Similar to other loans, you can experience problems if you fail to make your repayments. This issue is slightly more complicated for logbook loans as you have given your vehicle as collateral against the money you have borrowed. What this means is that whilst you can still drive the car during the loan period, the lender is effectively the owner of the car. Whilst nothing will change if you continue to make your repayments, if you fail, the company can take your vehicle away. Once the loan is repaid, you retain ownership of the vehicle.