Lenders Compared: Site Traffic Rankings & More (Data Updated for Jan 2018)

Best Logbook Loans for Bad Credit | Compare Logbook Loan Lenders

Best Logbook Loans for Bad Credit. Compare Logbook Loan Lenders
Best Logbook Loans for Bad Credit Online…

Sample Listing:
Brand & Launch Year | Alexa Rank (UK, Global, No Rank)
– Max Vehicle Age (Exc = Exceptions) | HQ Location (Closer = Faster Rep Visits)
– Opening Hours
– Terms (Repayment Options in Months) | Sums (Available to Borrow. Doesn’t Differ Whether New or Returning)
– The Charge of a 12 and 18 Month £1000 Loan Marked as 12m & 18m | Prestige APR (When Available)
*Any Supporting Notes.

List of Logbook Loan Lenders 2018 Ranked by Web Traffic

1) Auto Advance (2013) | #46,430
Auto Advance Loans
– >10 (Exc) | Ashford (Has 9 Branches)
– Mon/Thu (8.30am-6.30pm), Fri (8.30am-5.30pm), Sat (8.30am-4.30pm)
– 6-48 | £500- £25,000
– £960.08 (12m) | £1440.12 (18m)
*Network mostly across London.

2) Mobile Money (1998) | #125,010
Mobile Money Loans
– >10 (Exc) | Redditch
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 18-48 | £500-£25,000
– *NA (12m) | £1093.58 (18m)
*Hypothetical = £729.05. Login & web payments.

No Alexa UK Ranking (Sorted by Global Rank)

3) Varooma (2012) | #2,173,466
Varooma Loans
– No Limit | Walton-on-Thames
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 12-36 | £500-£50,000
– £700.04 (12m) | £1050.02 (18m) | Platinum: 98.05% APR
*Platinum is for homeowners with good score and £1k+.

4) Loans 2 Go (2002) | #2,908,169
Loans 2 Go Loans
– No limit | Putney (Has 55+ Branches)
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 12-36 | £250-£50,000
– £1320 (12m) | £1980 (18m) | Privilege: 99.5% APR
*Branch times differ as Mon-Fri (9.30am-5.30pm), Sat (10am-3pm). Personal loan option. Privilege has 36m term for £1k+.

5) Logbook Loans (1999) | #3,629,981
Logbook Loans
– No limit | Putney (Has 55+ Branches)
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 12-36 | £250-£50,000
– £1320 (12m) | £1980 (18m) | Privilege: 99.5% APR
*L2Go brand. Same specs.

6) Car Cash Point (2010) | #6,888,444
Car Cash Point Loans
– >10 | London
– Mon/Sat (8am-8pm)
– 12-60 | £500-£100,000
– £960 (12m) | £1440 (18m) | Platinum: 89% APR
*Find a lower price and they’ll beat it by 10%. Platinum is for homeowners with good score and £1k+.

7) AutoMoney (2009) | #6,893,766
AutoMoney Loans
– >10 (Exc) | Redditch
– Mon/Fri (8am-8pm) Sat (8am-4pm)
– 18-36 | £500-£5000
– *NA (12m) | £1684.52 (18m)
*Hypothetical = £1123.01. MM brand. Web payments.

8) Logbook Money (2009) | #6,980,033
Logbook Money Loans
– ? | Normanton
– Mon/Fri (NS)
– 18 | £500-£50,000
-*NA (12m) | £1800 (18m)
*Hypothetical = £1200. The age, terms & times unknown. Web payments.

9) Maxcroft (1976) | #7,708,573
Maxcroft Loans
– No limit | Essex (Must Visit)
– Mon/Fri (9am-6pm), Sat (9am-5pm)
– 6-24 | £500-£5000
– £840 (12m) | £1260 (18m)
*Personal loan option.

10) Motorkitty (2016) | #10,182,732
Motorkitty Loans
– >10 | Twickenham
– Mon/Fri (8am-8pm), Sat (8am-6pm)
– 3-24 | £500-£5000
– £650 (12m) | £971 (18m)
*Find a lower price and they’ll beat it by 10% and give £50 Amazon voucher.

11) Logbook Loans NI (2008) | #10,987,487
Logbook Loans NI Loans
– >10 | London
– Mon/Thu (8am-8pm), Fri (8am-6pm), Sat (9am-5pm)
– 12-36 | £500-£100,000
– £960 (12m) | £1440 (18m) | Prestige and Vintage: 186.5% APR
*CCP brand. Northern Ireland only. P&V covers £10k+.

