FAQ's

What is the eligibility criterion for applying for a logbook loan?

Anyone who meets the eligibility criteria can apply for the loan. That means you must be at least 18 years old, a UK resident and a vehicle owner to avail a logbook loan. Just complete the online application form for a free quote. Can I apply even with a history of ccj or default? If you have a poor credit score because of your history of CCJ or default, you can still apply for a logbook loan provided that you meet the requirements.

Do I need to be employed to apply?

Ideally, applicants must be fully employed to be eligible for a logbook loan. But Castle Loans is also open to consider applicants who are self-employed. So long as you’re a car owner and you can provide proof of income, you are welcome to complete our online application and get a free quote.

What documents are needed when applying for a logbook loan?

When applying for a logbook, we advice borrowers to prepare the following documents for expedite processing: Ministry of transport certificate, your cars insurance details, proof address, proof of income, identification proof, V5 document as well bank statements as well as tax details.

Do you have any specific car models you accept as collateral?

At Castle Loans, we are not discriminative and accept all car models provided that said vehicle does not exceed 10 years of age and does not have any financial attachment. You can borrow up to 70% of your vehicle’s official trade value.

Is it a requirement for customers to disclose the reason for the loan?

We do not require customers to disclose the reason for the loan. You can use the loan any way you want. You just need to make sure you’re eligible for the loan and you can afford the monthly repayments to avoid any complications later on.

How much can I borrow?

With logbook loans, you can borrow between £500 and £50,000 or up to 70% of your vehicle’s official trade value. The maximum amount you can borrow will be ultimately dependent on your income and security or collateral.

How long is the repayment period for the loan?

The repayment period for a logbook loan starts from 12 months up to 36 months. Payments can be done either bi-weekly or monthly.

How much is the interest rate for the loan?

The typical representative APR for a logbook loan is 400%. But thanks to the growing competition among lenders, there are now lenders offering cheaper interest rates. With the help of Castle Loans, we can give you logbook loan deals with APRs below the market average.

How do I repay for the loan?

You can opt to repay the loan through our nearest branch or you can simply make an arrangement with your bank for auto debit deductions monthly. The beautiful thing about this is that it minimizes the chances of skipping or defaulting payments and hence greatly encouraged.

What happens if I can no longer pay for the monthly repayment?

If you find yourself unable to repay the loan, we advise borrowers to speak with Castle Loans immediately. Failure to do so can lead to repossession of your vehicle especially if you already missed several repayments as dictated by the loan terms and conditions.