Logbook loan which is also known as loan against car is a simple and easy way to arrange short-term secured financing against the borrower's vehicle. In Logbook Loans, a borrower has to submit his or... her vehicle's document (vehicles logbook or V5 document) to the lender as security against the loan amount. The documents will be retained by the lender by the time the complete payment will not be done from borrowers end. However, you're allowed to keep and drive the car in the meantime.