan however as the situation of all applicants vary it's best to get in touch direct. As part of all responsible lending you need to be able to prove that you can afford the repayments on your loan to avoid late repayments and the possible repossession of your vehicle.

Can I get a loan with a poor credit score?

There's a good chance that you could get a V5 loan even if you have a poor credit score as your V5 document is used as security. If you have been refused a more traditional loan then this might be the best option for you subject to eligibility and affordability. Even though all applicants are still credit-checked, you may find that you still qualify.

I can't prove my income, is that a problem?

You need to be able to prove that you can afford the loan repayments in order to be eligible to borrow money. Responsible lending helps to prevent any chance of you going into arrears or losing possession of your vehicle. As all situations are different it's advised to get in touch to discuss your lending requirements. Complete the form above to hear direct from an advisor who can take you through any possible options available to you.

Will a HPI check show a loan against a car?

Yes. A loan against your car should show up on a HPI check as a 'Bill of Sale' agreement and it is a requirement for lending companies to register them with companies such as HPI. In the unlikely event that a loan against your car does not show up on a HPI check and you purchase the car then you are protected by the HPI guarantee which offers a financial reimbursement of up to £30,000.

What repayment periods are available?

To suit your lending and repayment needs your loan can be repaid over a period of 12,18 or even 36 months. Your interest is charged on a monthly basis and as there is no penalty for early repayment, so paying off your loan faster will result in an reduction in the overall amount you repay.

Who maintains the car throughout the loan period?

It is your responsibility to have up-to-date insurance, to tax your vehicle and to make sure it is both serviced and MOT tested throughout the loan period. Aside from general wear and tear it should be maintained to the same level as when the loan was initially agreed. If there are any major changes to your vehicle that could affect its value you should notify the loan company.

What do I need to apply?

To proceed with a loan application you will need your V5 document (or car registration document) which should be in your name, valid insurance for your vehicle and a current MOT. You will also need to prove your identity with some ID and a recent utility bill, plus also be able to prove that you can afford the monthly repayments.

Can I take out multiple loans?

So long as you meet the eligibility and suitability requirements then you might be able to take another loan against another car. As with borrowing against a single vehicle, you will need to prove that you are the registered owner and that you can afford the total repayments. Your loans will likely be treated as individual agreements.

We hope this answers a few of the questions you may have about using your logbook to get a loan. As always if you have any more simply use the form on this page to speak to a friendly advisor who can answer any additional queries and give you an idea as to how much you could borrow.

loans against company cars

Logbook Loans for Businesses?

It is possible for a sole trader or small business to apply successfully for a loan against a works car or company vehicle providing that the car is registered to the person applying for the loan. In some circumstances might even be possible to lend against a car registered to a company if the name of the applicant matches the company name, however to be sure it's always best to get in touch to discuss your individual requirements.

read our blog for money and saving information

In Our Blog

Want to read more? We've got an informational blog covering several topics from lending to saving and money management. Here are the latest posts:

links and resources

Links and Resources

Want more information? We've compiled some useful resources for you below, and if you would like to know even more then chat direct with an advisor by getting in touch.