Even if the vehicle has existing finance against it, you might still be able to get a logbook loan, but generally only if your existing loan agreement is coming to an end and the outstanding amount is low (and you'll need to get permission from your existing lender first). Regarding this, can you get a logbook loan on a financed car?
Even if the vehicle has existing finance against it, you might still be able to get a logbook loan, but generally only if your existing loan agreement is coming to an end and the outstanding amount is low (and you'll need to get permission from your existing lender first).
Also, can I get a logbook loan with bad credit? There are no credit checks carried out for log book loans so they are often used by people with a poor credit history. Since this type of loan is considered to be high-risk for the lender, it is very expensive.
Similarly, you may ask, can you give a car back that is on finance?
If you can't afford your car payments, you can give the car back to your car loan lender. But think carefully before you do this—you might still owe the lender money. Carefully weigh your options, and the pros and cons of each, before you take action.
Do logbook loans appear on credit file?
A logbook loan is suitable for anyone, whether they have bad credit or an impeccable credit score. It will not affect your credit rating as the loan is secured against the vehicle.
Related Question Answers
How does a loan against my car work?
A car title loan is a small secured loan that uses your car as collateral. Car title loans tend to range from $100 to $5,500 — an amount typically equal to 25% to 50% of the car's value. The loan term is short — usually just 15 or 30 days. You get your title back once you pay off the loan. Do Cash Converters do log book loans?
Cash Converters do not provide logbook loans. Our lenders can, however, compare logbook loan rates across the market to help you find the most competitive quote. How do I get out of a car loan I can't afford?
What to Do if You Can't Afford Your Car Loan Payments - Consider Selling the Car. Getting rid of your mode of transportation isn't ideal, but if you can't stick to your repayment schedule, you may lose the vehicle anyway.
- Negotiate With Your Lender.
- Refinance Your Auto Loan.
- Voluntarily Surrender the Vehicle.
Can I go to jail for hiding my car from repo man?
You can go to jail for contempt of court (it's rare and difficult, but it's possible), and you really don't want that to happen. Otherwise, the general rule is that it is not illegal to “hide” your vehicle from the repo man. Is a voluntary surrender better than a repo?
Because a voluntary surrender means you worked with the lender to resolve the debt, future lenders may view it a little more favorably than a repossession when they review your credit history. However, the difference will likely be minimal in terms of your credit scores. What happens if you can no longer afford your car finance?
This is known as voluntary termination. If you've yet to pay off 50% of the loan then you'll have to make up the difference if you want to hand the car back. If you used a bank loan or credit card to buy your car and can't afford the repayments, then you'll likely have to sell the car to cover the money you owe. What happens if I don't want my financed car anymore?
If you simply can't afford your car payments any longer, you could ask the dealer to agree to voluntary repossession. In this scenario, you tell the lender you can no longer make payments ask them to take the car back. You hand over the keys and you may also have to hand over money to make up the value of the loan. Why did my credit score drop when I paid off my car?
Other factors that credit-scoring formulas take into account could also be responsible for a drop: The average age of all your open accounts. If you paid off a car loan, mortgage or other loan and closed it out, that could reduce your age of accounts. Can I sell my financed car back to the dealership?
You can trade in your car to a dealership even if you have finance owing on the vehicle. You also have the option to sell privately with an outstanding car loan (as we will explain in more detail further down). However, a major risk is ending up financially worse off with a bigger loan and higher interest payments. What happens if you give back a financed car?
When you voluntarily surrender your vehicle, the lender will sell the car to recover as much of the money owed as possible. If the car is sold for less than the amount you owe on the loan, you will still be responsible for paying the remaining amount—the deficiency balance. What to do when your car dies and you still owe money on it?
Your best bet is roll your car into a new loan. A dealer will take it on trade for what you owe and just add that onto the new car. Keep in mind the dealer will need to find a vehicle with high enough book value and enough discounts to make this happen so you might not be able to get the car you want. 
