Logbook Loan Calculator

  1. Enter the amount you want to borrow as a loan (the Logbook Loan Amount)
  2. Enter your Interest Rate and your Loan Period
  3. Take a look at the results of your Logbook Loan Repayments calculation below.
Logbook Loan Calculator


  Loan Repayment Term
1 Year
12 months
3 Years
36 months
5 Year
60 months
10 Years
120 months

What is a Logbook Loan?

A Logbook Loan is an optional available to vehicle owners in order for them to take out a secured loan for their vehicle. The only risk with this is that if the owner has trouble repaying the loan, there's a fair chance that they will lose their vehicle.

How Do Logbook Loans Work?

The vehicle owner must be the legal owner of the vehicle, on top of this the vehicle can have a minimum worth of £50. The value of the car must be the price when the deal is being made, not the price it was bought for. The vehicle owner must also have regular income, otherwise they won't get a loan.

The vehicle owner must hand over the logbook and registration documents to the money-lender in order to proceed with the loan. Both parties will sign a credit agreement which will show that both parties agree that the temporary owner of the car, is the lender.

Logbook Loans are usually offered in the form of a cheque although sometimes in cash, which may come with fees. Usually, these loans are only available for a period of roughly 78 weeks although there are also early settlement options available.

Pros of Taking Out a Logbook Loan

  • Those with poor credit scores are able to take out a Logbook Loan given that no credit check is performed.
  • These loans are incredibly easy to gain access to due to them being available on the internet.
  • Depending on the value of the vehicle, the loan could be as high as £50,000.

Cons of Taking Out a Logbook Loan

  • The interest rates of a loan can be between 400-600% APR although you will be able to repay installments on a weekly basis. For example if you take out a £2,000 loan for 78 weeks and the weekly payment is £75, then you will have paid a total of £5,850, which is higher than most other types of loans.
  • If you are unable to make repayments then the lender has every right to repossess your vehicle. They don't need to go to court in order to do so.
  • According to research, roughly 20% of lenders don't explain the terms and conditions of the loan to you. With this in mind, read the terms and conditions before you sign the contract.
  • There is a possibility of early repayment fees if you decide to pay more than a specific amount in the span of a year.

Warning For Logbook Loans

Logbook Loans are designed and targeted at those who are financially desperate. Financial debt can have a horrible effect on how you react in certain situations, leading you to making bad decisions in your life. While Logbook Loans can be great due to providing a short-term financial fix, in the long run they can put you in even more debt that before. They should only be taken out in the case of an emergency.

If you are considering taking out a Logbook Loan then you should:

  • Use our Logbook Loan calculator to show you repayment amounts for a variety of different terms and varying interest rates.
  • Take time to review the borrowing considerations of a Logbook Loan before you commit to the agreement.
  • Take time to think about the loan and decide whether or not it is what you really want to do, remember this is a commitment.

Things to Consider When Taking Out a Logbook Loan

  • Affordable: Make sure that in the long run, you will be able to repay your loan. Only take out a loan if you are sure that it is the last resort and that you know you are out of options. A loan is a big risk, if you struggle to repay it you'll find your financial situation in a difficult place.
  • Research: Taking the time to look at different lenders is always beneficial. Make sure that you compare both banks and logbook lenders as banks are usually a lot cheaper which can save you a lot of money in the long run!
  • Interest Rates: Make sure you fully read into the interest rates applied to a logbook loan. While you may think you're getting the best deal around with an incredible interest rate, you are most likely being fooled by a lenders promotional advertisement. They advertise low interest rates although when you walk in the door, they make sure that you are given that interest rate with a longer than usual loan lifespan. This means that you'll be paying a lot more than you think at the time.
  • Borrow Little, Repay Quickly: When taking out a logbook loan, take out only what you need and not a penny more. Once you've taken out the loan, pay the money back as soon as you can as to not risk any financial issues and get the stress off your shoulders.
  • Pay Day Loans: Completely avoid using a pay day lender. While they may seem like a fantastic choice at the time, they will run your financial status into the ground. They have no concerns for you as an individual, all they care about is the money. Here at Good Calculators we believe logbook loan providers and pay day loan providers are incredibly similar, and have hope that the government take care of them in the near future. Pay day lenders will target onto financially vulnerable individuals before taking everything they own.
  • Don't Lend at All: While a lot of people in the modern age have certain standards of life, if you can't afford a few luxuries them stop yourself from wanting them. Even if it's for a cheap treat, do your best to not take out a loan. At the time it might seem like a small amount of money although over time it will grow on you and you'll regret it. Earn your rewards.
  • Choose Between a Personal Loan or a Logbook Loan: While personal loans usually offer far better interest rates than logbook loans do, it's important that you look around. Take a look at banks and take their deals into consideration too, it's your loan so make sure you get it right.

Rating: 3.7/5 (202 votes)