With a logbook loan from Varooma, you’ll temporarily transfer ownership of your car to Varooma, but you’ll still be able to drive around in it. Having that security means that Varooma can be more flexible than say, a high-street bank, about who it lends to.
Apply for a loan from Varooma
Logbook loans from £500 to £50,000.
Borrow up to 70% of the trade value of your car.
Money in your bank account even within 1 hour of approval.
Representative example: Borrow £1000.00 over 12 months at a rate of 75% p.a. (fixed). Representative APR 209.42% and total payable £1749.96 in monthly repayments of £145.83.
Only consider a Varooma loan if you’re confident you’ll be able to meet the repayment schedule. You’ll also need to meet the following criteria in order for your application to be assessed:
18 or over
You must have a UK bank account. You need to show that you receive regular income. Your vehicle must be clear or almost clear of finance. Your vehicle must be insured and taxed with a valid MOT certificate. The V5 must be in your name.
How do I apply?
Crucially, you’ll need to prove that you’re the owner of the vehicle you’re putting up as collateral for the loan. That means having the V5 form in your name, plus photo ID to prove you’re who you say you are! The application process can be fully online, but getting a decision will usually require a phone call or a face-to-face chat with an adviser.
Following approval, the funds can be transferred the same day, potentially within one hour.
Frequently asked questions
Yes, Varooma states that it will consider any credit rating as long as you own the vehicle and can prove that you are able to repay your loan.
You need to be able to show that you receive regular income. Varooma says that it will consider applications from applicants in full-time or part-time employment, or retired.
Varooma considers applications from self-employed individuals.
Yes, you can repay your loan early free of charge. Doing so could save you money in interest.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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