Car Cash Point

Car Cash Point, a British logbook loans lender

Car Cash Point Ltd is a direct lender based in London that presents itself as a specialist in logbook loans, loans secured against a vehicle. The company describes itself as a responsible lender authorised and regulated by the Financial Conduct Authority (FCA) with registration number 670218 for consumer credit activity, and states that it is a member of the Consumer Credit Trade Association, complying with its code of practice.

Its business is aimed at people who need short-term finance and are looking for an alternative to traditional credit channels. The company claims to have helped thousands of customers release cash from their vehicle and presents itself as an ethical and transparent option within the sector.

What a logbook loan is and how it is arranged

A logbook loan is a loan secured against a vehicle. The owner must present the logbook (V5 document) to prove that they are the registered keeper. The loan is secured by a bill of sale and the customer signs a consumer credit agreement. While the loan is active, the borrower can continue to use the vehicle, but is responsible for keeping it insured, taxed and in good condition.

According to the company, this type of loan can only be provided by FCA-regulated entities. The applicant must live in England, Wales or Northern Ireland and be the legal owner of the vehicle, which must be taxed, fully comprehensively insured and free — or almost free — of outstanding finance.

Amounts, terms and payment conditions

Car Cash Point offers logbook loans from £500 to £100,000, depending on the value of the vehicle and the applicant's ability to repay. Terms start at one year and go up to a maximum of five years, with the option of weekly or monthly payments. The company states that the borrower can choose the term that best suits their circumstances.

Interest is applied under the model the company calls "Pay As You Go": interest is only paid for the time the loan is outstanding. Early settlement carries no penalty or fees, and overpayments are allowed to reduce the interest. The representative example published by the company states that, for a loan of £1,000 over 36 months at a flat rate of 96% per annum and a representative APR of 230.70%, 156 weekly payments of £24.87 are made, with a total charge for credit of £2,880.

Vehicles and assets accepted

The company accepts cars, vans and motorbikes as security. It also presents itself as a lender specialising in prestige and classic vehicles, boats, yachts, motorhomes and aircraft. In the prestige and vintage vehicle segment, it offers amounts from £5,000 to £100,000 and states that it lends against brands such as Ferrari, Lamborghini, Aston Martin, Bentley, Rolls Royce, Maserati, Porsche, Mercedes and BMW, as well as classic cars.

Application and payout process

The process begins with a free phone call or via the online application form. The company takes calls Monday to Friday from 9:00 to 17:30. After receiving the application, a member of the team contacts the applicant to review the details and check that they can afford the repayments. The customer is then directed to the offices or a specialist representative is sent to inspect the vehicle and complete the paperwork; this visit may incur a charge. Once the application is completed, the customer can receive the cash the same day. The company states that it can complete transactions in England, Wales and Northern Ireland within one hour.

Car Cash Point notes that it carries out affordability and credit checks before approving any loan, in accordance with UK regulations and its status as a responsible lender.

Switch and Save and Best Rate Promise

The company offers a programme to transfer a logbook loan taken out with another lender. Under the name "Switch and Save", it states that it reduces the overall loan repayments by up to 25%, applies a 10% reduction and grants a bonus of up to £100. The switch is handled, according to the company, within 24 hours through a specialist.

It also maintains a "Best Rate Promise": if the customer finds a lower price with another provider, Car Cash Point beats that offer by 10%. This guarantee is subject to the presentation of a written quote on a competitor company's letterhead.

Awards and regulatory framework

The company states that it has won the "Best Customer Focus" award at the UK Best Business Awards. It insists on its commitment to ethical and responsible lending, and to applying the principle of treating all customers fairly. Its consumer credit activity is authorised and regulated by the Financial Conduct Authority under number 670218.

The company warns that the loan is secured against the vehicle, which may be at risk if payments are not met, and that late repayments can cause serious money problems.

Location and contact

Car Cash Point Ltd, Suite 3b Lyttelton House, 2 Lyttelton Road, London N2 0EF · Phone: 0800 774 7740