Your FAQs Answered
Getting a V5 loan is straightforward, but we know there are a number of questions you might like answered. We’ve compiled a list of some of the more frequently asked questions we receive concerning Wyboston logbook loans.
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 documents should I supply to proceed?
Loan enquiries are not complicated, and most can be completed in just a few minutes. After providing some basic information about yourself, you should be prepared to provide copies of your photo ID, V5 documents, current MOT, most recent utility bill (must be in your name), proof of car insurance, and proof of income, which may be a copy of your bank statement or several payslips.
What makes Wyboston Logbook Loans a good idea?
There are numerous benefits to taking out a loan against your vehicle, but perhaps the main benefit that attracts many Bedfordshire applicants is that people with less than perfect credit scores can still be eligible to borrow money as their vehicle is used as security. So if you can afford the repayments and need to borrow some quick money then Wyboston v5 loans can be a great idea. Get in touch to find out more.
Can unemployed Wyboston residents still qualify for a Logbook Loan?
If you are unemployed and you have had a previous loan application declined, a loan against your vehicle could well be an option. Bedfordshire V5 lenders may be more tolerant to people with poor credit score and to those who are unemployed. To obtain a loan, you simply need to own a car and provide proof of your ability to repay the loan. The situations of different loan applicants will always vary, therefore it’s best to get in touch directly with the lender when enquiring about a loan.
My credit score is poor, can I still get a loan?
Even if you have a bad credit rating you may still find you qualify for a V5 loan in Wyboston. Your vehicle is used as security so the loan is deemed lower risk when compared to other forms of lending. Though you will still be credit checked, it is often the case that loans are approved despite a poor credit history, which is why these loans prove so popular throughout Bedfordshire.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Wyboston 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. Wyboston 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.
Is it my responsibility to maintain the car?
When you get a loan, your lender provides you with funding based on the value of your car. Your car becomes collateral that the lender can possess to recoup its losses in the event that you default on loan. Because of this, it is your responsibility to continuously carry insurance on that car, to have it serviced, and to have regular MOT checks. All of these things help to maintain your car’s value, which is important to the lender. If something should have a significant impact on your car’s value, you should always report this to your lender as soon as possible.
Do Logbook Loans show on a HPI check?
Yes. It is a requirement for all Bedfordshire lenders to register each and every loan via companies such as HPI. In the unlikely event that you discover your new car to have a loan attached to it that didn’t show up on a HPI check then you will be eligible for up to £30,000 reimbursement in accordance with the HPI guarantee.
What is the repayment duration?
Your loan can be arranged with either a 12, 18 or 36 month duration and since there are no penalties for early repayment you can save money on interest payments by settling the account early.
If you still have any unanswered questions regarding borrowing against your vehicle then simply get in touch direct using the form you can see above. An advisor will call to discuss your requirements and answer any queries you have.