WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

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Repaying a Logbook Loan

Taking out any loan is a large responsibility, but logbook loans may just provide the greatest risk since they can end with you losing your car and taking a hit to your credit score. That’s why it is imperative that you repay logbook loans on time and in full.

We’re going to walk you through the process of repaying a logbook loan and give you some guidelines to ensure that you fulfil your financial responsibilities with this type of loan.

 

The Process

The typical logbook loan lasts for 78 weeks. That may seem like a lot of time to repay the loan, but you will be paying a lot of interest in that time. It’s best to try to pay off the loan as early as you can so that you avoid paying so much interest. Note that there may be a fee for paying off the loan too early.

The internet will vary, but it tends to be around 400% APR. There are loans that are both lower and higher, so make sure you know what the interest is on a loan before you agree to it. It is a good idea to compare loan internet rates to find the lowest one you can.

When you apply for a logbook loan, the lending company will review your application and your supporting documents. You will need to have a vehicle that you own and that you can turn over the logbook to for this type of loan. Once your loan is approved, you will trade your vehicle’s logbook for the loan amount. That money will be deposited into your bank account, and you may have a grace period before you have to start making payments on the loan.

If you don’t repay the loan on time, then the lender will take possession of your vehicle. In most cases, you will be allowed to keep control of your vehicle while you are making payments on the loan, but the lender will hold onto the logbook.

 

How to Repay the Loan

Before you even apply for a logbook loan, you need to have a good plan for repaying the loan on time. You should take a careful look at your finances and make sure that you have the money to pay back a loan like this in a timely manner. If you think that you might be short at times on your repayment, then you need to find another source of income to supplement what you already have or consider taking out a different kind of loan.

You should always have a backup plan as well, and you will want to work toward saving up money and cutting costs where you can as you repay the loan. You don’t want to spend money on things you don’t need until you have repaid the loan. There is simply too much risk that you will lose your vehicle and have to do without for a while. That can seriously inconvenience you, and it can even jeopardize your income if you rely on your vehicle to get you to work.

Take no chances with loan repayment, and be sure that you have the money to pay it back according to the terms of the loan. If you feel that you might have some trouble repaying it, then you may want to ask your friends or family members for help. You need to do everything in your power to ensure that you don’t lose your vehicle. Failing to repay the loan on time cannot only lose you your car, but it can also hurt your credit score and make it harder for you to get more loans in the future.

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Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.