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How Can I Get a Loan Against my Car?

28.10.2019 by Jack H

Expensive car businessman loan

When you have bad credit, it can be difficult to borrow money when you need it, but there are many situations where you might need a short or long-term loan. At, we allow you to borrow against your vehicle’s equity, so there are no credit checks and no guarantor required. All you have to do is speak to one of our advisors for a quick service that’s free from hidden charges or fees.

Why borrow against your car?

If you don’t have good credit, you may struggle to find a loan company who is willing to take the risk of lending to you. However, if you can put something up as security, then this helps reduce the risk.

At, we allow you to borrow against the equity in your car, while still allowing you to freely use your vehicle while you’re making repayments, meaning even if you have bad credit, we can help you out.

What’s the process for getting a loan?

The process of getting a loan couldn’t be simpler:

  • Fill in the online form with your registration number, mileage and some other details, or contact us on0333 577 5000 if you prefer
  • We’ll give you a quote for your loan based on your details and affordability checks
  • We’ll send out an agent to check your car and the paperwork – don’t worry, we don’t take your logbook or a spare key
  • We process your loan and put the money in your account – usually within an hour of the agent visiting you

That’s all it takes. Once the money is in your account, you are free to use it as you wish, and you still have ownership of the car to drive to work, do the school run, etc. meaning you aren’t stuck without a vehicle.

Is this the same as a logbook loan?

Logbook loans are secured against your car or another vehicle, and when you take them out, you have to hand over the logbook and spare keys. If you fall behind with repayments or stop paying entirely, then your car may be seized and sold without a court order being needed.

At, you can take out a loan against the equity in your car, up to 70% of its trade value. When you take out the loan, we take ownership of your vehicle in name, but you’re still free to use the car and don’t need to hand over your logbook or key.

Once the loan is paid back, ownership is simply transferred back to you. Furthermore, you will not be penalised if you settle the loan early.

Do you carry out a credit check?

Loans from are made against your vehicle’s equity, so no credit check is needed. This can have a number of advantages:

  • People with poor credit such as missed payments can still borrow when they need it
  • Those with no credit history who may have been turned down before can be considered
  • There’s no record of this loan on your credit file, so you don’t have to worry about it impacting future applications
  • Those who may find it hard to be considered for credit such as the self-employed, people who claim benefits and part-time workers can still apply
  • You don’t need to worry about doing lots of paperwork or dealing with a long application process

Credit checks aren’t always the best way to find out if someone is suitable for a loan. There can be many reasons why people have bad credit, from not being on the electoral roll to being financially linked to someone with poor credit, so borrowing against your car’s equity can be a good alternative in these situations.

Always be sure to look at all your options before applying for a credit check. You can worsen your credit score by applying and being rejected due to a ‘footprint.’

How much can I borrow against my car?

The amount you can borrow from will depend on your vehicle’s trade value. We use valuation experts CAP to get an independent and accurate price for your car, so you can be sure you’re being quoted a fair price. You’re then allowed to release up to 70% of the equity in your car.

We allow you to borrow against all makes and models of car, as long as their value is over £1,500. Whether it’s a hatchback or a prestige model, as long as it meets our criteria, you can borrow against it. even offer a premium service for classic, supercar and other high-end models. Take a look at the vehicle types and models we accept before applying.

Can I borrow against a financed car?

If you’re still paying off finance on your car, we may be able to offer you a loan. It’ll depend on how much equity you’ve built in your car i.e. the car’s value minus the outstanding balance. However, it’s important to note that you’ll still be making your car payments in addition to the loan repayments, so you need to ensure this will be affordable and will need to pass our affordability checks.

How much interest will I pay?

The rate of interest that you pay on loans against your car will depend on a number of factors, and it’ll be calculated when you make your initial enquiries with us. When you take out a loan with, we’ll ensure you know how much your monthly payments will be and how much you’ll pay overall, so you can make an informed decision. offer flexible loans, so if you are able to pay back your loan early, then you can save yourself interest. We also don’t charge you a penalty fee for paying back your loan at any time. Compare this to high street banks or other traditional lenders, who’ll often charge you all the interest payable if you want to pay a loan early, and even charge you a hefty fee for it.

Can I borrow against a car in poor condition?

The amount of loan we can offer you is based on the value of your car, so if it’s in very poor condition, it may not meet our minimum value of £1,500. We’ll usually take your car’s condition into account when we calculate how much we can lend you.

If you’re unsure whether your car is eligible, simply give us a call on 0333 577 5000 and we’ll be able to talk you through the process.

Can I still use my car while repaying the loan?

When you take out credit through, you transfer the ownership to us, but the car is still able to be used as usual while you’re repaying the loan. We understand that you still need to get to work, drive the kids around and live your life, so you keep hold of the logbook, spare keys and everything else even while the loan is still active.

Can I sell my car after I’ve taken out a loan?

Part of taking out your loan with involves transferring ownership to us, which means that although you can use the car as you wish, you can’t sell it until after the last repayment has been made and we’ve transferred ownership back to you.

Selling your vehicle while the loan is still active could lead to legal issues, and the car can be seized from the new owners, who may then try to get their money back, so it’s important not to get into this situation as things can get complicated.

If you’re looking to extend your loan or need flexibility due to financial difficulties, then depending on your circumstances, we may be able to help. Simply call us on 0333 577 5000 and we’ll be happy to discuss your options.

What happens if my car breaks down or needs repairs?

While you’re repaying the loan, you no longer have ownership of the car, but you still use it day to day as always. This means you still need to pay your insurance, vehicle tax and maintenance costs throughout the length of your loan, and it’s important that you keep up with these costs to keep your vehicle legal and roadworthy.

If you have bad credit and need a loan fast, then can help you release your vehicle’s equity, giving you access to a loan for home maintenance, paying off debt or emergencies. It couldn’t be simpler to get a loan with us, and we don’t carry out credit checks, so there’s no impact on your credit rating. Simply fill in the form above to get a quick and easy quote today or call us on 0333 577 5000.