AutoMoney consists of a team of professionals who specialise in logbook loans. Loans are secured through a ‘bill of sale’. Generally, it is recommended that the vehicle be less than eight years of age. However, depending on the make and the overall value of the vehicle, some cars which are older may be approved.
Logbook loans from Auto Money are similar to that of a home mortgage in that you are using your vehicle (asset) as collateral on the loan. As such, similar requirements are needed to obtain a logbook loan through Auto Money. For a loan, you will need to have a car that is free of finance as well as documentation proving ownership of the car.
AutoMoney loans range from £500 to £5,000 with loan durations ranging from 18 to 36 months. The APR is currently fixed at 349.9%, and payments are scheduled on a weekly basis. Borrowers are strongly advised to talk to a representative to ensure that they can make repayments.