No Global Rank (Sorted Alphabetically)

12-18) Cash Logbook Loans (2013)
Cash Logbook Loans
– >10 (Exc) | Redditch
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 18-48 | £500-£25,000
– *NA (12m) | £1093.58 (18m)
*Hypothetical = £729.05. MM brand.

12-18) Easy Logbook Loans (2011)
Easy Logbook Loans
– >10 (Exc) | Macclesfield
– Mon/Fri (NS)
– 12-36 | £750-£5000
– £839.96 (12m) | £1260.08 (18m) | Pawn & Prestige: 60.1% APR
*Must be 21+. Pawn & Prestige covers £5k+. Times not shared.

12-18) Logbook Calculator (2015)
Logbook Calculator Loans
– >10 (Exc) | Redditch
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 12-48 | £500-£25,000
– £426.62 (12m) | £639.93 (18m)
*MM brand. The domain is (.com) and not (.net) that is now used by broker.

12-18) Logbook Lenders (2008)
Logbook Lenders Loans
– >10 (Exc) | Redditch
– Mon/Fri (8am-8pm), Sat (8am-4pm)
– 18-48 | £500-£25,000
– *NA (12m) | £1093.58 (18m)
*Hypothetical = £729.05. MM brand.

12-18) LogbookLoans247 (2011)
– >9 (Exc) | Edgware
– Mon/Fri (NS)
– 12-36 | £500-£50,000
– £959.96 (12m) | £1440.08 (18m)
*Times not shared.

12-18) V5 Loans (2008)
V5 Loans
– 2003+ | Borehamwood
– Mon/Fri (NS)
– 24 | £300-£20,000
– *NA (12m) | *NA (18m)
*Hypothetical = £1527.48 and £2291.22. Times not shared. Web payments.

12-18) V5 Solutions (2012)
V5 Solutions Loans
– >10 (Exc) | Norwich
– Mon/Sat (9am-5.30pm)
– 18-36 | £300-£50,000
– *NA (12m) | £1922.66 (18m)
*Hypothetical = £1281.77. Web payments.

*Alexa’s web traffic rankings help to demonstrate market share.
*Closures have been increasingly popping up recently. This has included AutoPawn, Gissaloan, MotoLoan and RocketCash.
*Most featured firms are members of the CCTA (the Consumer Credit Trade Association). The reason being that the CCTA has a bills of sale code.
*Prices were also compared at 18 months since some companies now start from this point onwards. Sometimes only a single representative example either over a year or 18 months was provided (instead of calculator). When this was the case we used the same daily rate for the other example.
*The traffic data was last updated on January 19th, 2018.

Cheapest Logbook Loans (Charge + Daily Rate to 3DP)

Main: £1000 for 1 Year
1) Logbook Calculator (£426.62 | 0.117%)
2) Motorkitty (£650 | 0.178%)
3) Varooma (£700.04 | 0.192%)

Prestige: APR Only
1) Easy Logbook Pawn & Prestige (60.1%)
2) Car Cash Point Platinum (89%)
3) Varooma Platinum (98.05%)

Pricing Notes:
Mobile Money’s Calculator brand delivers the current cheapest market deal at 99.9% APR (standard not Prestige). Motorkitty in 2nd interestingly has an offer running whereby if you find a cheaper deal they claim to beat this by 10% and give you a free £50 Amazon voucher. Car Cash Point also offered 10% and so let us know if you successfully hold them on any of those offers. With the Prestige deals, you’ll need a classic/prestige model to qualify. Some of the companies require home ownership and good credit as well. We’d advise Loans 2 Go above these since they don’t have such restrictions in place. It’s just a shame that a long term repayment of 36 months is set.


Logbook loans are usually secured contracts on cars, although caravans, motorbikes, vans etc can qualify depending on the provider. The borrower signs a standard credit agreement and a Bill of Sale form that transfers ownership during the time that the loan contract is live. The agreement ties in with 2 Victorian pieces of legislation: The Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882 (these apply to England and Wales). There is a variant in Northern Ireland, but not in Scotland where a hire purchase agreement would typically be put in place. The sector name comes from the V5C registration document (the logbook) that is handed over to the lender.

Back in 2014, the FCA estimated that this industry was valued between £59 and £76 million. This was a big year when 52,580 bill of sales were recorded. This tally was 30,124 in 2016 that shows that there has been a heavy decline in recent years, but this remains a booming market for the dominant players. The oldest brand (Mobile Money) who operates through various trading names is one and the other is Loans 2 Go who are the retail powerhouse with 55+ branches. They became a major force when they joined forces with Hermes Property Services in January 2015. Hermes had taken over the Logbook Loans brand that was the original market leader ran by former footballer (Iain Shearer).

