Are logbook loans open to those with a history of CCJ or defaults?

Yes. Logbook loans do not necessarily take into consideration a person’s financial past or lack of it thereof. We at Leisure loans endeavor to approve as many logbook loan applications as possible provided that a person has a car that is in good condition that can be used as collateral. It doesn’t matter whether you have a less than average credit score, a history of CCJ or defaults.

I am 17 years of age. Can I apply for a logbook loan?

No. The rules governing logbook loans are very clear. For one, you need to be a person of 18 years. This is the legally allowed age to enter into transactions in the UK and most other parts of the world. An agreement with a person below the age of 18 years is considered null and void. As such, we can only allow you to apply for a logbook loan if you are 18 years of age or older.

What type of car do you accept as collateral for a logbook loan?

Basically, we accept all types of cars irrespective of which brand or model as collateral. What we are sensitive about when it comes to the car that is to be used as collateral is its condition. For one, the car needs to be in good condition and a ministry of transport certificate needs to be produced for verification purposes. Secondly, the car shouldn’t be more than 10 years old or rather shouldn’t have been on the road for more than 10 years.

What documents do I need to submit prior to being approved for a logbook loan?

Before we process your logbook loan application, we require you to furnish us with the following documents. For one, it is essential that you provide us with a utility bill not older than 6 months as a way of proving your address. Secondly, we require bank statements from you to show that you receive a regular income. Thirdly, we require that you provide us with a Ministry of Transport (MOT) certificate as proof that your car is in good condition and lastly you need to provide us with a copy of your identification document.

What is the maximum period of repayment for a logbook loan?

The good thing about logbook loans is that you have a longer repayment period as compared to other kinds of loans designed for individuals with a poor credit rating. Essentially, when you take a logbook loan, you can repay the same loan for a period of up to 78 weeks.

What are your preferred repayment modes?

Repayment of logbook loans can be done through checks, through auto debit deductions, through cash payments as well as through a debt collection agency. However, in order to avoid defaults and stick to your plan and ultimately improve your credit score, we encourage applicants of logbook loans to set up debit deductions.

Can I use a vintage car more than 10 years old as security?

Ordinarily, we only accept cars that are less than years old to be set up as collateral. However, there are special cases where we might consider a vintage or classic car older than 10 years old if the said car is in perfect condition. This is of course done in exceptional circumstances and therefore we cannot promise anything.

What happens in the event I am unable to repay my logbook loan?

In as much as we expect you to be on time with your repayments, we understand that due to unavoidable circumstances, a person might run into financial problems and as such unable to meet payments as earlier anticipated. When you find yourself in this position, we encourage you to reach out to us so that we can draft a new agreement acceptable to you. Should you fail to contact us or our communications to you go unanswered, then we might repossess your car as a measure of last resort.