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First-Class Logbook Loans in Wokingham

Enquire Online Today! - 16 Oct 2019

logbook loans Wokingham

Logbook Loans Wokingham


Release cash from your car with Wokingham logbook loans

Wokingham logbook loan quotes

If you’re looking to get a loan that’s convenient where you can still drive your car then this could be the solution for you! If your car has no finance attached and you meet our criteria you could get your money the same day!

If you don’t want to be jumping through hoops and carrying out embarrassing credit checks then Wokingham Logbook Loans are a popular choice. If you have been unsuccessful in previous loan applications then look no further as this could be the solution.

Any money lent can be used for whatever reason you like... with Logbook Loans you can clear some debts, go on a holiday or anything you like with the money. You have complete control over the money.

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 history? If you have ever been declined a loan due to your credit history then you don’t have to worry, you may still be approved!

Continue driving: Conveniently you get to keep the keys to your car so you can both borrow money and carry on driving for the loan duration!

Apply online in 60secs: Our super-simple, online Wokingham Logbook Loan quote application form will only take a minute to complete!

Loans for any purpose: Paying off debts? Holiday? Cashflow? No matter what your reason for wanting to loan, you have complete control over your money.

Loans that suit you: If you need to lend money over a longer duration then speak to the specialist who can factor in your own specific needs.

Using our website to apply for Wokingham Logbook Loans couldn’t be more simple too, let us know a little about you and your car using our online application form (it only takes 60secs), then you’ll be contacted by a Logbook Loan specialist to discuss your lending requirements further.

Discover how much you could be lending with Wokingham Logbook Loans, apply online today!

logbook loans for older cars

Are Older Cars Eligible For Logbook Loans?

If you drive an older car (8 years or older) then you will be pleased to know that you might still be able to take a loan out against it! Many other Wokingham logbook lenders will restrict the age against which they will lend, however our lenders base the loans on the value of your car. With lending amounts from £400 to £50k most cars are covered... and by simply choosing your make and model on the form above you can enquire today!

loans against classic, vintage and prestige cars in Wokingham

What About My Classic, Vintage or Prestigious Car?

Your vehicle is the basis for a V5 loan, so the current market value dictates the amount you can borrow. For that reason all makes and models are considered eligible, so if you are in Wokingham and own a classic, vintage or even a prestige car such as a Rolls-Royce, Bentley, Aston Martin or Mercedes then your vehicle may be eligible to be borrowed against. Simply enquire online to find out.

no credit check Wokingham logbook loans

No Credit Check Logbook Loans?

Unfortunately the ’No Credit Check Loan’ doesn’t actually exist as all applicants for this type of loan are in fact credit checked. The reason for this misunderstanding is probably due to the fact that a V5 loan can be more accepting of bad credit scores as a vehicle is used as collateral during the repayment period. This can make them perfect for those who have been denied elsewhere. Find out today if you qualify!

loans for self employed in Berkshire

Self-Employed - Do I Qualify?

It has long been a problem for the Wokingham self-employed to qualify for any type of loan as most Berkshire lenders look for a more regular income when deciding whether to lend. When you use something as security, such as your car against a loan, you may find that you are now eligible to borrow as there is less risk to the lender. You still need to be able to prove that you can afford the repayments however as part of responsible lending.

Wokingham business v5 loans

Can My Business Get a Loan?

While not all lenders can provide them, it may be possible for you to obtain a logbook loan for your Wokingham business. If the company car is registered in your name, you can enquire about a business logbook loan just as you would a personal one. What’s more, if the company’s name and your name are the same, and if the company vehicle is registered in the company’s name, some lenders may work with you. Ask your individual lender to be certain.

Example Loan Amounts From £400

The table below shows some typical borrowing examples achievable with a V5 loan. The figures are based on a loan of 80% of the current market value of your vehicle. With lending amounts from £400 up to £50,000 most lending requirements are covered:

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 Wokingham, up to a maximum 80%.

7000
80%

£5600

Answers To Your Questions

Logbook loans are generally a very straightforward type of loan, but we’re sure you have a number of questions so have compiled answers to some of the common questions we receive from Wokingham applicants.

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 Wokingham 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.

On application, what documents will I need?

Many people have questions about the types of documents and information they’ll need to enquire about a loan. Fortunately, the process is simple and requires only a few basic documents. A photo ID, proof of insurance, your logbook, a current MOT, a utility bill, and your bank statement will typically suffice. Bear in mind that different lenders may have different requirements, so make sure you have access to the documents they might request.

Why are Logbook Loans a good idea?

They are often a good type of loan for Wokingham borrowers with bad credit scores because they consider all credit hostory. If other loan lenders refuse to offer or give you a loan because of your current credit score, why not apply for a V5 loan? If you own a car and want a loan that considers all applicants, Berkshire V5 document loans could be the perfect solution. With this type of loan, you do not even have to go through the long and arduous processes you’d have with the banks.

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. Wokingham 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 credit score affect loan applications?

If you have a poor credit score then you might have already been refused a loan elsewhere. Though disheartening it shouldn’t put you off applying for Wokingham V5 loans, as using your car as security for the loan often means a more relaxed acceptance level. Your credit history will still be checked, but as long as you live in Berkshire and own the car outright (or with minimal finance left) then you have a good chance of being able to borrow against it’s value.

I can’t prove my income, is that a problem?

Wokingham V5 logbook loans can be advantageous for borrowers with poor or little credit history. Being unemployed, self employed, having arrears, CCJs, or bankruptcies can make one a bad credit borrower, and the traditional Berkshire lending institutions will most probably refuse your loan application due to the high risk associated. With a loan against your car, you might still qualify even if you have poor credit so long as you can prove you’re able to make the repayments in a timely manner. Responsible lending is designed to help prevent the risk of you losing ownership of your car. Since different people have different circumstances, it’s advisable to to get in contact to discuss your particular situation.

Who should maintain the car during the loan?

Lenders ask you to provide proof of insurance at the time you enquire for a loan because they want to mitigate their risk in lending by making sure you’re covered in the event something should happen to your collateral while it is still in your possession. Along those same lines, lenders will expect that you have regular MOT checks and that you have your car serviced regularly throughout the loan period. This helps to maintain the car’s value, which is the lenders biggest interest. If for any reason your car’s value should depreciate significantly, you should immediately notify your lender of the circumstances.

Are Logbook Loans visible on a HPI check?

A HPI check should clearly show a loan present as a ’Bill of Sale Agreement’. A rule was introduced that requires all Berkshire lenders to register any active loans against a vehicle with companies such as HPI. If for any reason you find that there is an existing loan against your vehicle which was not visible on a HPI search then under the HPI guarantee you are entitled to a 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.

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.