FAQs
If you have any questions regarding any element of Stotfold V5 loans then please get in touch via the form above. We’ve also compiled a list of frequently asked questions which should help answer any queries you may have.
How exactly do Bedfordshire Logbook Loans work?
A loan using your V5 document is a loan that’s secured on your car, so the lender owns your car until you repay the loan. When taking out a loan of this type, you’ll be asked by the lender to hand over the car’s V5 registration document or logbook. You can keep using your car as you repay the loan. You won’t get the logbook back until you have cleared the debt. If you default on the loan payments, your car can be seized by the lender.
What ID and documents do I need?
Providing logbook lenders with proof of Bedfordshire residency, income, car ownership, and identity is vital when you enquire for a loan. It only takes a few minutes, and you can do all of this with a handful of documents. Your photo ID, logbook (or V5 document), current MOT, proof of insurance, a utility bill, and a bank statement or copies of payslips will suffice. Bear in mind that some lenders may ask for additional information for verification purposes, too.
Why might a Logbook Loan be a good idea?
If you live in Stotfold, have bad credit history, have been refused a loan elsewhere or simply need some fast money to spend on whatever you like then getting a loan against your V5 document can be a good idea. Using your car as security makes this type of loan more accessible to Bedfordshire residents with poor credit scores which is why they are so popular nowadays. So long as you can afford the repayments then they could be the answer to your lending needs.
Can I get a Logbook Loan if I am unemployed?
If you have tried to apply for Bedfordshire personal loans at the mainstream sources like banks, and you have been refused you should consider applying with a logbook lender. Even if you are unemployed, you will still be considered. Stotfold Logbook lenders are interested in your current ability to repay the loan, which means even if you have a bad credit history and you are not employed, you might still qualify. You simply need to prove that you can afford the repayments so as to avoid extra charges, delays, and the possible repossession of your car.
I’ve got a poor credit score... does that matter?
If you’ve got a bad credit profile and you are looking for Stotfold loans, you may be able to borrow by using your V5 document as security. Such loans work on the idea that if you have a car, you can use it as collateral to obtain a loan. Because of this, Bedfordshire residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Bedfordshire loan lenders. Moreover, the loan application process is simple, the necessary requirements are straightforward, and you can often get access to your money on the same day.
I have no income proof, is that a problem?
In order to qualify for your Stotfold car logbook loan, you need to prove you will be able to make the loan repayments as stipulated. Being self employed or unemployed might not stop you from getting approved, as long as the loan lender can see that you’ve the ability to cover your logbook loan payments. However, you should fill in the above form to hear from an advisor about the available loan options for you.
During the loan, who maintains the car?
A v5 loan is a type of secured loan that is provided to you based on the value of your car. Because you are able to maintain possession of the car throughout the loan duration, it is also your responsibility to maintain it. Maintenance includes continuous insurance coverage, regular servicing, and MOT checks as required. Although your lender is aware that some additional mileage and wear and tear is possible, anything above and beyond normal depreciation should be reported to your lender immediately.
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.
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.
Those were a selection of the most popular FAQs we receive regarding borrowing against your car. Hopefully they have answered any questions you had, however if you would like to find out more then simply get in touch with an advisor by completing the simple from on this page.
