Your Questions Answered
Though applying for your Inkpen 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.
How exactly do Berkshire 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 do I need to provide?
Enquiring about a loan is easy and only takes a few minutes of your time. You’ll need to provide some personal information along with a copy of your photo ID, your logbook (or V5 documents) most recent MOT, proof of car insurance, proof of Berkshire residency, and proof of income. These things will all help lenders verify your identity and ownership, and it will also help lenders decide what type of loan you can qualify for.
What makes Inkpen 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 Berkshire 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 Inkpen v5 loans can be a great idea. Get in touch to find out more.
I’m unemployed... can I get a Logbook Loan?
One requirement of taking out Inkpen V5 Loans is that you can prove to the lender that you can afford the repayments. It’s part of a responsible lending approach that helps ensure you do not default on any loan payments. Therefore if you’re in Berkshire and unemployed, but can still prove you can afford the repayments then you may be eligible for a loan.
I have a poor credit score... can I get a loan?
Quite possibly yes! In fact Berkshire lenders could be more accepting of those with less than desirable credit scores as your car’s V5 document is retained as security making it a lower risk loan for the lender. It’s important to realise that all Inkpen applicants are still credit checked, but may find this type of loan more accepting than others.
What happens if I can’t prove my current income?
Berkshire 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 Inkpen 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.
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.
Do Logbook Loans show up on HPI checks?
Yes, a loan taken out against the vehicle should on a HPI check as a bill of sale agreement. A HPI check is a vehicle history check service which is provided by HPI company in the UK. A HPI check normally produces a report which provides information about the history of the vehicle, mainly if it’s written off, has outstanding finances, is clocked or stolen, among other things. In case a loan taken against the car doesn’t show up on the HPI Check, and you happen to buy the car, then you’re protected by the HPI guarantee. You will be offered a financial reimbursement of up to £30,000.
How long do I have to repay?
Your loan repayments can be arranged over 12, 18 or even 36 months. There are no penalties if you wish to settle the account sooner, in fact it is encouraged as interest is charged monthly so you can save yourself money by paying your loan off sooner.
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.