What is a log book loan?
There are lots of different financial products available with new types appearing all the time. A relatively new type of loan becoming ever more popular in the UK right now is the log book loan. This is a loan based on the market value of the borrower’s car, which is used as security on the loan. The lender will hold onto the car’s log book until they have received all their payments. In order to qualify for a log book loan the borrower must legally own a vehicle that is under 8 years old, usually allowing them half the value of the car as the maximum amount of money they can borrow.
