Logbook loans are loans secured on your vehicle, so the lender owns your vehicle until you pay the loan back. You can keep on using your vehicle as long as you repay the loan. However, they are expensive and risky and you should avoid them if you can.

How do logbook loans work?

Taking out a logbook loan in England, Wales or Northern Ireland

Taking out a logbook loan in Scotland

Getting your loan

Paying the loan back

How much does a logbook loan cost?

Cons of logbook loans

What to think about before taking out a logbook loan

If you can’t pay back your logbook loan

If your vehicle is sold

Alternatives to logbook loans

Compare Logbook Loans

Logbook Loans against older cars

Bad Credit, No Guarantor Loans


Taking out a logbook loan in England, Wales or Northern Ireland

If you live in England, Wales or Northern Ireland, you’ll also have to sign a credit agreement and a form called a ‘bill of sale’.

This means the lender now temporarily owns your vehicle but you’re still able to use it so long as you meet all loan repayments.

The law only recognises a bill of sale if the lender registers it with the High Court. If it’s not registered, the lender must get a court’s approval to repossess your vehicle.

You should check if the bill of sale is registered.

Bills of sale are not used in Scotland

Taking out a logbook loan in Scotland

In Scotland, ‘bills of sale’ cannot be used as security and are not legally binding.

Lenders in Scotland are therefore likely to be operating under different credit arrangements.

If the logbook loan is a ‘hire-purchase agreement’ or a ‘conditional sale’, your consumer rights and protection under the Consumer Credit Act 1974 will apply.

Getting your loan

Normally you are paid the loan by cheque, which takes several days to clear.

Some logbook loan companies offer a quick cash service, but they might charge fees of up to 4% of the loan for this.

Paying the loan back

Most logbook loans run up to 78 weeks, although you’re able to pay it off earlier.

With some agreements, you might only be repaying the interest charges until the last month of your contract.

In the final month, you will be expected to repay the amount of money you originally borrowed.

You must make sure you understand how the agreement operates and that you can afford the repayments.

How much does a logbook loan cost?

Interest charges are around 400% APR or higher.

Interest is charged on the loan amount each week.

So if you borrowed £1,500 and paid £55 a week for 78 weeks, you would repay over £4,250 in total.

That means you would have paid over £2,750 in interest in order to borrow £1,500.

Cons of logbook loans

  • You could lose your vehicle if you can’t make the repayments to the loan company.
  • You don’t have the same consumer protection as with a hire purchase agreement.
  • You need to be the legal owner of a vehicle with a value over £500 with no finance outstanding on it.
  • The interest is much more expensive than unsecured loans from mainstream lenders, so you could end up deeper in debt as you struggle to pay back what you owe.

What to think about before taking out a logbook loan

  • The annual percentage rate (APR) can be very high, so it is best to pay it off as quickly as possible.
  • There might be extra early repayment charges if you repay more than £8,000 in any 12-month period.
  • Logbook loan lenders might ask for weekly payments and some do not take Direct Debit so it can be difficult to keep on top of how much you owe.
  • If you’re unsure about how much you’ve paid back, ask for a statement of how much you owe (called a ‘statement of account’) which the lender must give you.
  • How much you can borrow depends on the value of your vehicle. A reputable lender will ask you to get it independently valued.
  • Even if the vehicle has existing finance against it, you might still be able to get a logbook loan, but generally only if your existing loan agreement is coming to an end and the outstanding amount is low. In all cases you need to get permission from your existing lender.

If you can’t pay back your logbook loan

Logbook loan lenders have the right to employ bailiffs to seize your car or motorbike if you don’t meet repayments.

Although, most will not sell your vehicle until you have fallen behind with several repayments.

The logbook loan lender would not need to go to court to repossess your car.

If your vehicle is sold

If the amount it is sold for is less than the amount you owe, you will still be responsible for paying the shortfall.

A logbook loan company can take you to court to get this money back.

Alternatives to logbook loans

Logbook loans can seem tempting if you need cash fast and have a poor credit rating, but there are always alternatives.

We do not recommend using logbook loans.

If you do, check that the lender is a member of a trade body and complies with the code of practice, specifically on logbook loans.

Credit unions

If you have a low income and you need to borrow a small amount for a short time, you should consider contacting a credit union.

However, you might first have to open a savings account with them.

Help from the government

Ensure you are getting all of the benefits you’re entitled to.

If you desperately need to borrow money, you might be able to apply for an interest-free Budgeting Loan from the Social Fund.

Alternatively, other help might be available from your local authority in England, or the Scottish and Welsh governments.

