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First-Class Logbook Loans in Penmon

Enquire Online Today! - 05 Oct 2022

logbook loans Penmon

Logbook Loans Penmon

Release cash from your car with Penmon logbook loans

Penmon logbook loan quotes

By lending against your vehicle you could unlock anything from £400 to £50,000 whilst still driving your car. It’s often the case that loans are arranged and completed in under a day assuming the vehicle in question is finance-free.

Now one of the most popular loan types available, Penmon Logbook Loans let you bypass the usual credit checks and annoying hoops to jump through. Been declined a loan elsewhere? You could be eligible to borrow the funds you’ve been looking for.

The money borrowed can be spent on anything you like too... Logbook Loans offer utter flexibility and the freedom to do what you like such as pay off other loans or go on a holiday with the money.

Risk-free quotes: Get a free no-obligation quote to see just how much you could release from the value of your car without having to commit.

Poor credit? If you’ve been refused a loan elsewhere due to bad credit ratings then try a Logbook Loan which can be far more accepting.

Carry on driving: Borrow the agreed amount and also keep your car keys to stay mobile throughout the loan period!

Apply in seconds: It won’t take more than a minute to complete our online quote application form to get your free Penmon Logbook Loan quote.

Loans for any purpose: Your new loan amount is yours to spend however you like, whether it’s to pay off some other bills or to go on holiday!

Flexible loan durations: Your loans can be tailored to suit your own individual needs, speak to a specialist to see what can be arranged for you.

Thankfully it’s a simple process applying for Penmon Logbook Loans, all we need is some basic information about you and your car which you submit via our short online form, finally you will be contacted by a Logbook Loan specialist who can provide you with a free quote and further information.

With completely free quotes why not discover how much Penmon Logbook Loans could allow you to loan?

logbook loans for older cars

Do Older Cars Qualify For Logbook Loans?

Yes! Well with us they do... though that’s not always the case with other Penmon V5 lenders. Many other Anglesey companies will limit the age of an eligible vehicle to just 8 years whereas our lenders base the loans on the value of your car, so age isn’t as important. That means if you drive an older car then you could still borrow against it, and with loan amounts of £400 up to £50,000 there is every chance your vehicle will qualify. Enter your registration to find out today.

loans against classic, vintage and prestige cars in Penmon

Borrowing Against Vintage, Classic & Vintage Vehicles

If you live in Penmon and are looking to borrow against your classic or vintage car then you could still qualify. All makes and models are considered based up on the value of the car itself, so if you own a prestigious car such as a Ferrari, Aston Martin, Rolls-Royce or a classic or vintage car then you will still be considered. FInd out how much you could borrow today.

no credit check Penmon logbook loans

No Credit Check Logbook Loans?

It’s actually a misconception that you can get a loan against your car without having your credit history checked. In actual fact all applicants undergo credit checks. The fact that your car is used as security however often makes this type of loan more attainable than others so they can be popular with people who have less than perfect credit scores. You may find this type of loan an ideal solution if you have been refused a more traditional loan.

loans for self employed in Anglesey

Are the Self-Employed Eligible to Borrow?

If you’re in Penmon and self-employed then you probably already know how difficult it can be to get a loan of any sort as most Anglesey lenders want to see regular guaranteed income to cover payments. Using your vehicle as security means you might still be eligible for a loan as it reduced the risk to a lender. It’s important to remember though that as part of responsible lending you still need to prove to the lender that you can cover the payments.

Penmon business v5 loans

Logbook Loans and Businesses

A small Penmon business or sole proprietor can enquire for a logbook loan using a company car, but the car being used as security must be registered in the name of the enquirer. Sometimes, lenders may be able to provide loans using vehicles registered in the company name, but the name of the applicant must match the name of the company. For more information, be sure to ask your lender about their requirements.

