The number of borrowers securing loans against their vehicles could hit 60,000 this year, a debt charity has warned. So-called’ logbook loans’ are an expensive and risky way to borrow. Interest can be around 400% APR or higher, and while you’re paying off the loan, the lender effectively owns your car. For example, if you borrowed £1,500 and paid off £55 a week for 78 weeks – a typical term for this kind of loans – you’d pay back more than £4,250. And if you failed to keep up with your repayments, you could lose your car. Crucially, you don’t have to have used a logbook loan to be affected. If you bought your car without realising it had been used previously to secure a loan, it could be seized from under you.