Logbook Loans Online | Logbook Loan Lenders (Bad Credit)

Logbook Loans Online
About…

Logbook loans are secured contracts on cars, although depending on the provider you may be able to secure against a caravan, motorbike, van etc. This subprime sector is very expensive and you should be cautious that repayment debts will lead to repossession. This is based on a Bill of Sale that transfers ownership during the time that the loan agreement runs. The V5C registration document (the logbook) is handed over during the contract that explains the sector name (V5C used to be V5). 2014 was a key year for sector lending when the FCA valued the industry up to £76 million. In this year, 52,580 Bill of Sales were recorded, but this tally has drastically dropped over the years.

Loans2Go.co.uk is currently the only popular visited site (based on Alexa stats) that highlights the overall drop in consumer demand. L2Go cemented their dominance when they joined Hermes Property Services in January 2015. Hermes had taken over the historically successful Logbook Loans brand. What attracts people to this sector is the high acceptance rates regardless of poor credit. Self-employed workers who struggle to source money elsewhere are regular customers. Loan sums like £50,000 are often pitched, but only between 50% & 70% of the trade value is passed on. Some firms have no vehicle age limits, whilst others ask for under 10 years. Cars must be free or nearly clear of finance, as well as being insured, MOT’d & taxed.

Brand New Logbook Lenders 2019

We’ll use this section to report on any new V5 lenders. Such fresh newcomers aren’t however expected. MotorKitty was the most recent release in 2016. This brand is from Creative Finance Corp Ltd that belongs to Damon Hirschl who industry insiders will know as being the founder of Varooma (he left to start this venture). MotorKitty is most notable on the pricing side with interest split across 5 tiers. Those with excellent credit pay just £200 for £1000 over a year. Prior to MotorKitty’s launch, Auto Advance was the last company to launch in 2013. Most of the highly experienced competing lenders are still in operation today. The oldest of which is Mobile Money who have been around since 1998.

Compare Logbook Loans: Direct Lenders 2019 (16 Brands)

12m & 18m Cost /£1000

£1320 & £1980

£700.04 & £1050.02

£960.08 & £1440.12

£960 & £1440

❌ & £1093.58

£1320 & £1980

£960 & £1440

£840 & £1260

❌ & £1684.55

❌ & £1093.58

£839.96 & £1260.08

£960 & £1440

❌ & £1800

£200-£750 & £300-£1125

£640.60 & £960.90

❌ & £1800

Car’s Age & Prestige APR

No limit & 99.5%

No limit & 98.05%

Under 10 (exc) & ❌

Under 10 & 89%

Under 10 (exc) & ❌

No limit & 99.5%

Under 9 (exc) & ❌

No limit & ❌

Under 10 (exc) & ❌

Under 10 (exc) & ❌

Under 10 (exc) & ❓

Under 10 (exc) & 186.5%

No limit & ❌

Under 10 & ❌

After 2003 & ❌

Under 10 (exc) & ❌

Sums & Terms

£400-£50,000 & 12-36m

£500-£50,000 & 12-36m

£500-£25,000 & 6-36m

£500-£50,000 & 12-60m

£500-£25,000 & 18-48m

£400-£50,000 & 12-36m

£500-£50,000 & 12-36m

£500-£5000 & 6-24m

£500-£5000 & 18-36m

£500-£25,000 & 18-48m

£750-£5000 & 12-36m

£500-£50,000 & 12-36m

£300-£10,000 & 18-48m

£500-£5000 & 3-24m

£300-£20,000 & 12-24m

£300-£50,000 & 18-48m

Traffic Rank (Alexa)