Getting help with debt

Needing to use a logbook lender might be a sign that you have some debt issues.

Many organisations offer free debt advice, such as Citizens Advice and StepChange Debt Charity, and might be able to help you.

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You can borrow money against the value of your vehicle. Get money on the same day and then keep driving it!

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All agents that use the new site to advertise their properties for sale will automatically become part owners of the new business.
But to join, they must agree not to advertise with one of the big two established websites.
Onthemarket.com’s chief executive, Ian Springett, spelled out the new site’s aggressive approach.
“In order to enter a market where two major players are so dominant, Onthemarket.com member agents commit only to advertise their properties on one other portal,” he said.
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Standard individual loans can give you a predictable shoddy debt, and for bigger sums are focused with the least expensive Mastercards. The settled reimbursements additionally give structure to the individuals who tend to give credit a chance to card debt wait.

Shockingly, those with poor FICO ratings won’t typically get not too bad rates. An option is to take a gander at joining a credit union. For some they’re an appreciated different option for payday loans or doorstep loaning.

Credit unions are autonomously run neighborhood co-agents which plan to help individuals who might not have entry to money related items and administrations somewhere else. There are 500 in the UK giving loans, funds and current records, every choosing its own particular administrations and guidelines on who can join.

Full data: Cheap Loans, Credit Unions. Related data: Cut The Cost Of Existing Loans

Continuously utilize investment funds to reimburse debt

The interest paid on funds is as a rule far not as much as interest charged on acquiring, so paying off debts with any investment funds is a genuine aid.

The reason this is after the principle debt exchanging steps is that you ought to first attempt to cut the expense of your debts where you can. At that point use what investment funds you need to pay off as much as you can – however concentrating on the staying high financing cost debts.

Considering “without a doubt I require my crisis money store”? Really, that is out-dated rationale. Perused the aide connected underneath for a full clarification of why.

Full information: Repay Debts with Savings?

Peril charge card least reimbursements

The sum you reimburse on cards is additionally vital. Least reimbursements are intended to keep you secured

In the event that your non-contract debts (generally charge cards and loans) are over a year’s pay after duty, then they’re entirely serious. All things considered, that implies you’d have to work over a year to reimburse them, regardless of the fact that you had no outgoings.

Yet regardless of the possibility that your debt is reasonable, on the off chance that you don’t know where it originated from, that is a major risk signal. Think about these two answers:

So how could you have been able to you develop debts of this size?

“Well I made arrangements for and planned, looked to get the least expensive acquiring with a specific end goal to purchase an auto/center/troop and now we’re reimbursing it.”

…also, contrast that and:

So how could you have been able to you develop debts of this size?

“Well I’m not certain truly, I simply utilized my charge card and the cost developed.”


The last is, obviously, the most stressing. It implies you are spending more than you win and utilizing getting as a way to fill the crevice.


On the off chance that you keep on doing that, you’ll get in a debt winding.


How the cycle of debt functions


#debtmyths tweets by means of StepChange


Never get more


Customary debt help says ‘never get out of a debt issue’. Be that as it may, this disregards the fluctuating expense of various debts.


The GlobalYou methodology is: “Never get more to escape a debt issue.”


In the event that it’s conceivable to get all the more efficiently somewhere else to supplant existing obtaining, then this can give an enormous help, as lower financing costs mean a greater amount of your money goes towards reimbursing the genuine debt instead of simply overhauling the premium.

Those with enormous debts might spare £1,000/year in enthusiasm by being more clever with their acquiring.

The debt issues agenda and IVA Companies

The thought of the agenda is basic: to investigate each alternative and utilize every one that works for you.


Most connection to more point by point guides concentrating on those subjects. Once you’ve discovered something that works, don’t stop. Proceed down the rundown to check whether there’s whatever else that will offer assistance.


A portion of the proposals work for those with a better than average record of loan repayment and not excessively extreme debts, but rather it’s still worth checking.


The initial step… sort your spending


The accompanying are a couple of approaches to deal with your money and diminish your outgoings that are particularly valuable for those with debt issues. In the event that you’ve time, it’s far superior to experience the full Money Makeover aide.

Financial plan and diminish outgoings

On the off chance that you have debt issues, then doing a financial plan is focal. You need to understand what you spend to future-verification your funds. The enormous issue with most spending plans however, is… they don’t work. To help, there’s a unique free spending plan organizer which counters all the customary planning issues.

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There are two approaches to manage issue debt. Which one is a good fit for you relies on upon whether you’re in what’s in fact characterized as debt emergency, or in the event that you simply have stressing or expansive debts.

