1. What is a Logbook Loan?
  2. Logbook Loan is a type of finance in which you can use your car as security to get the loan. It allows you to borrow up to 70% of the trade value of your vehicle and you can pay the money back in installments.
  3. What are the kinds of vehicles accepted for a Logbook loan?
  4. You can apply for a logbook loan on any kind of vehicle from a car to a van and even a motorcycle.
  5. Will I have to sign anything?
  6. Yes, you will be needed to sign the Bill of Sale if you wish to use your vehicle as security against a logbook loan. This document will transfer the legal title to Car Cash Point for the duration of the loan. However, you can keep driving it while you keep In case the loan isn’t repaid, we would be entitled to keep the possession of the vehicle without even a court order.
  7. What do I require to get the loan?
  8. You need to be the legal owner of the vehicle against which you wish to apply for the logbook loan to qualify for it while proving affordability as well as a regular monthly income.
  9. How much can I borrow?
  10. You can borrow up to 70% of the trade value of your vehicle against which you would be applying for the logbook loan. We have a very responsible lending policy as our loans are designed for people who are facing short-term cash flow problems. Your application will be assessed on your ability to repay,and an extension to the loanis never guaranteed.
  11. Do I need to provide a reason for my application?
  12. No, you are not required to give a reason in order for your application to process,and you can use the funds for any legal purposes.
  13. How soon will I be able to get the cash?
  14. Loans can be processed and even be approved on the day of application. You can also be provided the cash within 2 hours depending on your requirements. Once we are done with the paperwork,and you have signed the required documents, the money will be transferred to your account in a matter of minutes.
  15. Do I need to be employed to get the loan?
  16. Yes, you need to prove that you receive regular income, doesn’t matter whether you are in part-time or full-time employment, we would consider your application.
  17. Am I eligible for the loan if I am self-employed?
  18. Yes, your application will be processed if you are self-employed.
  19. Will my employer be contacted?
  20. Not necessarily, we will only check with the employer under exceptional circumstances as we don’t usually require any guarantor for processing the loan.
  1. Will you hold onto my logbook during the loan term, if so, how would I tax the car?
  2. You will be sent a reminder notice by the DVLA when your car tax is about to expire; this reminder can be used by you to tax the car. You could also purchase a new license online by using the reference from your logbook.
  3. How do I repay my loan?
  4. You can make the payments by debit card. We also provide the facility of paying by cash or cheque in case your debit card doesn’t work.
  5. What would happen if I struggle to repay the loan?
  6. We believe in working closely with our customers and facilitate them as much as possible. So, we will try to work with you if you are willing to resolve financial issues. Staying in contact with us is crucial under such circumstances if you want to prevent arrears interest and charges applied to your account. If after all this support we find out that you don’t intend to repay the loan, then we would seek to recover the vehicle.
  7. Is your firm regulated by the Financial Conduct Authority (FCA)?
  8. Yes, our firm is regulated and licensed by the Financial Conduct Authority (Firm Reference No. 679701),andwe adhere to the code of practice of the Consumer Credit Trade Association (CCTA).
  9. How is my personal data stored?
  10. Your personal data is completely secure with Car Cash Point,and you can be confident about it as we use high levels of encryption as well as privacy protection to keep your information safe.
  11. How can I make a complaint?
  12. We, at Car Cash Point, believe in providing the customers with 100% satisfaction. Our strict policies to treat all of our customers with responsibility, as well as fairness, are in place to ensure the high levels of reliability and satisfaction. However, if you still feel that we haven’t been able to provide you with your satisfaction, you can contact our customer service team and ask them to assist with your issue.
  13. How do I get the money?
  14. After the completion of the paperwork, our payment team will transfer the funds to your provided bank account.
  15. What if I wish to repay early?
  16. Sure, we would encourage if you wish to repay early. We even facilitate our clients to make partial settlements which helps them in reducing the total interest as well as the installmentsof the remaining contract.
  17. What is the difference between V5 Loans and Logbook Loans?
  18. There is practically no difference between a V5 loan and a logbook loan. As the logbook loans are often referred to as V5 loans and vice versa. However, logbook loan remains the widely used term.
  19. How can I find out more?
  20. For more information about the loan process of Car Cash Point, visit the How our loan works step by step. You can also call us at 0370 218 8265 or WhatsApp at 07961 311 688,and we will be more than happy to help you.