What is a Logbook Loan?
A logbook loan is a loan secured against your vehicle. It allows you to unlock the value in your vehicle without having to sell it. The lender holds on to your V5 logbook for the duration of the loan but you get to keep on driving it as normal. Once you have repaid your loan, you will receive your V5 logbook back.
Please note: Loans 2 Go is a trading style of Loans 2 Go Ltd. Ramsdens will not charge you anything but may receive a commission from Loans 2 Go. Ramsdens do not issue the loan to you but acts as a credit broker for Loans 2 Go Ltd.
Who is eligible for a logbook loan?
To be eligible for a logbook loan you must:
- be over the age of 18 and a UK resident
- be able to show that you can afford the repayments
- own a vehicle which is free (or nearly free) of finance and which is taxed, MOT'd and insured
- supply relevant identification
How much can you borrow?
You could borrow anything from £250 all the way up to £50,000. The amount you are eligible for will be calculated based on the value of your vehicle and how much you can afford to pay on a weekly or monthly basis.
What does it cost:
The amount lent and the loan term are flexible according to your requirements.
Representative example: if you borrow £850 over 18 months at a flat rate of 132% per annum (fixed) with a representative 450.5% APR you will make 17 monthly payments of £140.72 and 1 payment of £140.76, repaying £2,533.00 in total. However, we only charge interest monthly and we do not penalise you for early settlement. If you repaid the loan in one month it would cost you just £93.50 and nothing more.
If you do not repay your loan:
If you are unable to maintain your payments, Loans 2 Go will do everything it can to work with you, but missed payments can result in additional charges, legal action being taken against you and/or in the repossession of your vehicle (which Loans 2 Go always see as the last resort).
All agreements are secured against your vehicle and subject to affordability. In association with Loans 2 Go Ltd (the lender) who are members of the Consumer Credit Trade Association and are authorised and regulated by the Financial Conduct Authority.