V5 Car Loan FAQs
There are a number of questions we receive regarding Rhosneigr logbook loans,so for your convenience we have compiled a list of answers to the more frequently asked questions we receive on a daily basis.
How do Rhosneigr Logbook Loans work?
The way Anglesey loans against cars work is you use your car as security for getting a loan. The only thing you need to hand over is the logbook (also known as V5 document) of your vehicle. The logbook is held by the lender as collateral, and you get to keep and use your vehicle throughout the agreement. The document is then returned to you when you finish repaying the loan. Loans are available throughout Anglesey and are increasing in popularity with those with bad credit.
What exactly will I need to apply?
You will need your logbook, current MOT, driver’s license or other photo ID, proof of income (bank statements or payslips), proof of insurance, and proof of Anglesey residency (such as a utility bill) to successfully enquire about a loan. Although all lenders have different guidelines when it comes to approvals and some may ask you to provide additional documents, these are universal for the prevention of theft and the reduction of risk.
Are Rhosneigr Logbook Loans a good idea for me?
If your circumstances mean that you have been refused a loan elsewhere then applying for this type of loan could help you lend the money you need. By using your car as security, V5 loans are more accessible to Anglesey residents who have less-than-perfect credit scores, or simply need to release some quick money from the value of their car. If you own your car and can afford the repayments then a V5 loan can be a good idea.
Can I still get a V5 Loan even if i’m unemployed?
Yes, Anglesey residents could still get a loan although you will still need to be able to prove that you can afford the repayments every month to avoid losing your vehicle. Responsible lending approaches mean the lender needs to be satisfied that you aren’t going to risk gong into arrears. To find out whether you can make a successful Rhosneigr loan application, simply enquire online using the form on this page.
What about Anglesey residents with poor credit scores?
If you have a poor credit score and you need to borrow, a loan secured against your vehicle might well be a solution. The logbook loan procedure is usually very straightforward, and you can often get the money on the same day. Although you will still have to undergo a credit check, due to the security of your car as collateral you may find it easier to be accepted. When taking out the loan against your vehicle, your Anglesey loan lender will need you to hand over the vehicle’s V5 document or logbook, alongside some other requirements like Rhosneigr billing address, proof of identification, MOT certificate and proof of income.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Rhosneigr applicants who can prove that they can afford the monthly repayments. It’s a way of trying to avoid accounts entering into arrears and even the repossession of a vehicle. Rhosneigr v5 logbook loans are only offered to those who can prove that they can make the repayments, so if you have trouble doing so it’s best to get in touch to discuss the best option for your lending needs.
Who should maintain the car during the loan?
When you enquire about a loan, you will be asked to provide proof of insurance. Throughout the duration of the loan, it will be your duty to keep that insurance paid and up-to-date. All maintenance falls on you, the owner of the car. Remember that you will have access to your car throughout the loan period, so MOT testing and servicing will continue to be your responsibility. Although some general wear and tear during the loan period is to be expected, the car should be maintained to roughly the same value as the agreed-upon loan. If changes that significantly reduce this value should occur, it is important for you to notify the loan company right away.
Do V5 Loans show up on HPI checks?
V5 loans should show up on any HPI checks, and are displayed as a Bill of Sale agreement. However, this isn’t always the case. In case you conduct the HPI check, and follow the purchasing guideline, then you’ll be protected by the HPI guarantee in case it turns out that there’s a V5 loan against the vehicle.
How long are the repayment terms?
The length of repayment available for car v5 loans includes; 12 months, 18 months and 36 months. These repayment terms offer you adequate time so that you can make budget friendly repayments every month. The interest is charged on a monthly basis and you will not incur extra charges by paying off the loan early. In fact, it’s better to repay in advance, since by doing so, you will end up repaying much less overall in terms of monthly loan interest.
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.