- Car Finance
- Logbook Loans
- Credit Cards
- Prepaid Cards
- Personal Asset Loans
Logbook loans are loans secured against your vehicle - car, van, motorcycle. Ownership of the vehicle transfers to the lender while you pay off the loan. In the meantime you continue using it as normal. When you have paid off the loan the vehicle becomes yours once more.
Be careful when considering the use of a logbook loan. Your vehicle is at risk if you fail to keep up repayments. And there may be better value loans available to you depending on your circumstances. You can use our Quick Start tool to help you identify these other options.
If, after due consideration, you believe a logbook loans meets your needs then you can apply through Mobile Money.
They are the biggest and the longest established logbook lender in the UK - so they have the most to lose by not acting in a responsible way. They also receive strong feedback from their customers.
Regulated by the FCA, registration no. 455568
Please note: this information is for guidance only. You should clarify the terms of the loan with the lender before entering into an agreement.
With the annual interest rate of 100% you don't want to be borrowing in this manner for long - see the representative example of the right hand side panel. Most loans tend to be taken for 6 to 18 months.
There are 2 critical factors determining the maximum amount you can borrow:
The average loan value is around £1000.
These are the steps for applying and completing a loan:
To qualify for a logbook loan you must meet certain criteria:
When you use a logbook loan you use your vehicle as security. A Bill of Sale is the legal device that makes your lender the temporary legal owner of your vehicle until you have repaid the loan in full. If you default on a term of the loan (e.g. late payment) then you would be served a default notice. If you do not put right the default then the lender is permitted to repossess your vehicle and sell it to cover the remaining loan amount. It does not have to seek any further permission to do this.
Under law you have a period of 14 days from the time you sign the agreement in which you can change your mind and cancel the agreement. If you cancel you must repay the loan within 31 days although you will be charged interest on a daily basis.
This service is free to you. We may earn a commission from Mobile Money if you take a loan via their logbook loan service. This is paid by them not by you.