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  • STEP 2
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  • STEP 3
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I’d like to borrow:

£100
£25000
£1000

and I need it for:

1 Months
5Years
12 Month
You want to borrow
£1000 for 12 Years
£1000 for 2 Month

Key points

  • Logbook loans are a great way to take advantage of your vehicle’s value without having to sell it.
  • They are always associated with low APRs and interest rates because your vehicle will be acting as collateral that the lender can always refer to as a guarantee that you will pay back the loan on its due date.
  • V5 loans are not restricted to cars alone, you will still be given the loan if you have a motorbike or a truck that still retains an attractive retail value.

Logbook Loans

Among the numerous type of loans available in the UK today, logbook loans are one of those that are increasingly becoming popular to borrowers. Part of the reason for its growing popularity is the kind of ease and availability that it brings and the large amounts of loans for flexible payment terms that borrowers can enjoy. If you are looking to take out a logbook loan today, here are some of the things that you might want to know about the financial product.

v5 logbook loans online

What are Logbook loans?

A logbook loan is a type of loan that uses your vehicle as a form of collateral or security against the loan. The great thing about the financial product is that it allows you to take advantage of your vehicle’s value without having to sell it. The logbook lender will have temporary possession of your vehicle’s logbook in the span of the loan but the best part is you can keep using your vehicle like normal. The only thing that you are not allowed to do is sell it until you have paid back the money that you owed in full.

How do logbook loans work

Logbook loans are readily available in the high streets of UK and on the internet from reputable lenders like (website name). You can take out a logbook loan anywhere from £500 and £50,000, depending on your cars inherent value. Usually, lenders would allow you to borrow 50% of your car’s value and there are even some that allow as much as 70%.

Once you apply for the loan, you will be asked to hand over your vehicles logbook or vehicle registration document for safe keeping. These are the documents that will verify that the vehicle is yours and you have the right to use it as security against your loan.

Getting A Logbook Loan

Another great thing about logbook loans is that cash transfers are almost instant. Majority of firms utilize electronic payments to transfer the money into your account and there are some that offer quick cash services but may charge extra fees for it. All in all, if you are qualified for the loan, you will have your money available for use in a day or two after your application has been approved.

Paying the loan back

Typically, log book loans have payment durations that can last for up to 78 weeks. But because payment terms are usually flexible, you have the legal right to pay it off earlier if you want and if you can afford to do so. There are also some agreements that will only let you repay interest rate charges until the last month of your contract. But in the final month, you are expected to repay the entire amount that you borrowed plus the interest rates attached to it.

Responsible logbook loan lenders found by pickaloan.co.uk will only allow you to borrow amounts that you can reasonably afford. They will also make your repayment scheme as comfortable as possible to your present circumstances to ensure that you don’t encounter any difficulties in repaying your loan.

Logbook Loans UK

In the UK, taking out logbook loans is relatively easy. You can even apply for logbook loans online and complete the entire transaction in the comfort of your own home with your computer or mobile device. There are also distinct advantages that come with logbook loans UK and they include:

  1. Instant Cash Transfers

When you need to payout an urgent debt or expense, taking out a bank loan would not be the ideal solution given how long banks process loans. It would take a number of days and even a few weeks before you can have the money that you need and by that time it would probably be too late. With logbook loans online, you can have your money ready for use 1-2 days after you have made your application.

  1. Bad Credit can still be approved

Going back to banks, these financing institutions won’t grant you the money that you need on any day if you have a bad credit rating or poor credit history. Logbook loan lenders, on the other hand, understand that your need for cash may be urgent and won’t prevent you from getting a quick financing just because you have bad credit. As long as you have your own vehicle and the necessary documents to prove ownership, you will be granted a loan that is ideal for your budget and financial need even if you have bad credit.

  1. Borrow Large Amounts

Another great thing about logbook loans is that they are not only quick and easy to avail but also give you access to large borrowing amounts. If you’ve started a new business and have a poor credit history, a large loan is practically impossible. This is where logbooks step in to help you realize your financial goals. A logbook loan term that is repayable over 36 months can even give you the chance to obtain 75% of the value of your car.

  1. The terms and conditions are easy to comprehend

Companies like Pickaloan make it a point that their borrowers understand every term and detail in their logbook loan deal. The reputable company will normally let you know firsthand the maximum amount that you can take out, the duration that you need to pay it out, and the interest rates attached to it. They will also let you know instantly on whether or not there are penalties involved in late repayments before you sign your agreement.

  1. Easy to Pay Out

If you decide to take out a payday loan, you can easily set up a weekly repayment scheme that is comfortable to your budget. There are loans that need to be paid back in one full payment but logbook loans do not belong to this category. With logbook loans, you can spread the payments so it would be easy for you to pay back the entire loan through small consistent payments.

Logbook Loan FAQs


How does a logbook loan work?

It is quite simple and straight forward if you adhere strictly to the rules. With this type of loan, the lender will take possession of your vehicle’s logbook for the duration of the loan you have acquired. In simpler terms, your vehicle will be your collateral for the loan. Once you have completed the loan repayment, the lender will return the logbook to you and it will be as though nothing happened. Furthermore, if you default on the repayment plan, the lender will hold on to the logbook until you can come up with the payment. In extreme cases, the lender can repossess your car to make up for the loan.

Logbook lenders can give up to 50,000 pounds on a single payment if your vehicle’s current value can make up for it. Some lenders may even be willing to let borrow up to 70% of your car’s current value.

As part of the loan approval process, the lender will request for your vehicle’s logbook for safekeeping until you make full repayment of the loan. If you meet other basic requirements, the loan amount could be sent to your bank account within a day or two.

Can I sell my car when I am operating a logbook loan?

For the duration of the loan, your car doesn’t belong to you. This means that you can’t sell it or put it on hire-purchase. You can only be allowed to drive it around as you do normally. Your loan agreement allows the lender to repossess your car if you continuously default on making repayments. No court ruling can stop them from doing so under law. This is why you must tread on the path of caution when you choose to take up a loan against your car.

Can I operate multiple V5 loans?

While there is a possibility that you can do so, we will advise you against it. It is not wise to operate multiple loans since it can lead to complications that may spin out of control real fast. Once you are done with the first loan, then you can move to another one if you feel the need to do so.

Can I get a loan with bad credit?

If you have a valuable car or motorcycle to use collateral, there is a huge chance that lenders will consider borrowing you the money. However, if you continue to default on repayments, the lender will have no choice but to repossess your vehicle. This is why you must be careful when taking a logbook loan especially if you have poor credit.

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