Best Logbook Loans | Direct Lenders Compared

Compare Logbook Loans


Logbook loans are subprime specialised secured contracts made mostly on cars, although there is often coverage for bikes, caravans, vans and other vehicles. As well as a standard credit agreement there is a Bill of Sale processed that transfers ownership across the period that the money is borrowed. The lender keeps hold of the V5C registration document (previously V5) across this term. The Bill of Sales arranged are valid in England, Northern Ireland and Wales. They aren’t valid in Scotland where hire purchase agreements are instead used. The main criticism with this product type from debt charities is the sky high interest rates, as well as the little protection handed to customers who are at risk of repossession.

What makes this sector attractive in contrast is high approval rates with coverage open to those in self-employment or with very poor credit resulting from CCJs, defaults, late payments etc. The V5C security on a qualifying motor is good enough on its own, assuming that affordability can be demonstrated. A car must be free or nearly clear of finance, as well as being fully insured, MOT’d and taxed. Some firms require newer cars, whilst some impose no limits. A common trait spotted when viewing sites in this niche is the very high potential loan sums pitched of say £50,000. However, the lender only grants access to between 50% and 70% of the vehicle’s current trade value.

Sample Listing:
Brand (Launch Year) | Alexa Global Ranking
– Available Amounts (+Percentage Loaned When Known) | Available Terms | Cost Per £1000 for 12m & 18m
– Coverage (Locations) | Max Vehicle Age (Exc = Exceptions for Classics)
– Opening Hours

Alexa Sorted Logbook Loans Direct Lenders Only List 2018

1) Auto Advance (2013) | #1,806,294

Auto Advance Loans

– £500-£25,000 (80%) | 6-48m | £960.08 (12m) & £1440.12 (18m)

– United Kingdom | >10 (Exc)

– Mon/Thu (8.30am-6.30pm), Fri (8.30am-5.30pm), Sat (8.30am-4.30pm)

*9 stores under Cash & Cheque Express. Web payments.

2) Loans 2 Go (2002) | #2,556,357

Loans 2 Go Loans

– £250-£50,000 | 12-36m | £1320.24 (12m) & £1980.38 (18m)

– England, Scotland and Wales | No limit

– Mon-Fri (8am-8pm), Sat (8am-5pm)

*High-end & unsecured loan options.

3) Varooma (2012) | #3,952,313

Varooma Loans

– £500-£50,000 (70%) | 12-36m | £700.04 (12m) & £1050.02 (18m)

– England and Wales | No limit

– Mon/Fri (8am-8pm), Sat (8am-4pm)

*High-end option.

4) Car Cash Point (2010) | #4,634,507

Car Cash Point Loans

– £500-£50,000 | 12-36m | £960 (12m) & £1440 (18m)

– England, Northern Ireland and Wales | >10 (Exc)

– Mon/Sat (8am-8pm)

*High-end option. Lowest price guarantee.

5) Maxcroft (1976) | #9,662,773

Maxcroft Loans

– £500-£5000 | 6-24m | £839.96 (12m) & £1259.94 (18m)

– United Kingdom | No limit

– Mon/Fri (9am-6pm), Sat (9am-5pm)

*Must complete at Essex branch. Unsecured loan option.

6) Mobile Money (1998) | #12,033,376

Mobile Money Loans

– £500-£25,000 (75%) | 18-48m | £1093.58 (18m)

– England and Wales | >10 (Exc)

– Mon/Fri (8am-8pm), Sat (8am-4pm)

*Web payments.

7) MotorKitty (2016) | #12,266,653

MotorKitty Loans

– £500-£5000 (60%) | 3-24m | £200-£749.96 (12m) & £299.96-£1125.08 (18m)

– England and Wales | >10 (Exc)

– Mon/Fri (8am-8pm), Sat (8am-6pm)

*Lowest price guarantee. Varooma brand.

8) V5 Solutions (2012) | #13,503,470

V5 Solutions Loans

– £300-£50,000 | 18-36m | £1922.66 (18m)

– England and Wales | >10 (Exc)

– Mon/Sat (9am-5.30pm)

*Web payments.

9) Logbook Loans (1999) | #13,699,915

Logbook Loans

– £250-£50,000 | 12-36m | £1320.24 (12m) & £1980.38 (18m)

– England, Scotland and Wales | No limit

– Mon/Fri (8am-8pm), Sat (8am-5pm)

*High-end option. L2Go brand.

No Alexa Global Ranking

10) AutoMoney (2009)

AutoMoney Loans

– £500-£5000 | 18-36m | £1684.52 (18m)

– England and Wales | >10 (Exc)

– Mon/Fri (8am-7pm), Sat (9am-2pm)

*MM brand.

11) Cash Logbook Loans (2013)

Cash Logbook Loans

– £500-£25,000 | 18-48m | £1093.58 (18m)

– England and Wales | >10 (Exc)

– Mon/Fri (8am-8pm), Sat (8am-4pm)

*MM brand.

12) Easy Logbook Loans (2011)

Easy Logbook Loans

– £750-£5000 | 12-36m | £839.96 (12m) & £1260.08 (18m)

– United Kingdom | >10 (Exc)

– Mon/Fri (unknown)

*High-end option. Must be 21+.

