AGWALoans

Logbook loans – all the frequently asked questions!

We have been in the logbook loan for long enough to know pretty much all the answers to every question about the subject. Believe it when we say we have been asked them all! To further help you in making up your mind whether a logbook loan is for you or not, we have decided to take the most frequently asked questions and present them to you. This will answer every query you should have, but if you can think of something new, don’t be afraid to ask us and we will even add it to the list.

More importantly, we believe these frequently asked questions will help you make an informed decision about our loan products.

Who can apply for a logbook loan?

If you are a resident of the United Kingdom, live within its borders, are older than 18 years of age, legally own a vehicle that is in your name and is paid off in full, then you are more than welcome to apply for our logbook loan product.

What part does my vehicle play in the process?

Your vehicle is the key factor in the whole process. Why? Well, the condition of the vehicle will determine its value. From there, we are able to offer you a loan at around 50% of this value. Take note, we employ only the best vehicle assessors and they know how much your vehicle is worth. We will not get into any debates about its value. Once you have signed the loan, you are still able to use your vehicle on a daily basis.

I need to loan £50 000. Is that possible?

Yes, it is, but of course, this all depends on how much your vehicle is worth. Our loans range between £500 and £50 000. Please bear in mind that we also consider how much is a viable amount for you to pay back each month. So should your vehicle allow for a £50 000 loan, we will have to see your income levels to determine the final loan agreement.

Can I bring my brand new car along to help secure a larger loan?

Well if you buy a brand new car, chances are that you probably didn’t pay cash for it. For that reason, it will still be under some form of credit agreement and therefore it cannot be brought in to be assessed as security for a logbook loan. Any vehicle you bring to us must be paid off in full and you must be the legal owner.

I don’t have comprehensive insurance. Will this be a problem?

In a word, YES! Firstly, take our advice. Even if you drive an older car, having comprehensive insurance is a necessity and will offer you peace of mind. We require that you have this form of insurance as during the duration of the loan, we will own your vehicle. For this reason, we need to know that it is protected from any accidents, weather damage or any other damage that might occur. You never know what can happen so we demand the vehicle be covered. If it is not, we cannot offer you a logbook loan.

I know I need certain documents. What are they?

Yes, don’t forget them! You will need to bring some form of identification (either your identity document, passport or driver’s license), the MOT certificate of your vehicle, your insurance cover documents and finally pay slips and bank statements for the past three months. Rest assured, we will never contact either your employer or your bank about your loan and remember even if you have a bad credit rating, you can still obtain a logbook loan.

So a bad credit rating doesn’t matter?

No, not at all. A logbook loan can be secured even if you have a bad credit rating or are blacklisted. All we are interested in is that you have a vehicle that can act as security and that you are able to make monthly repayments for the extent of the duration of the loan.

Why should I take a logbook loan through your company?

With over a decade in the loan field, we have helped numerous United Kingdom residents such as yourself. Our staff are experts in the loan field. They have seen it all before and will be able to help you with a logbook loan easily and efficiently. We will not only secure you a competitive rate, but we will help you every step of the way to make sure your loan term runs as smoothly as possible.