FAQs
If you have any questions regarding any element of Ruscombe 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 do Berkshire Logbook Loans work exactly?
The principal of borrowing against your car (or a V5 loan) in Berkshire is very straightforward... you use the V5 document of your car as security for a loan against it. Typically you can borrow up to 80% of the car’s value and have a range or repayment durations available. An added bonus of this type of loan is that Ruscombe applicants can continue to drive their vehicles throughout the loan period, an once the loan is repaid in full the V5 document is returned. V5 loans are particularly popular with those who have less than favourable credit scores.
What will I need to apply?
You’ll need to provide several forms of documentation before you can successfully enquire about a loan. Of course, the most important of these are your valid photo identification and your V5 documents, or logbook, as these will prove that you are the rightful owner of the car you want to use as security. You should also bring a current MOT, proof of insurance, and a copy of your most recent utility bill (in your name) to prove your Berkshire residency, along with payslips or bank statements that show your income.
What makes Ruscombe 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 Ruscombe v5 loans can be a great idea. Get in touch to find out more.
Can unemployed Ruscombe 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. Berkshire 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.
I’ve got a poor credit score... does that matter?
If you’ve got a bad credit profile and you are looking for Ruscombe 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, Berkshire residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Berkshire 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 can’t prove my current income... does that matter?
Responsible lending entails only lending money to Ruscombe 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. Ruscombe 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.
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 Logbook Loan show on a HPI check?
Berkshire lenders are required to register all loans against a car with companies such as HPI, so they should all show up (normally as a ’Bill of Sale’ agreement) on a search. If for any reason you discover a loan on your new car that didn’t show up on a HPI check then their guarantee will reimburse you up to £30,000.
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.
If there are any other questions you would like answered then use the form above to get in touch direct to an advisor. They’ll help answer any queries you have and determine whether a V5 loan is the right solution for you.
