Frequently Ask Question

  • How do I get started

    To ensure utmost ease, we bring to you our online comparison tool. What you have to do is go on our website and get access to our online comparison tool and fill us up with relevant information. We will process your request and get back to you immediately. Through this, you can acquaint yourself with the size of the loan you can get access to and also find out whether or not your car fits the criteria different logbook loan providers have set.

    I have bad credit. Will this affect my application?

    One of the most attractive features of logbook loans is the low to no credit rating requirement. Some lenders ask for average credit ratings, while others do not concern themselves with this area at all. Therefore, even if you have bad credit, you need not worry. Having a vast portfolio of leading lenders from the market, which includes lenders such as MotoLoan, we can ensure you that your credit rating need not be on your mind when browsing through different logbook loans. Feel free to choose any from the hoard of different deals we bring to you.

    Is Magazine Loans the actual lender?

    No. The logbook loans you analyze, compare, and eventually get access to are all from actual lenders from across the UK. We have a vast portfolio of leading lenders, which allows us to get you the most cost-effective and favorable deals for you. You are to tell us all your different preferences and we will ensure we find something for you. However, unlike companies like V5 Lenders, we are not the ones lending you money. What we actually are is a comparison site, which aims at allowing you maximum convenience by bringing under one roof the very best of the market. We do the hard work so that you enjoy the ease of comparing and choosing from a very wide variety of logbook loans.

    How much money can I get through a logbook loan?

    In a way, the amount of money you can get access to depends on you. This is because all lenders in the market have the same criteria when it comes to determining the amount of loan – applying a specific rate on the estimated worth of your car. Logbook lenders, after estimating the estimated worth of your car, offer you a fraction of this value. Therefore, if you happen to have a relatively expensive car to put as collateral, the amount will be higher in accordance with the value of the car. Therefore, if you do have a choice as to which car to use in getting a logbook loan, choose in accordance with the amount of loan you need.

    Suppose I have taken up a logbook loan, what happens to my car?

    Nothing. Yes, nothing. When you take up a logbook loan, you are to handover the logbook of your car to the lender. This is a mere formality as it signifies passing of legal ownership. However, the practical ownership of the car stays with you. This means that you can drive back with the loan in the same car that you use to get access to the loan. You keep the loan, as well as the car keys. Therefore, nothing happens.

    Should I be worried about my car being seized?

    Most lenders take pride in establishing long-term relationships with their customers and therefore, only consider the seizure option as a last resort. Therefore, until and unless you have completely defaulted, you need not worry at all. If you miss a payment or two, go on and be honest about it with your lender and it is highly likely that the two of you would work something out.

    I need more information, what should I do?

    The first thing you can do is explore through our website. Additionally, you can simply contact us and let us know of your query. You can also go on websites like Logbook Loans Guide and acquaint yourself further.

    How do I get started

    To ensure utmost ease, we bring to you our online comparison tool. What you have to do is go on our website and get access to our online comparison tool and fill us up with relevant information. We will process your request and get back to you immediately. Through this, you can acquaint yourself with the size of the loan you can get access to and also find out whether or not your car fits the criteria different logbook loan providers have set.

    Is a logbook loan really worth keeping your car at risk?

    If the part where you have to hand over the logbook of your car to us is where your concerns are directed towards, you are not the only one with such qualms. The most commonly seen concern about this area is ‘why should I pledge my car as collateral when I can just go for unsecured loan?’ This is because it is in fact true that from a very narrow view, unsecured loans may seem much more favorable to you given that there is little or no risk in case of default. However, you also need to consider other facets of secured loans that make them a better choice. Once you have secured your loan using your car or any other asset for that matter, you have effectively reduced the risk of the lender by giving them the right to seize your collateral in case of default. While this is always a last resort, it is nonetheless assuring for lenders. This reaps handsome dividends in terms of lower interest rates and credit-rating requirements. Unsecured loans usually accompany much higher interest rates and rigorous credit checks, which not only come heavy on your pocket, but also reduce your chances of approval. Therefore, if you are sure of being able to repay the loan in time, getting a secured loan like logbook loans is hands down the better choice for you.