What is a logbook loan

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A logbook loan

A logbook is a document that contains a vehicle’s record of its key information and its owner details. If you sell your vehicle, the information of the new owner of the vehicle is usually updated on the logbook and the DVLA is notified. Logbooks are also known as V5C or vehicle registration documents. Having an understanding of what a loan is, let us dig deeper to what a logbook loan is.

Simply put, a logbook loan is secured against your car, van or motorcycle and gives you an opportunity of realising cash from it. It is the most common modern form of bill of sale in the United Kingdom. Your car is then used as security for the loan and this makes it possible for lenders to issue a loan even in cases where other financial institutions wouldn’t.

One of the major requirements for such a loan is the original logbook (V5C). The V5C is held by the lender as temporary transfer of ownership for the entire period of the loan after which it’s sent back to you. Logbook loans are gaining popularity in the U.K because they are a quick way to get cash when you need it.

What are the requirements?

To be eligible for a logbook loan you have to:

  • Be over the age of 18 and a UK resident;
  • Be in a position to show that you can comfortably afford the repayments;
  • Own a vehicle.
  • Have a photo ID (passport, driving license or CIS card).