Who Offers Logbook Loans for Older Cars?
This question was received several months ago, but it was kept stored until we had conduced our V5 Lender Comparison page. It has now been identified that there are a few lenders that offer logbook loans for older cars. The problem is that some of these only discount age for classic models or for a car with significant value attached. In general, most firms have a 10 year requirement in place regardless of condition, mileage or value. Your motor should always really be worth a few thousand pounds since you have to remember that any loan sum will be calculated against the vehicle’s current market value that typically ranges between 65% and 75%.
So just who offers logbook loans for older cars? The obvious choice would be Loans 2 Go and Logbook Loans that have now merged. RocketCash is also part of the same group although that website is essentially just used to feed leads to the main companies. These noted firms have no such vehicle limits in place. What is beneficial with each is their store network of 78 branches that is the largest count in the industry and so getting to a nearby store should be easy enough for you. FYI, these shops are open on Saturdays between 10am and 3pm if there is a struggle to reach them during the working week.
Through these stores, if you were to borrow £1000 over a complete year then you would need to pay £1200. For the same example, The Car Loan Centre charges £394.74 and Varooma charges £700.04 that as you can are much more competitive prices. Varooma impose no limits, but an agent will need to meet you to complete the process. Finally, AutoMoney also requires no age limit, but their service is the most expensively packaged at £2425. They have a network of around 30 shops. There are several other lenders whereby exceptions are made, but if you do have an aged vehicle then we’d recommend using any of the brands mentioned here.