St Illtyd V5 Logbook Loan FAQs
It’s only right that you have all the information you need before proceeding with your St Illtyd logbook loan application. Here are a list of answers to the more frequently asked questions we receive:
How Logbook Loans work
If you own a car and live in Blaenau Gwent, you could be eligible to borrow against your vehicle. Your car has value, and the v5 document can let you obtain cash against that value. During the set duration of the procured loan, the car basically acts as the security for the loan given; this means that the lender gets to keep your car’s logbook until you complete repaying the loan. They technically own the car for the entire duration of your loan. This protects the lender should any payments be missed. The lender has the legal right to auction the car to recoup his/her costs.
What documents will the provider need?
The process of enquiring for a loan is simple, but you’ll need to make sure that you have all the right documentation. You will need a photo ID as proof of identity, your V5 document for proof of ownership, a copy of your current insurance policy, a recent utility bill in your name to prove your Blaenau Gwent address, a current MOT, and either a bank statement or recent payslips to show that you have the income required to successfully repay your loan.
Why are Logbook Loans a good idea?
They are often a good type of loan for St Illtyd 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, Blaenau Gwent 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 still get a V5 Loan even if i’m unemployed?
Yes, Blaenau Gwent residents could still get a loan although you will still need to be able to prove that you can afford the repayments every month to avoid losing your vehicle. Responsible lending approaches mean the lender needs to be satisfied that you aren’t going to risk gong into arrears. To find out whether you can make a successful St Illtyd loan application, simply enquire online using the form on this page.
I’ve got a poor credit score... does that matter?
If you’ve got a bad credit profile and you are looking for St Illtyd 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, Blaenau Gwent residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Blaenau Gwent 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.
What if I can’t prove my income?
In order to be eligible for St Illtyd V5 loans the lender needs to be sure that you can afford the repayments. Responsible lending is important to ensure you don’t fall into arrears or risk losing ownership of your vehicle, and if the lender cannot prove this then you won’t be offered a loan. In circumstances such as this it’s always best to get in touch direct using the form you can see on this page.
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 Blaenau Gwent 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.
How long do the repayment terms last?
Repayment terms start from 12 months to 36 months. 18 month repayment periods are also available. The larger the loan amount you borrow or apply for, the more flexible the loan repayment terms will be. If you are able to pay off the loan early, you will not incur any extra charges. As a matter of fact, it’s advisable to pay off the loan in advance since you will pay much less money in terms of monthly interest, in the long run.
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.