13) Logbook Loans NI (2008)

Logbook Loans NI Loans

– £500-£50,000 | 12-36m | £960 (12m) & £1440 (18m)

– Northern Ireland | >10 (Exc)

– Mon/Thu (8am-8pm), Fri (8am-6pm), Sat (9am-5pm)

*CCP brand. High-end option.

14) LogbookLoans247 (2011)

LogbookLoans247 Loans

– £500-£50,000 | 12-36m | £959.96 (12m) & £1440.08 (18m)

– England and Wales | >9 (Exc)

– Mon/Fri (unknown)


15) V5 Loans (2008)

V5 Loans

– £300-£20,000 | 12-24m | £640.60 (12m) & £960.90 (18m)

– England and Wales | 2003 onwards

– Mon/Fri (unknown)


– rankings were taken in July 2018.
– Applications are completed in person with there being no such fully online logbook loan lenders. There was a time when the bigger firms had large branch networks, but these have now closed. When applications are processed, an agent will arrange a meeting at a location ideal to you (home, work etc). Remember to have all of the correct documentation prepared. As well as bank statements showing income, you’ll need photo ID, a utility bill and your insurance, MOT and V5C certificates.
– New customer restrictions aren’t made in this sector, but remember that borrowings are set between 50% and 70% of the trade value.
– Not included today: There have been a fair few closures over the years including such brands as AutoPawn, GissaLoan and MotoLoan. The Car Loan Centre had been quite competitive in this niche for pricing, but they now offer finance only.
– Pricing examples are shown above for both 12 and 18 months. This is since 18 months (or 78 weeks) is commonly presented in charge breakdowns. A few firms also set this as the starting term such as Mobile Money and V5 Solutions.

Alexa Site Rankings

Overall traffic performance in this niche is poor with this being the first time that there has been no companies holding a local UK ranking. Due to this, we instead used the global ranks (9 of the 15 brands were ranked). Leading the charge was Auto Advance. L2Go, Varooma and Car Cash Point followed who are all recognisable players in this space. Others of note would be Mobile Money (the very first logbook lender from 1998) and then you have MotorKitty who are the newest arriving in 2016. The team behind Varooma are involved in that project.

12 Month Cheapest Logbook Loans for Bad Credit 2018 (+Fair)…

1) V5Loans: £640.60
2) Varooma: £700.04
3) MotorKitty: £749.96
4) CashLogbookLoans: £729.05
5) MobileMoney: £729.05

Excellent Score…

1) MotorKitty: £200

*4th/5th placed prices there are hypothetical due to minimum 18 month terms (would need to settle early). MotorKitty’s starting price is just £200. However, this is scored under an excellent credit tier. The £749.96 charge is under “Very Poor” whilst “Poor” is £650. Both don’t beat £640.60 from V5 and so you could take them up on their lowest price guarantee offer (10% off and £50 voucher). Car Cash Point also has a low price guarantee.

Cheapest Prestige Logbook Loans…

1) EasyLogbookLoans: 60.1% APR
2) CarCashPoint: 89% APR
3) Varooma: 98.05% APR
4) Loans2Go: 99.5% APR
5) LogbookLoans: 99.5% APR

*Lowest APRs are shown here for premier/prestige products that are commonly offered by firms to those with high value classic cars. In this situation you may be better off considering a luxury pawnbroker loan for a more competitive rate.

Largest Facebook Communities

1-2) AutoAdvance: 950+
1-2) Loans2Go: 950+
3) MotorKitty: 940+
4) Varooma: 400+
5) CarCashPoint: 310+

No Late Fee Logbook Loans

MobileMoney and Varooma.

Logbook Loans for Older Cars

Loans2Go, LogbookLoans, Maxcroft and Varooma all consider cars of any age. Most companies have the usual 10 year age requirement in place and whilst they state that exceptions are made, this requires high value classics.

Payouts Across Weekends

There are no Sunday visit options, but plenty of choice on Saturdays. Car Cash Point’s Saturday times are the most extensive running between 8am and 8pm. MotorKitty also close late-ish at 6pm. Mobile agents can get to most areas of England and Wales. Northern Ireland would be more tricky, whilst those that cover Scotland would impose a hire purchase agreement. Unfortunately, the days of retail logbook lending has passed. For past networks, L2Go did have 70+ stores, Mobile Money had 40+ and AutoMoney had 30+. As it stands, Auto Advance has 9 branches, but these are all concentrated across the London area.

The Best Logbook Loan Alternatives?

Going the unsecured loan route would be the ideal choice since you won’t have to risk your set of wheels or involve third parties. There are lenders out there that will still consider poor credit such as Everyday and Likely Loans. If you are however still unable to qualify then the obvious alternative solution would be to find a backing and then opt for a guarantor loan. Guarantor firms don’t care about low scores, but rather the status of the backer. The prices are much improved on that side, typically between £230 and £240 per £1000 borrowed over a year.

The Best Logbook Loan Reviews 2018…
1) Loans2Go: 75% (5*) & 12% (4*) | (670+)
No Other Listings.…
No Listings.…
1) Varooma: 94% (2790+)
2) CarCashPoint: 93% (1640+)
3) AutoAdvance: 92% (70+)
4) MotorKitty: 92% (20+)
5) MobileMoney: 84% (520+)

*Due to lack of feedback on alternative platforms, we have displayed the top 5 rather than the usual 2.

Last Update: July 16th, 2018.