Representative 49% APR
Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%. Rates between 9.3% APR and maximum 1721% APR. New Horizons is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

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

What is a logbook loan?

A logbook loan is a type of short-term loan that is secured against your car. Using your car as collateral, a direct lender will provide you with a loan. How much you can borrow depends on your needs and how much your car is worth. The more your car is worth, the more money you can borrow. However, some lenders will only allow loans up to half of your car’s value, so it is always recommended you check which lenders best meet your needs. Also, most reputable lenders will require you to get your car independently valued before they agree to give you a loan against your vehicle.

What documents do I need for a logbook loan?

To get a logbook loan you do need access to your car’s logbook or vehicle registration document. These documents prove that you are the registered owner of the vehicle, and so you are able to use it as collateral against a loan.

Do I have to handover my logbook to get a loan?

Generally, when you take out a logbook loan, you will have to hand over your logbook or vehicle registration document. If you live in England, Wales or Northern Ireland you will have to sign a credit agreement, and a form called a ‘bill of sale’. It means that the lender will temporarily own your vehicle. You can, of course, continue to use your car as usual and when the loan is repaid in full, the lender will return the logbook to you and the car is yours again. Logbook loans are usually paid by cheque and take several days to clear. While some lenders may offer a quicker cash alternative to this, there are likely to be fees involved.

Some lenders won’t require you to hand over the documents, but you are still handing over the ownership of your vehicle until the loan is repaid.

If you have been declined for a loan and you own your own car, you can use this as collateral to get the money you need quickly.

New Horizons

What is the best logbook loan for me?

There are various types of logbook loans available, with many now found online. The majority of these loans are usually required to be repaid within approximately 36 months. However, this can often be tailored to suit your requirements, including the option of repaying it earlier. Furthermore, some lenders only require you to pay the interest on the loan each month; with the amount, you borrow to be repaid at the end of the agreed loan period.

Whatever type of logbook loan you require, our partner can help you identify a loan that is right for you from some of the most trusted and respected lenders currently operating in the UK. While these loans can be a useful way of getting the money you need, as with all loans, you must exercise caution. First, you must ensure that you fully understand the terms of any loan you take out, as well as be able to afford the repayments.

Also, because of the relatively short repayment time of logbook loans, many feature higher APRs than longer-term loans. As such, we recommend that you only take out a logbook loan if you are entirely confident that you can make the repayments as failure to do so could lead to financial problems, including the loss of your car.

Can I get a logbook loan online?

You can apply for a logbook loan online; however, to complete your application, it is usually the case that the lender will need to speak to you. This is to confirm that you have the relevant documentation to be eligible for the loan. They may arrange an inspection of the vehicle if necessary.

Am I eligible for a logbook loan?

To be eligible for a logbook loan, you will need to be a UK resident who is over 18 years old and be able to demonstrate that you can repay the loan. You must have a photo ID (passport, driving license etc.) and own a vehicle that is clear, or nearly clear of finance, has an MOT, Tax and is insured. You must have access to your vehicle’s logbook so that you can prove the ownership of the car that you intend to secure the loan against.

Can I get a logbook loan against an old car?

The age of a car can affect whether a lender will accept it as collateral. Most lenders will have an age limit when it comes to what cars they will lend against. However, every loan application is unique and we aim to find the best lender for your circumstances. So it may be possible to find a logbook loan even with an older car, as it depends on the value of the car.

Do you charge any fees for a logbook loan?

There are no set-up fees when taking out a logbook loan. As is the case with most types of credit, if you miss or are late with a repayment, a charge may be issued.

Will my car be repossessed if I miss a payment?

As with any loan, there is a risk involved when taking out a loan. And if you are unable to pay back your logbook loan, your car may be repossessed as this is what you have secured the loan against.

Logbook loan providers will only repossess a vehicle if all other reasonable steps to obtain payment have been attempted. However, not keeping up to date with repayments can result in your car being repossessed. You must contact your loan provider at the earliest opportunity if you are struggling to make your repayments so that they can help to find a solution without repossessing your car.

If you are finding it challenging to manage your debts and require assistance, you can contact the companies below for free advice.

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