What considers debt emergency relies on upon who you inquire. There’s a solid sign on the off chance that you answer yes to both of these…

Is it accurate to say that you are attempting to pay all essential outgoings, eg, contract, rent, vitality bills and Visa essentials?


Are your debts (barring your home loan) greater than a year’s after-assessment salary?

Regardless of the fact that your debts are huge: on the off chance that you can benefit them, even at the base level, you’re not in debt emergency and an alternate arrangement applies.

Debt Problems: Where to begin and what to do.

Is it accurate to say that you are in debt emergency? (4 mins) | Cutting the expense of debts agenda (8 mins) |

Planning and Benefits (4 mins) | Where to get further help (5 mins).

Fast inquiries

What do I do in case I’m in debt emergency?

What do I do on the off chance that I have debt issues yet I’m not in debt emergency?

Is it true that you are concealing your debts?

Do you have physical or psychological wellness/relationship issues?

Being pursued for debt that is not yours or is more than six years of age?

Before you begin

Nobody ever needs to stray into the red. It originates from burning through cash you don’t have. This could be for paltry reasons, or you may’ve had an awful change in circumstances, similar to an accomplice biting the dust, individual disease, separation, emotional wellness issues or losing your occupation (see the full Redundancy Guide for indications and tips on the off chance that you have lost your employment).

Yet however great or terrible your reason, starting now and into the foreseeable future it’s unimportant. The most imperative thing you can do is get a taught handle on your spending.

Debt’s a side effect, not the issue. Before handling, it you should lessen your spending. To stop you getting more, as well as to amplify reimbursements.

The prime point of this aide is to cut the expense of your debts, yet in the event that you do that without looking at the master plan of all you’re spending it’ll be squandered (there are some top tips later on to offer assistance).

That is the reason, in this guide, my prime center is on cutting the expense of your debts themselves, as opposed to taking a gander at the master plan of all spending.

How awful are your debts?

In case you’re thinking about how awful your debts are, as the old maxim says, size isn’t all that matters. What include is your debt extent to your capacity to reimburse.

Are your non-contract debts greater than a year’s after-assessment pay?

Trust Deed Pros And Cons

The Scottish government has offered numerous debt answers for her inhabitants to reduce the sufferings from mounting unsecured debts. The falling impact of reformatory financing costs and different charges just tend to exacerbate things further for the debtors. The Scottish Trust deed is among the debt arrangements offered by the administration to empower Scottish debtors pay off all their unsecured debts and start from the very beginning again constructing their budgetary history. Be that as it may, when you are considering this debt arrangement, it is vital that you comprehend the upsides and downsides of going into a Trust Deed/Protected Trust Deed. When you have set up a personal loan, it is important that you adhere to your regularly scheduled installments into the trust with awesome normality. Without this, the trust deed can possibly come up short and you might be denied a crisp chance to pay off your debts and hook once again into the standard of the general public. Understanding the upsides and downsides of the trust deed will offer you some assistance with determining whether this arrangement suits you best.

The Pros of Trust Deed

A trust deed offers you some assistance with consolidating all your unsecured debts into a solitary debt and make one regularly scheduled installment to the trustee. This regularly scheduled installment itself is touched base at subsequent to considering your extra cash and other freehold resources. Through this procedure, your lenders might get just less cash than they are really due. Nonetheless, a legitimately mandatory understanding will keep them from making any recuperation move against you. A Trust Deed keeps running for 48 months and toward the end of the period, if any debt stays unpaid that is composed off. You are required to make regularly scheduled installments as concurred all through the 48 months and even make extra commitments on the off chance that you get more wage through different sources. Endless supply of the personal loan, you have the chance to revamp your budgetary history.

The Cons of a Trust Deed

The truth of the trust deed will be reflected out in the open records and your financial assessment will endure. Getting new credit will be costly and might be hard to get a hold of. Amid the cash of the trust deed all your Mastercards/store cards will stay suspended and defaults against the trust deed will draw in extreme punishments. Endless supply of the unsecured loan, you will be delegated a high hazard borrower and banks may not favor you for logbook loans. Notwithstanding when you figure out how to get another loan, the expense can possibly be restrictive. Your ways of managing money will experience significant changes and you might be constrained to take a wary stand on using credit that you can’t bear to pay back.

The social shame is another variable you might need to battle with. A few managers might likewise look for division from business on the grounds of wrong conduct as they might see the personal loan as a forerunner to chapter 11. While the personal loan brings along the upside of paying route beneath what your lenders are truly due, the value that you pay for this favorable position can be overpowering.

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