Is it possible to get a logbook loan on an older car?
Do you own an older car and wondering whether it’s possible to avail a logbook loan using the same car as collateral? Generally, most UK logbook loan providers tend to insist that a car to be used as collateral for a logbook loan should not be older than 10 years. The general thinking is that such cars have undergone wear and tear and their worth is less compared to the latest vehicles. The dilemma for most people with old cars is whether they can use their old cars to avail a logbook loan. Well, while most UK logbook loan lenders rarely accept old cars as collateral, there are a number of them that actually accept old cars provided that they meet the following factors.
Condition of the vehicle
Logbook loan lenders that accept old cars require that the said car be in relative good condition and not be damaged. To ascertain the condition of a car, most old logbook car lenders require that you provide a service history of your car before they can approve your loan. However, this is largely hinged on the amount of loan you require. If you have an old car that is in good condition and the amount you need for a loan is not as high, you can get approved for an old car logbook loan.
You will agree with me that the older a car is, the more mileage it has covered. If the cars service history is unavailable, lenders offering logbook loans require to see a cars mileage before they can approve your logbook loan application. Basically, the lower a cars mileage, the higher are your chances of your logbook loan being approved as lenders interpret it as good maintenance.
Classic cars/sport cars/vintage cars
Sports, classic and vintage cars generally differ in value and therefore at times it can pose when seeking to use them as collateral especially if you have used them for more than 10 years. However good a vintage or sports car has been maintained, most of the time the buck stops with the lender. The good news is, being the owner of your vintage or sports car, you definitely know how worth it is and whether it costs high enough to avail you a logbook loan. In light of the above, it’s actually possible to get a logbook loan with an old car as long as you find the right UK logbook loan lender.