After doing all your research, you have decided to go the Logbook Loan route and get a loan against your motor vehicle. It’s a smart thing to do, as long as you are the proud owner of the vehicle and have all the documentation to go with it.
All the information you could possibly need, as long as you are in the UK, is on the Logbook Loans Varooma page on Logbook Calculator. We will make it even easier for you by putting together a summary of what you need to do.
What do you need to apply for a Logbook Loan?
- Residency in the UK, Scotland or Wales.
- A car that belongs to you.
- Registration papers of the car.
- Insurance documents relating to the car.
- A valid ID.
- Proof of income, via a pay slip or your latest bank statements.
How do you apply for the Logbook Loan?
Go online and fill out a form. If you do not want to go online, visit one of the Logbook Loan offices. Scan or hand over copies of all the necessary documents. Chat to the underwriter that Logbook Loans has assigned to your case. Ask him for progress.
What are all the necessary documents?
- ID Book.
- Registration papers of the car.
- The logbook.
- Tax compliance certificates.
- Insurance certificates and MOT certificate.
- Proof of residency.
- Proof of income.
How long does a Logbook Loan Take?
Provided your underwriter has all the information he needs, your loan should be assessed within 24 hours. This is the same amount of time that it will take for you to get money in your bank account. You can arrange to have cash, if you prefer. There may be a small fee for this.
How big can your Logbook Loan be?
The value of your motor vehicle will be assessed. The loan can be up to 60% of the value of your car.
How long can you take to repay my loan?
This is up to you and your underwriter and together you will come up with a plan. Logbook Loans are generally short term loans.
It is very important that you talk to your underwriter all the time. Ask him for all the details. Logbook Calculator is very professional and together, you and the underwriter, will work out how much money you need, over how many months you want to pay back the money, and what your repayments will be. Your underwriter will also explain the risks to you re repayment and what happens if you default.
What happens if you default on Logbook Loan repayments?
Each case is different, but you need to be aware that defaulting on your repayments has serious repercussions. The worst case scenario is that you could lose your motor vehicle. It is important that you always keep the discussion open with your underwriter.
Remember, Logbook Loans provide the best underwriters and they have your best interests at heart. If you cannot pay back your debts, try and make a new arrangement with Logbook Loans. Keep the channels of communication open all the time. Ask them to work out new arrangements. It is only in the worst case scenario that you lose your car.
Can I make extra payments?
You absolutely can! If you are able to repay your loan quicker than arranged, do it. It is to your benefit.
Is Logbook Calculator a regulated company?
Most certainly, yes. Logbook Calculator are regulated by the Financial Conduct Authority. They adhere to the Code of Practice of the Consumer Credit Trade Association. Their reputation is unsurpassable. They work with you.