Example Lending Figures Up To £50,000

You can see a table below showing some typical borrowing examples available based on a loan of 80% of your current vehicle value. With lending amounts from a minimum of £400 up to £50,000 most lending requirements are covered by a V5 loan:

Value of Car % Loan Loan Total
£500 80% £400
£1000 80% £800
£1500 80% £1200
£2000 80% £1600
£5000 80% £4000
£10000 80% £8000
£20000 80% £16000

Calculate Your Loan Amount

View the total loan amount you could be eligible for, up to a maximum 80% by using the sliders you can see below:

7000
80%

£5600

Your Questions Answered

Though applying for your Penmon logbook loan is a straightforward procedure, we’re sure that you have a number of questions regarding the process so have compiled a series of answers below to the more common queries.

So how does a Logbook Loan work?

A loan against your car, or V5 loan is a very straightforward way to lend money, especially for Anglesey residents who have had more traditional loan applications refused. Quite simply, you use your car’s V5 document as security to lend money against the value of your car. Anything up to 80% of the current market value can be borrowed, and repayments can be spread over 12, 18 or 36 months. What’s more, you can continue to drive your vehicle throughout the loan period, and upon completion your V5 document is returned.

What will I need to apply?

You’ll need to provide several forms of documentation before you can successfully enquire about a loan. Of course, the most important of these are your valid photo identification and your V5 documents, or logbook, as these will prove that you are the rightful owner of the car you want to use as security. You should also bring a current MOT, proof of insurance, and a copy of your most recent utility bill (in your name) to prove your Anglesey residency, along with payslips or bank statements that show your income.

Are Anglesey V5 Logbook Loans a good idea?

If you’ve a bad credit history, and you’re unable to obtain a loan via the more conventional means, like a bank, you should consider enquiring about a loan against your car. Although they still require credit checks, Penmon residents with bad credit history can apply and might still be eligible for a loan. As a matter of fact, your loan application is normally considered approved provided you’re eligible, and you meet the few loan requirements. You can actually get approved very quickly, and at times even get money on the same day.

Can I qualify for Anglesey car logbook loans if I am unemployed?

If you live in Anglesey, are unemployed and are looking for a way to secure a personal loan, then you might be eligible to borrow against your car. As long as you own a car that’s registered in your name then you could qualify. However, it’s important to note that all Penmon applicants have different situations, so it’s advisable to get in touch with the logbook lender. Also, as part of responsible lending, the loan applicant has to be able to prove that they can afford to make the loan repayments to avoid extra charges, late repayments and possible repossession of their vehicle.

Does my poor credit score affect my Penmon loan application?

A poor credit score normally means refusal for any other type of Anglesey loan, however when looking at these type of loans you may find that it is easier to be accepted even with bad credit history. Using your car as security for the loan means the lender is facing less risk and so they are more likely to lend against your vehicle. You will still undergo a credit check, but the outcome will not always mean refusal. Apply online today to find out!

What happens if I can’t prove my current income?

Anglesey V5 lenders need to see proof that you can afford the monthly payments so you don’t risk going into arrears or even risk losing your vehicle. Being responsible lenders means only lending to Penmon applicants that have the means to prove that they could afford to pay it back. If you think you might have trouble proving your income, then please get in touch to discuss the lending options that might be available to you.

Who is responsible for car maintenance?

Most logbook lenders will ask that you maintain your car so that the value remains the same (or close to the same) throughout the duration of the loan period. This maintenance includes regular servicing, MOT checks, and automobile insurance, among other things. You will need to notify your lender if anything reduces the value of your car significantly, including damage or mechanical problems. However, your lender will expect some additional mileage and the usual wear and tear throughout the loan term.

Will a HPI check show a Loan?

Any loans taken out against the car are normally recorded on a database which is known as the HPI Index where anybody can check for the vehicle’s history prior to purchasing it. When you do a HPI check, you will get to know the vehicle’s true financial history. The HPI check report will also show you the vehicle’s history including; whether the logbook is legitimate, insurance write-off, previous number of owners, previous number plate changes, potential mileage discrepancies, and more.

What are the repayment terms for the loan?

Borrowers generally get the option of tailoring their repayment plans according to their budget and needs. The standard repayment terms starts from 12 months to 36 months with an option of 18 months if needed. The interest is usually charged on a monthly basis, but if you repay the loan early, you will not incur any extra charges.

To find answers to any further queries you may have then simply get in touch today using the short form you can see above. You’ll be contacted by an advisor who can answer any questions you have to see if a V5 loan is for you.