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Effortless Logbook Loans in Newbury

Enquire Online Today! - 14 Jul 2020

logbook loans Newbury

Logbook Loans Newbury

Need fast convenient cash? Newbury logbook loans are the answer

Newbury logbook loan quotes

If you want to borrow money whilst remaining mobile then read on... you can lend up to £50,000 whilst still driving your car! You could even receive the loan amount in less than a day assuming no finance is in place on your vehicle.

One of the fastest growing and most popular types of loan, Newbury Logbook Loans bypass the usual credit checks and obstacles that other loans require. Choosing to lend against your logbook could be the ideal solution particularly if you have been refused a loan elswhere.

Your borrowed funds can be used for any purpose too... with a Logbook Loan you get complete freedom to do what you like with the money, so why not clear some debts or even go on a holiday?

No obligation necessary: You don’t have to commit to a loan, so why not apply online to see how much you could be borrowing with a Logbook Loan?

Poor credit? You can still qualify for a loan if your credit history isn’t perfect as V5 loans are one of the most accessible types of loan.

Keep your keys: You can stay mobile by keeping on driving your car whilst benefitting from the amount borrowed.

60sec application: To apply online for your Newbury Logbook Loan quote takes less than a minute using our easy application form.

Any reason loans: Need a no-questions asked loan that you can spend however you like? A logbook loan gives you complete control over your money.

Flexible loans: Loans that suit both your needs and budget can be arranged. Simply speak to the specialist to find out the very best deal for you.

It’s simple to apply for Newbury Logbook Loans as well, the application form you can see on this page is all you need to complete with a few details (no more than 60secs), a short time after you apply you will be contacted direct to discuss your lending needs further.

With free no-risk quotes available in minutes, why not discover just how much Newbury Logbook Loans could allow you to lend?

logbook loans for older cars

Older Cars Are Eligible Too

Loans against logbooks aren’t just for newer cars. Though some Newbury lenders only let you borrow against cars under 8 years old, the Berkshire lenders on our network look at the value of your car and so consider older cars for a loan too. The simple way to determine if your car qualifies for a V5 loan is to simply complete the form you can see further up the page choosing your vehicle make, model and year from the menu.

loans against classic, vintage and prestige cars in Newbury

Prestige, Vintage & Classic Vehicles

Any proud Newbury owners of either a classic, prestige or vintage car can be eligible to take out a loan too. As each and every loan is based around the current value of your vehicle then high-end vehicles such as Rolls-Royce, Bentley, Aston Martin or classic cars such as Mercedes, Morgan can qualify as they are still desirable in the current market. The application to borrow against a more prestigious car is exactly the same.

no credit check Newbury logbook loans

No Credit Check Logbook Loans?

Sadly not true. In fact all applicants are credit checked when applying. It’s a popular misconception that everyone is eligible, however don’t let that put you off from enquiring... as a vehicle is used as collateral against the loan amount you may find that this type of loan is more attainable than others. So if you’ve had a loan application denied before then this could be the perfect solution to your borrowing needs.

loans for self employed in Berkshire

Self Employed - Been Refused a Loan?

It has never been easy to get a loan for anyone that works for themselves in Newbury as most Berkshire lenders need to be sure that any income is consistent. Logbook lenders however may be more sympathetic to self-employment as your vehicle is used as collateral against the loan amount which equals far less risk to them. In order to lend responsibly, the lender will still need to be sure that you can make the repayments every month.

Newbury business v5 loans

What About Companies?

Newbury business logbook loans aren’t as popular as personal loans, but some lenders can and will provide them under certain circumstances. To protect their interests and reduce risk, these lenders will require the car to be registered in the enquirer’s name, even if it is used as a company vehicle. A few lenders may allow people to borrow against a car that is registered under the company name, as long as the enquirer and the company both share the same names. Ask your lender about its policies if you are interested.

Borrow From £400 to £50k - Examples

If you are eligible for a loan then you can release up to 80% of your car’s market value, which can be anything from £400 - £50,000 covering most lending requirements. We’ve created a list of lending examples so you can get an idea of loan amounts in the table below:

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

Loan Value Calculator

Use the sliders to see how much you could lend against your logbook in Newbury, up to a maximum 80%.

7000
80%

£5600

Logbook Lending FAQs

We receive a number of questions regarding Newbury logbook loan applications, so for your convenience we have answered as many of the popular questions received below:

How do Berkshire V5 Logbook Loans work?

Borrowing against the value of your car, or V5 loans are a form of secured lending where Newbury borrowers temporarily transfer ownership of their car via the V5 document in exchange for an agreed amount. You need to own the car yourself (although a small amount of finance is allowed) then you simply hand over the V5 document to the lender. You can borrow up to 80% of the car’s current value, and repay the loan in instalments up to 36 months (early settlement is not penalised). V5 loans are popular with Newbury residents as they are frequently more accessible to those with lower credit scores that might have been refused elsewhere.

When applying, what do I need to provide?

When it comes to enquiring about a loan, lenders often have different requirements, but the basics are the same across the board. You should have access to your photo ID, car insurance policy, current MOT, logbook, bank statements or payslips, and a current utility bill that is in your name. These things provide the lender with proof of your identity, ownership, Berkshire residency, and income – and they’ll need it to get you approved.

Why might a Logbook Loan be a good idea?

If you live in Newbury, 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 Berkshire 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 Berkshire 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. Newbury 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.

Does my poor credit score affect my Newbury loan application?

A poor credit score normally means refusal for any other type of Berkshire 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?

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 Newbury 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.

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.

What is the repayment period?

Lending against your car can be quite flexible when it comes to the repayment period. The period or length of repayment available is 12 months, 18 months and 36 months. However, if you have got the means, you are allowed to pay off the loan early without incurring any penalties. The interest is charged on a monthly basis, which means that paying off the loan early results in reduction in the overall amount of money you repay.

We hope these FAQs have answered any queries you may have had and that a logbook loan is the right choice for you. To find out even more, and get a free quote simply get in touch by completing the form on this page.