We are proud to be a member of the CCTA and operate by a strict code of practice that means we only ever lend to our customers responsibly.
The age of a vehicle is very important when providing logbook loans; cars over a decade old often have more wear and tear and are generally worth less 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 potentially be borrowed against them may also be higher, but as long as a vehicle is in a reasonable, undamaged condition it could potentially qualify as security for a suitable, affordable logbook loan.
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:
Vehicle Condition: 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.
Mileage: 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.
It’s important to note that the main factors that govern whether we can provide a loan or not are the affordability of the repayments and the suitability of the loan for your circumstances, not the value of your vehicle.
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.