Borrow up to 70% of the trade value of your car with one of the UK's cheapest, best customer rated logbook lenders Varooma.com™.
No earlysettlement fees; pay early pay less
No hidden charges; all costs clearly explained
Prompt credit decision; money within hours
For help or advice please go to www.moneyadviceservice.org.uk
Please take time to read and understand our FAQ's to ensure our logbook loan product is suitable for your requirements.
Varooma's loan contracts start from 12 months to a maximum term of 36 months. You are entitled to settle your loan early and there are no penalties or charges to do so.
The maximum APR is 190.3% which includes all fees associated with your loan contract.
In the event there is no willingness to repay your loan, the vehicle you are using as security could be at risk of being repossessed and sold to assist in settling the debt.
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A logbook loan is a type of finance that is secured against your car, they can also be known as a V5 loans. It is a method of using the value of your car to borrow money without being judged solely on your credit history.
Once you borrow the money you can continue to drive your car as normal and pay your loan back over a set period.
The main points to remember about logbook loans are:
Logbook loans are less well known than many other types of short term loan, but they work in a similar way. The borrower can apply for a loan, is assessed by a lender and receives a lump sum which is then paid back in weekly or monthly instalments.
The main difference when compared to other short term loans is that money is lent against the value of and that vehicle is used as security for the loan. The logbook or V5 document is also held by the lender until the loan is settled.
To find out more about loans against vehicles we have more information in our guide to loans here.
To understand more about taking out a loan try reading our how it works section.
You can also read our frequently asked questions page which has all types of answers related to setting up a logbook loan.
You can be confident of the best deal for your loan from Varooma. We compare the cheapest logbook loans available from all major UK lenders to make sure our interest rates are amongst the very best in the market. Don't just take our word for it, see how our logbook lending stacks up against other short term loan companies.
Our loans are available all over the UK. Borrow from £500 to £50,000 in 2 hours, we hold on to your V5 until the loan is repaid. It's really that simple, no hidden costs and no hassle.
A loan against your car is cheaper than other types of short term loans, and very easy to set up. Varooma is rated 9.4 out of 10 from 1574 reviews and is rated "Excellent" on Trustpilot, click here to see our reviews.
Varooma are authorised and regulated by the Financial Conduct Authority (Firm reference number: 679701) which means we are constantly assessed and have proved that consumers are at the heart of our business.
If you own a car, a loan against it can be a great way to raise finance. You use your car as security for the loan and receive a lump sum payment into your bank account.
You then repay the loan in monthly or weekly instalments which will cover both the amount you originally borrowed and the interest on that amount.
The amount you can borrow depends on the value of your car. The higher the value of your car, the more you are likely to be able to borrow. This will also depend on how much you are able to pay back after we go through affordability checks with you.
Being self-employed won't stop you taking out a loan, as long as we can see that you have a regular income and the amount of money you have left each month after all your outgoings is enough to cover your loan payments, your application will normally be successful.
We also offer same day logbook loans for older cars. If you have a car that is more than 10 years old we may also be able to lend against it.
Taking out a loan against your car can be a simple process. You need to have a car that is clear of finance to be able to start your application, and you should be able to prove your income with bank statements or payslips. You will also need proof of your address, preferably using a utility bill from the last 3 months and a photo ID.
When you apply for your loan with Varooma we will guide you through everything you need in order to make your application. One of our representatives will come out to meet you either at your home or a location of your choice to see your car, and also for you to sign your documents. This can generally happen on the same day you apply for the loan.
The maximum length of time we lend for is 36 months. You can be flexible with the amount of time you have the loan for, from a few months to 2 years. The amount of interest you pay back will vary depending on the length of time you take the loan out for.
You may want to compare logbook loans from various lenders to see what their interest rates are and how long their loans are for. Varooma aim to try to offer a better interest rate than other lenders if we receive a written quote with the rate that is lower than ours.
You are also able to easily pay your loan back early, which is a simple process. Simply contact us and we will arrange this with you.
Unlike other types of finance where you might need a guarantor who would obviously need to know about the arrangement, a logbook loan is only between you and us.
At Varooma we won't contact your employer, as we retain complete confidentiality for all our customers. If for any reason there is a situation that requires us to contact them, we will let you know beforehand.
The great thing about logbook loans from Varooma is that you can just carry on as normal. You are free to drive your car and you will make payments on a debit card each month to pay back the amount you have borrowed including the interest.
Because everything can be completed in a day and often in just a few hours, the money you borrow can be transferred into your bank account quickly. We use Faster Payments, so once one of our representatives has met with you, the money will be transferred into your account within an hour of your appointment.
This is one of the most beneficial aspects of car logbook loans, the fact that if you meet all the criteria you can receive the money very quickly. There is no posting documents and waiting for a response, most of the process is immediate.
For more information about taking a loan out with us, read our Borrowers Information page.
If you think one of our loans is right for you then apply now.
We assess all applications carefully and only offer loans to people we believe can afford to pay them back and never guarantee approval.
Amount of Loan £1000.00. Repayable by 12 monthly repayments of £141.67 commencing 1 month from the date of the loan.
Total Amount Repayable £1700.04. Rate of Interest 70% per annum flat fixed. Representative 190.3% APR.