We have been providing logbook loans for over 20 years, so there’s nothing we don’t know!
Here are the most frequently asked questions we get asked about taking out a logbook loan.
Q. Can I get a loan if I don’t have a perfect credit history?
A. Yes, it is still possible for you to get a loan. Each application is treated on its own merits so you could still get a logbook loan even if you have had credit issues in the past or you feel that your credit rating may not be great.
Q. Can I pay the loan off early?
A. Yes. If you are considering this, please call us on 01527 910710.
Q. How soon can I get my loan?
A. We pride ourselves on being able to provide a loan within 24 hours of you applying (subject to suitability and affordability.)
Q. Can I get a loan if I’m self-employed?
A. Yes. We will ask you to provide proof of income via either accounts, income tax returns or recent bank statements.
Q. What age does my car need to be to get a logbook loan?
A. Usually less than 10 years old. However we can lend against older cars as well as motorcycles, vans, lorries and motor homes depending on the value of the vehicle.
Q. Can I keep the car during the loan period?
A. Yes, we will just hold onto the logbook for the car whilst you are repaying the loan.
Q. How do I make repayments?
A. Most of our customers pay by debit card but you can also pay cash into any branch of NatWest. We can also use “CPA’s” or “Continuous Payment Authorities”. We do not accept payments by credit cards, cheques or direct debit.
Q. What happens if I can’t make the loan payment?
A. Contact us as soon as possible. The worst thing you can do is ignore the situation. We all go through bad patches and we will do everything we can to help you such as discussing options including payment plans and arrangements (often referred to as “forbearance options”). We want to help you and repossession of your vehicle is always a last resort. However, remember: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. YOUR VEHICLE MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR LOGBOOK LOAN. For impartial advice and help with debt contact StepChange.
Q. What do I do when I need to tax my car?
A. You can just use the DVLA tax reminder or renew the tax online. If you need the vehicle documents just get in touch.
Q. What happens if you have to sell my vehicle?
A. Selling your vehicle is always the last resort, however if we are left with no alternative or you choose to surrender the car to us, we will try to get the best possible price. Any money raised from the sale of the vehicle above the outstanding loan balance will be refunded to you, however if there is a shortfall you may still be expected to cover the remaining balance.
Q. What is a ‘Bill of Sale’?
A. A Bill of Sale is what gives us security over your vehicle.
Q. Do you do credit checks?
A. We are a responsible lender so when considering your application we will appraise your financial circumstances which includes carrying out a quotation credit search (also known as a “soft credit search”) which will not affect your credit score.
Q. What is the FCA?
A. The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its aim is to protect consumers, ensure the industry remains stable and promote healthy competition between financial services providers. Mobile Money Limited is authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS
Q. What is the CCTA?
A. The Consumer Credit Trade Association. The Consumer Credit Trade Association audits all logbook lenders who sign up to its Code of Practice. Always make sure your logbook lender is a member of the CCTA so you can be sure of fair treatment from a responsible lender.