The Car Loan Centre Review | www.thecarloancentre.co.uk
Address: Unit 15 Alpha Centre, 238 London Road, Wickford, Essex, SS12 0JX.
Branding: The Car Loan Centre. AKA: TheCarLoanCentre.
FCA Licence: 660799.
From: The Asset Exchange Ltd.
Related: No companies.
Available: Monday to Saturday (9am/5pm).
Bad Credit Considered: Yes.
Manage: No Car Loan Centre login at www.thecarloancentre.co.uk.
Offers: Car Finance, logbook loans (HP).
Sums: £1000 to £50,000 (new and returning). No info on financing sums.
Terms: 36 months (log: 12 to 36 months).
53% APR (fin)
£394.74 /£1000 (12) (log)
Notes: If we begin with financing that is their core service, you must choose from their stock. There are around 200 motors to scan through. This is a slow process with a noted delay of 7 days. How much funding can be accessed is not disclosed. There is a noted 36 month term that can be advanced to 48 on select models. We then move to the logbook option where payouts are available within just a day or so. They don’t secure the agreements on a Bill of Sale, but will instead use hire purchase. This allows them to cover those up in Scotland although everyone will need to get down to their office. Up to 90% can be borrowed against the vehicle. We couldn’t spot a reference to vehicle age requirements and so a 10 year span would be assumed. No encryption is used on the domain.
– Loan amounts head as high as £50,000 and they lend up to 90% of trade value.
– Eligibility: Alike most logbook firms, all of the usual poor credit headlines are displayed. It was good to see though that this extended to their finance. Here they addressed arrears, CCJs, discharged bankruptcy etc. Self-employment isn’t an issue across both products.
– Operations: Weekend coverage is always important across these niches. Whilst they close on Sundays, they do stay open on Saturdays during the same hours as the working week (9am until 5pm).
– Pricing: The Car Loan Centre logbook loans are now the cheapest that you can receive on the market. Their £1000 charge over a year at £394.74 is a fair way ahead of Mobile Money who ask for £426.80. MotoLoan did charge £396 that was just a smidge higher, but their price has now been hiked to £600.
– APR was 62% that has now dropped.