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The Law Commission has this week published the findings of their consultation into Bills of Sale, more commonly known as ‘Logbook loans’ in the retail motor industry.
The number of so-called logbook loans, which allow owners to borrow money using their car as collateral, has soared over the past decade. There will now be more protection for consumers and businesses by new goods mortgages that give more protection, as the vehicles will be properly registered on the credit agencies databases.
Logbook loans have long been an issue for dealers as these types of loans do not have to be recorded on the vehicle date registrations. This means that vehicles can be easily sold by a dealer without the clear title – which means the vehicle could be repossessed from a new buyer.
The announcement means that in the future, all vehicles with a log book loan will have to be recorded on the vehicle register.