FAQs
Below you will find the most frequently asked questions (FAQs) about getting a loan on your car through vehicle equity release, the alternative to a logbook loan.
If you cannot find the answer you are looking please call contact us.
What is Vehicle Equity Release?
Vehicle equity release, is a loan on your car alternative to a logbook loan, is a way of withdrawing the cash from your car. You can borrow up to 70% of the trade value of your car and pay back from 18 to 60 months.
You continue to remain the registered keeper and use your car as normal.
Why is Vehicle Equity Release a ‘Fairer and Quicker’ way to release cash from your car?
Your application is completed over the phone with one of our loan specialists and you can e-sign online, so speeding up the whole process. As the loan on your car is made under a Hire Purchase agreement, rather than a bill of sale as in a logbook loan, you have all the regulated protection that comes with it, such as the ability to terminate early with no penalty.
What Is E-Sign and why is it quicker?
E-sign, also known as eSignature, is a safe and secure digital version of a paper-based method of signing signatures, on an electronic document. But beyond being just a squiggle on a screen, an eSignature legally binds an electronic document, in just the same way as paper ones do.
Is LoanOnYourCar.com regulated?
Yes. LoanOnYourCar.com is regulated by the Financial Conduct Authority and is a member of the Consumer Credit Trade Association.
Do I need to hand over my Logbook?
No. Unlike a logbook loan, with this type of a loan on your car, you retain possession on your V5C (logbook) document.
Will I be formally credit checked?
No. LoanOnYourCar.com will not consult or report to any credit reference agencies or similar organisations. Instead we look at your personal circumstances, using our standard affordability checks, in order to come to a lending decision.
Will you lend if I am self-employed?
Yes. Subject to meeting our standard affordability and income checks.
Will you lend if I am on Working Tax Credits or Incapacity Benefits?
Yes. Subject to meeting our standard affordability and income checks.
How quickly is the application process?
The same day, subject to compliance with our terms and conditions. Unlike a logbook loan, you can sign electronically, which speeds up the whole application process.
How can I complete a loan application?
The quickest way is to apply online or call 0333 577 5000 and speak to one of our loan team. They will provide you with a no obligation quotation, and if you accept, we could complete the loan on your car the same day.
How quickly can I receive the cash?
Often the same day. Once the application is completed, the money will be transferred to your nominated bank account within 1 hour.
Are there setup, administration, early repayment or exit fees?
At LoanOnYourCar.com we believe in complete transparency. There are no early payment penalties, no upfront deductions, no monthly minimum charges and no default fees. There is a one-time set-up fee of £30 and that can be added to your loan. There is an option to purchase the fee at £50.
How much cash can I borrow?
LoanOnYourCar.com offers borrowers the ability to lend from £500 up to £100,000, subject to our terms and conditions.
How is repayment made?
Payments are taken on a debit card or if preferred a standing order can be set up. We are unable to take credit card payments.
What are the repayment frequency?
Payments are taken monthly.
Can I repay my loan early?
Yes. You can pay back your Loan at any time penalty free. All we require is 30 days notice or interest in lieu of it.
What are the minimum car requirements for LoanOnYourCar.com?
LoanOnYourCar.com minimum car requirements are that it is free of finance and has a trade value of more than £1,500.
Will you consider cars with finance?
Yes. LoanOnYourCar.com can offer loans on cars with existing finance, provided that the finance is cleared with the proceeds of the new Loan. In this circumstance, a settlement statement will need to be provided from your current lender to confirm the full settlement amount.
Can I extend my loan with LoanOnYourCar.com?
Yes. Your LoanOnYourCar.com solution can be extended to suit your personal circumstances to provide you with flexibility. This is subject to our terms and conditions and valuation of the car.
Who is responsible for the maintenance and insurance of the car for the duration of the loan?
Whilst the loan is live, as the registered keeper, you have responsibility to maintain the car and to ensure it has comprehensive insurance cover.
Can I switch to a LoanOnYourCar.com solution from a Logbook Loan lender?
Yes. If you have outstanding finance on your car with any Lender you can 'Switch and Save'. Try LoanOnYourCar.com, a quick, easy and affordable alternative and we will show you how you will save money.
LoanOnYourCar.com will ensure a swift hassle fee transition within 24 hours.
What happens if I cannot make the repayment on my loan with LoanOnYourCar.com?
If your circumstances change and you get into financial difficulties, LoanOnYourCar.com will act compassionately and sensibly to provide assistance. We will discuss and agree a workable payment plans with the objective of getting you back on track in a fair and realistic manner.
The Loan is secured on the car and in the event that you are unable to meet the terms as provided, the car can be sold by us and the proceeds of sale used to clear any money provided and the balance returned to yourself.
Can I sell my car?
Yes. Please call us on 0333 577 5000 option 3 to discuss when you are ready to sell.
How do I complain to LoanOnYourCar.com?
Our business ethos and culture are premised on the principles of 'treating all customers fairly'. If, for any reason, you are unhappy with any aspect of the service you receive, please contact us immediately and we will endeavour to fix it as quickly as possible:
Email: customerservice@loanonyourcar.com
Telephone: 0333 577 5000
If you are still not satisfied with the outcome or resolution of your complaint, you have the right to refer to the Financial Ombudsman Service. Our customer services team will be happy to assist you with this.
