Is my vehicle eligible for logbook loan?
Logbook loans are available for cars, motorbikes, vans, camper vans and trucks. For your vehicle to be eligible for a loan with one of our featured logbook lenders, your vehicle must fulfil the following criteria:
Age of the vehicle
Lenders prefer your vehicle to be less than 10 years old. How old your car is will affect how much you are able to borrow. Newer cars are more likely to be worth more and therefore this will allow you to borrow more provided you have been the owner for at least 3 months. Be sure to read the terms and conditions of the lender where you apply because they may have a strict criteria as to whether they will lend to an owner who’s vehicle is 7,8 or 9 years old.
The vehicle in question must be completely in your name. You cannot obtain a logbook loan using the vehicle of your friend, family member or company.
No outstanding finance
To be eligible, you must not have any outstanding finance on your vehicle. There are exceptions as some lenders may allow very little finance remaining.
Vehicle must be insured
Your vehicle involved in the transaction must be insured throughout the entire loan period. The motor should be insured under a Comprehensive Motor Insurance Policy.
Must have an MOT and up to date Tax
The car must have a valid MOT and up to date tax disc. The vehicle must be fully functioning in order to be eligible because the lender will use the value of the car to determine how much you can borrow.