#67,478

5.3m

6.8m

7.2m

7.7m

7.9m

15.7m

17.4m

19.2m

Unranked

Unranked

Unranked

Unranked

Unranked

Unranked

Unranked

*Notes:
~ Alexa.com: Rankings are sorted by Alexa UK ranks. Sites with much less traffic can only manage a global rank that is used next. The remaining sites are tied (these had no UK or global rank).
~ Characters used: 🔞 = ELBL (21+ applicants). ❌ = Not available. ❓ = Not disclosed.
~ Comparison sections: The extra section used in this comparison was “Car’s Age & Prestige APR”. For age, the industry norm is 10 years with exceptions for prestige cars. Exceptions is marked as (exc) above. Logbook loans for older cars are available from a select providers. The top 2 ranked firms in fact impose no such limits. Besides limits, you’ll also see headed APRs when available. These rates are not main product APRs, but the rates on a secondary prestige product specific to high value motors (sometimes pawning may also be available).
~ Documents: No credit checks are often promoted and most circumstances are considered. You will however be asked to show bank statements typically heading back 3 months. Further documentation will include your V5C document and your MOT & insurance certificates. You’ll also need to hand them a spare key (if available) and for the checks, photo ID (driving licence or passport) & a recent utility bill.
~ How the process works: Once you have applied the lender will arrange an appointment where a rep will come to you. They’ll usually meet wherever is ideal such as your home or workplace. There was a time when branch networks were common, but this is no longer the case. Just Auto Advance has 8 stores (although this is under Cash & Cheque Express).
~ Pricing: A sample £1000 loan has been compared over both 12 and 18 months. We added the 18 month period since a number of companies start offering terms from this point onwards. You should be able to settle early by contacting the lender. The prices as shown are taken directly from sites from calculators or examples. We did notice that a few firms tended to round figures off and so specific figures may differ by a few pence here and there.
~ Promotions: 10% lowest price guarantees were pitched with Car Cash Point, MotorKitty & the NI brand. There are cheaper deals elsewhere and so it’s worth taking advantage of those offers.
~ Recent closures: AutoPawn, Gissaloan, MotoLoan & RocketCash.
~ Specific lender notes: Maxcroft have a single Essex branch where you must get to if you’d like to apply for a loan. Logbook Loans NI covers Northern Ireland residents only. Most lenders are specifically looking for customers across England & Wales since this is where Bills of Sale are legal. Those that cover Scotland will offer alternative hire purchase agreements.

Feedback: Best Reviews
Feefo
Past 12 Month Data

1) Loans 2 Go
88% Rated | 1020+ Reviews (12m)
Loans 2 Go

Trustpilot
All-Time Data
1) Varooma
95% Rated | 3670+ Reviews
Varooma

2) V5 Solutions
95% Rated | 250+ Reviews
V5 Solutions

3) Car Cash Point
93% Rated | 1980+ Reviews
Car Cash Point

*Note:
No lenders use the Reviews.co.uk portal. Just 1 used Feefo as shown.

Pricing: Cheapest Logbook Loans with Bad Credit
Top 12m Prime: MotorKitty: £200 /£1k
1) V5 Loans
= £640.60 /£1k
V5 Loans

2) Varooma
= £700.04 /£1k
Varooma

3) MotorKitty
= £750 /£1k
MotorKitty

Weekend Logbook Loans: Opening Hours

~ AutoAdvance: Mon/Thu (8.30am-6.30pm), Fri (8.30am-5.30pm), Sat (8.30am-4.30pm)
~ AutoMoney: Mon/Fri (8am-7pm), Sat (9am-2pm)
~ CarCashPoint: Mon/Sat (8am-8pm)
~ CashLogbookLoans: Mon/Fri (8am-8pm), Sat (8am-4pm)
~ Loans2Go: Mon/Fri (8am-8pm), Sat (8am-5pm)
~ LogbookLoans: Mon/Fri (8am-8pm), Sat (8am-5pm)
~ LogbookLoansNI: Mon/Thu (8am-8pm), Fri (8am-6pm), Sat (9am-5pm)
~ Maxcroft: Mon/Fri (9am-6pm), Sat (9am-5pm)
~ MobileMoney: Mon/Fri (8am-8pm), Sat (8am-4pm)
~ MotorKitty: Mon/Fri (8am-8pm), Sat (8am-6pm)
~ V5Solutions: Mon/Sat (9am-5.30pm)
~ Varooma: Mon/Fri (8am-8pm), Sat (8am-4pm)

Last Update: March 2nd, 2019