A Logbook Loan is a loan secured against your vehicle. It allows you to unlock the value in your vehicle without having to sell it. The lender holds on to your V5 logbook for the duration of the loan, but you get to keep in driving it as normal. Once your have repaid your loan, you will receive your V5 logbook back.
Please note: Ramsdens do not issue the loan to you but acts as a credit broker for Logbook Money Ltd. Ramsdens will not charge you anything but may receive a commission from Logbook Money. Logbook Money is a trading style of Logbook Money Ltd.
You could borrow anything from £1,000 to £50,000. The amount you are eligible for will be calculated based on the value of your vehicle and how much you can afford to pay on a weekly or monthly basis.
To be eligible for a Logbook Loan, you must:
Here are some benefits of choosing a Logbook Loan:
*Subject to availability of required documentation & proofs. Only applies to applications received prior to 4.00pm GMT.
The amount borrowed and the loan term are flexible according to your requirements.
Representative example: if you borrow £1000 over 18 months at a flat rate of 120% per annum (fixed) with a representative 442.66 %APR you will make 17 monthly payments of £155.55 and 1 payment of £155.65 repaying £2,800 in total. However, the interest charged will only be for the length of time you have the loan giving you early settlement discounts.
If you are unable to maintain your payments, Logbook Money will do everything it can to work with you, but missed payments can result in additional charges, legal action being taken against you and/or in the repossession of your vehicle (which Logbook Money always see as the last resort).
All agreements are secured against your vehicle and subject to affordability. In association with Logbook Money Ltd (the lender) who are members of the Consumer Credit Trade Association and are authorised and regulated by the Financial Conduct Authority. Logbook Money Ltd's Firm Reference Number is 680947 and they can be found on the Financial Services Register.