It is however Auto Advance who boast the current best Alexa ranking and Varooma (3rd) has always been one of the top brands. All of these firms are competing in one of the most controversial financial sectors according to leading debt charities. The expensive costs are seen as a big issue as well as the archaic law that provides little protection to the customer where repossessions have been common place. The attraction to these products is the high acceptance rates. This has historically been the only sector with no credit checks although most do now run them. As before though, those with CCJs, defaults and those working in self-employment are primary targets.

Sizeable payouts are potentially available, although this depends entirely on the value of your vehicle. The typical range is £500 to £50,000, but they do only lend a certain percentage of the trade value. This is commonly 50% to 70% (Auto Advance extends to 80%). In most cases, only a few thousand would be accessed. The balance is usually spread between 1 and 3 years. Some providers start from 18 months, but early settlements can be made. An obstacle for many will be having a qualifying vehicle. The standard requirement is a newer car less than 10 years old. This must be free or nearly clear of finance, as well as being fully insured, MOT’d and taxed.

More Info: Logbook Loans for Older Cars

The industry norm is for V5 lenders to require newer cars less than 10 years old. Exceptions are common, but this is for cars that hold significant value of we’d assume hitting above the £10k region. There are fortunately a few options for any aged vehicles assuming that there is enough value to secure the loan. We’d pay attention the most to Loans 2 Go and Varooma. Loans 2 Go’s benefit is their sizeable network of 55+ branches and their solid reputation. They are however limited by their expensive charges with £1000 per year costing £1320. It is in the pricing department where Varooma shines where they’d ask for just £700.04 that is a significant improvement.

More Info: Credit Checks and Documents

No credit check logbook loans were at one time very common. This has now changed. The main reason is tightened regulation on affordability checks. Responsible lending is critical in the modern day and failure to meet the grade can lead to expensive fines. You may still find the odd firm that doesn’t run checks such as V5 Solutions. Various documents must be presented at the appointment. This will include your V5C document and your MOT and insurance certificates. You’ll need to hand them a spare key (if available) and for the checks, bank statements (ideally 3), photo ID (driving licence or passport) and a recent utility bill (sometimes 2). Remember to give your car a good clean as well.

Pros and Cons

(+) V5 companies can take a chance on borrowers excluded from mainstream and even payday lenders. Very poor credit loans are available whether you have a CCJ, a default etc. Many customers joined on to these contracts are also self-employed where market options are limited. High acceptance rates are available, assuming of course that you have a vehicle of sizeable value. The higher this is, the more funding you’ll receive. The sky is the limit here with Car Cash Point heading to £100,000 and through Platinum a cool million. Don’t forget that only a percentage is paid out though! Same day turnarounds are possible and it is handy that the mobile reps come to your home or work.

(-) There are some good deals up for grabs, but your average costs are very expensive. You should never have to pay more than £1000 for this same sum over a year, but many providers even surpass this. Repayment terms don’t tend to be flexible at application stage and so you would need to settle up early for that ideal term. This isn’t made easy due to no logins. Some enable online payments, but you’ll need to call them to arrange a complete settlement. This type of contract provides little consumer protection and so you must be aware of the risk of repossession. Only borrow what you can afford and try to keep the borrowing period as low as possible.

The Best Logbook Loan Alternatives?

Guarantor Loan: Guarantor approval rates won’t differ that much and yet the rates on that side are much more attractive. The market leader (Amigo) charges £236.72 per £1000 per year and there are even better deals than this out there. Amigo’s loan itself is cheaper than each and every V5 product on the market. The need to source a guarantor can be tricky, but this has at least been made easier by the providers accepting tenant backings. As well as the available improved interest rates, an added bonus is that the repayment options are spread out across 5 years max that’ll help you to create a more manageable monthly payment.

Personal Loan: No need to involve family members or a motor here. There are some good deals as well such as Likely Loans (£278) where poor credit is accepted. However, most lenders are more strict and the rates more expensive. This is understandable since they are lending sizeable unsecured sums and so thorough affordability checks are essential to minimise default risk. A final point with heading down the unsecured route is that if a major problem did crop up then you’ll at least have added protection. There will be no debt collectors carting away your motor or money being swiped from your guarantor’s account. Instead, you could get back on track slowly through the help of StepChange.

Last Updated: January 19th, 2018.