Who can apply for a logbook loan?
If you’re of legal age (at least 18 years old) and you have a vehicle to use as collateral then you can apply for a logbook loan. Make sure you’re also residing in the UK with proof of your billing address to be eligible. Can I apply even if I have a history of CCJ? If you have a history of CCJ or defaults, you can still apply for a logbook loan. Logbook loans are the types of loans specifically offered for people like you. No matter your credit score, you can avail the loan provided that you meet the loan requirements.
Will you keep my car?
When approved for a logbook loan, we won’t keep your car. You get to keep it and use it like the usual. What we’ll do is get your vehicle’s V5 document along with other important documents. Among the documents you need to prepare beforehand include MOT certificate and insurance details as well as proof of income.
What are the main requirements when applying for a logbook loan?
The main requirements for a logbook loan application include only the basics. You should be a resident in the UK who is at least years old and who owns a vehicle free of financing.
What types of vehicles are acceptable collateral for a logbook loan?
At Mill Loans, we accept all types of vehicles. Just make sure the vehicle is not yet ten years old or older. Vehicle must also be free of any financial plan to be acceptable collateral for a logbook loan.
Do I need to be employed to borrow a logbook loan?
Ideally, customers are required to be fully employed to avail a logbook loan. But we can also be flexible with our terms. So long as you can provide proof of steady income, we’ll find a way to hook you up to a deal suited for your financial situation.
How much can I borrow with a logbook loan?
Since your vehicle serves as collateral or security for the loan, the risks are generally lower for the lenders, which in turn allow them to lend you more generous loan offers. Depending on the value of your car, you can borrow anywhere from £500 up to £50,000.
How long do I repay the loan?
Repayment terms are longer for secured loans such as a logbook loan. In most cases, repayment terms may start from 12 months up to 36months or sometimes longer.
How can I pay for the loan?
You can repay your logbook loan in two ways. You can do it over-the-counter at one of our payment centers or you can arrange a direct debit deduction with your bank for convenience. Whichever option you opt for, you can arrange to complete the payments weekly, bi-monthly or once a month.
How much does the loan cost?
Considering that logbook loans are offered for people with bad credit, expect that the loan’s cost will be steeper in comparison with traditional personal loans. In most cases, logbook loans will come with a representative APR of 400%. If you want a cheaper deal, make sure to look for a logbook loan with a lower APR.
What happens if I cannot pay for the loan anymore?
In case you find yourself unable to repay the loan, contact your lender immediately. Your lender may consider your situation and arrange a new payment set-up for you. If not then this is when you’ll have to accept the consequence of vehicle repossession. As per loan terms, your lender can repossess your vehicle as payment for your outstanding loan balance in case of nonpayment from the borrower.