Logbook loans For older cars can often be tricky to find but we will do our very best to help you.
Apply online now to see if your car will qualify.
189.9% APR Representative: If you borrow £1,000 over 18 months at an interest rate of 111.3% per annum (fixed) you will make 18 monthly payments of £116.31 with a total amount payable of £2,093.58.
Logbook loans for older cars are available here at Mobile Money Ltd.
The age of a vehicle is very important when providing logbook loans; older cars often have more wear and tear and generally have a lower trade value than younger vehicles. That being said, there are many older cars in exceptionally good condition – such cars generally have higher trade values and therefore the amount of money that could be borrowed against them is higher, but as long as a vehicle is in a reasonable, undamaged condition it could qualify as security for a logbook loan on an older car.
We receive numerous applications for logbook loans secured on cars over 10 years old, and we have even had requests to borrow money from owners of classic cars and even vintage automobiles, many of which may have retained and even gained value over time. Due to their rarity, it is not often that we receive requests for loans secured on classic or vintage vehicles, but we regularly receive enquiries from owners of non-classic older cars aged ten years and over. In this situation, we will consider viewing an older vehicle in order to assess its suitability to be used as security for a loan if it is in a reasonable, undamaged condition. However a viewing will only take place following an initial discussion with the car’s owner to assess the affordability and suitability of a loan secured on it.
If you are looking to borrow money using an older car as security, here are some of the factors we consider when assessing older vehicles for logbook loans:
If we are lending money on an older car then the vehicle must be in reasonable, undamaged condition. A service history for the car would be beneficial but it is the affordability and suitability of the loan for the customer that is the main deciding factor, regardless of the age of the car.
With age, a car’s mileage generally increases and as a car’s mileage increases the more of a priority regular maintenance becomes. Without a service history or receipts from garages etc. it can be hard to assess exactly how well a car has been maintained, consequently the lower the mileage of your car or vehicle the better – this is especially true with vehicles older than 10 years.
Vintage / Classic Cars and Sports Cars:
The quality, condition and value of vintage and classic cars and sports cars can vary so much that it is impossible to list exactly what would qualify to be used as security on a logbook loan. As the owner of a classic / vintage vehicle you will probably have a good idea of the value of your vehicle, so if you feel that the car could qualify to be used as security on a loan then feel free to send us an enquiry. One of our lending team will give you a call to establish whether we could provide a loan that is suitable and affordable for you in principle – then, if appropriate, we would take it to the next stage and view your vehicle to assess its value.