2014 Lender Lists:

Logbook Loans for Older Cars (Over 10 Years Old)

You can be approved for a Logbook Loan with very poor credit and many competing lenders don’t even search your profile. Although this would put most people in a strong position to qualify, there are some extra hurdles in place. One of the main ones is of course the vehicle age that in most cases is restricted to being no older than 10 years old. Unless parents have splashed out on a new motor, you would expect most younger drivers to have a cheap old runaround and so this restriction does essentially discriminate against younger drivers. Fortunately, logbook loans for older cars are available from two known providers.

The first company offering logbook loans for cars older than 10 years old is Hermes Property Services (they have a central brand and a few others). They loan against all vehicles so long as they are free (or nearly free) of finance. Although they can arrange the setup process quickly, one limitation would be that they hand out a cheque that slows down payment proceedings. Auto Advance is the second company often referred to online as having an unlimited age bracket. From running through their FAQ, they state that they prefer to work with customers with cars less than 10 years old, but that they’re happy to discuss personal circumstances.

You will often see some lenders stating that exceptions can be made, when you for instance have a classic or prestige model. I think it really comes down to the valuation and so negotiations may be possible (remember that they usually cap at 70% of the value). And so, logbook loans for older cars are available, but there is some extra criteria to meet. As noted, being clear (or almost clear) of finance is the norm. Further to this, the vehicle must be roadworthy, be taxed, MOT’d and fully insured. Since they don’t search your credit profile, you will usually have to also show documents such as recent bank statements.