Which Lender Offers the Cheapest Logbook Loans Online in 2016?

Q: Which lender offers the cheapest logbook loans online in 2016? ~ Louis, Bristol.

Firstly, you can view all of the logbook lender prices in this V5C Comparison. On receiving this query a few checks were made to see if there had been any changes at the top end and there wasn’t any. As before, the cheapest logbook loan online is available from The Car Loan Centre. Their charge per £1000 over a year is £394.74. The APR for this is 90.79%. This company (who also provides finance) is some way ahead of the competition. Their closest contender is Mobile Money who ask for £426.80. These 2 noted V5 lenders are the only companies that charge less than £500. Varooma’s Platinum plan is £430, but you’ll need to be a homeowner with top credit.

Across the wider sector is to common to see the costs surpass £1000 per £1000. You’d expect the loan charges to be much lower since the contracts are secured. Their argument would be that they are taking a risk on those who companies in other subprime markets wouldn’t take a chance on. This is a fair argument considering that there are many competing firms who don’t process credit checks. If The Car Loan Centre does sound appealing then it is worth considering that you’ll need to complete the sale at their office in Wickford, Essex. There is also no info presented on the required vehicle age that would be expected to be no longer than 10 years.

Mobile Money is more handy with 40 branches and they also make home visits. Their required vehicle age is 10 years, although exceptions are made depending on the state of your motor. Loans 2 Go continues to command most of the market share. This has a lot to do with their vast store presence, but it also helps that they don’t impose vehicle limits on age. For a cheaper deal, we’d recommend considering Guarantor Loans. Finding a backing can be a tricky, but if you can do this then you can receive much cheaper deals than the leading £394.74 charge in this sector. UK Credit for instance charges £193.88 with a homeowner backing or £257.60 with a tenant.

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