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Expert Logbook Loans in Colindale

Enquire Online Today! - 30 Oct 2020

logbook loans Colindale

Logbook Loans Colindale


If you need quick cash then Colindale logbook loans are for you

Colindale logbook loan quotes

Did you know you could borrow money against your car whilst still driving it? You borrow anything from £400 to £50,000 on the same day! You could receive the loan in less than a day providing your vehicle is finance-free.

Colindale Logbook Loans are one of the fastest growing loan types for those not wanting to jump through hoops and undergo credit checks. If other loan providers are turning down your applications then why not try this type of loan? It could be the perfect solution.

It doesn’t matter what you want to do with your money... you might decide to pay off some debts or treat yourself to a holiday, with Logbook Loans you can get access to your funds very quickly.

No commitment necessary: The quote you receive for your loan is completely obligation-free, so why not just find out the amount available to you?

Accessible loans: You’ll be pleased to hear that your credit history might not scupper your application. Great if you’ve been refused before!

Stay mobile: You get to keep the keys to your car with a Logbook Loan, so you can keep on driving throughout the duration of the loan.

60secs to apply: That’s right! It takes just a minute to complete our online Colindale Logbook Loan quote application form.

Loans for any purpose: Your new loan amount is yours to spend however you like, whether it’s to pay off some other bills or to go on holiday!

Flexible loan durations: Your loans can be tailored to suit your own individual needs, speak to a specialist to see what can be arranged for you.

The process of applying for Colindale Logbook Loans couldn’t be simpler too, on this page you can see a short online application form that won’t take more than a minute to complete, a specialist loan provider will then be in touch direct to further discuss your lending needs and to supply your free quote.

Get a free quote for Colindale Logbook Loans by applying online now! Discover how much you could borrow today!

logbook loans for older cars

Logbook Loans Cover Older Cars Too

Don’t worry if you own an older car... unlike some other Colindale lenders your car may still be eligible to borrow against as the focus is on the current market value rather than the age. That means so long as your car has some resale value it could qualify for a loan against it. There’s a simple way to see if your vehicle is eligible to be borrowed against... simply enter your registration on the form above.

loans against classic, vintage and prestige cars in Colindale

Borrowing Against a Classic or Prestigious Vehicle

Colindale owners of more classic or prestigious cars have often asked whether their cars are eligible for a V5 loan... and the answer is yes! If you are the owner of a Maserati, Rolls-Royce, Bentley, Ferrari or any other prestigious or classic car model then the same process still applies. Your borrowing is based up on the value of your car so subject to eligibility and affordability you could qualify for a loan.

no credit check Colindale logbook loans

No Credit Check Logbook Loans?

It’s actually a misconception that you can get a loan against your car without having your credit history checked. In actual fact all applicants undergo credit checks. The fact that your car is used as security however often makes this type of loan more attainable than others so they can be popular with people who have less than perfect credit scores. You may find this type of loan an ideal solution if you have been refused a more traditional loan.

loans for self employed in Brent

Self Employed - Been Refused a Loan?

It has never been easy to get a loan for anyone that works for themselves in Colindale as most Brent 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.

Colindale business v5 loans

Looking for a Business Loan?

Are you interested in a logbook loan for your Colindale business? It’s certainly possible to enquire with lenders about business loans, though they do have a few requirements. The car used as security will need to be in the name of the enquirer, or if it is registered in the company name, then the enquirer’s name should also be included in the company name. For example, John Davis may be able to obtain a logbook loan if his car is registered under Davis Contracting. Check with your individual lender for more information.

Loan Amount Examples - £400 to £50k

The large borrowing range of a V5 loan covers most typical lending requirements. You can release up to 80% of the current value of your vehicle which can be anything from £400 right up to £50,000. Take a look at some typical lending examples 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

Online Loan Calculator

Our online calculator lets you input your car’s approximate value and loan percentage to get an idea of the total loan amount.

7000
80%

£5600

Colindale V5 Logbook Loan FAQs

It’s only right that you have all the information you need before proceeding with your Colindale logbook loan application. Here are a list of answers to the more frequently asked questions we receive:

How do Brent V5 Logbook Loans work?

Borrowing against the value of your car, or V5 loans are a form of secured lending where Colindale 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 Colindale residents as they are frequently more accessible to those with lower credit scores that might have been refused elsewhere.

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 Brent residency, along with payslips or bank statements that show your income.

Why opt for Colindale Logbook Loans?

Unlike other types of loan, the requirements needed for borrowing against your vehicle are minimal. You simply need to meet a few requirements; that is, you must be of the legal age, and own a car (or have very little finance remaining) which you can offer for collateral. If you meet this criteria and live in Brent, you are free to apply for this type of loan. So long as you are the car owner, you may be able to obtain the loan even if you’ve a history of default. The amount of money you can borrow normally depends on the value of the car you’re using for security. Also, if you’ve finance on the car already, some Colindale loan lenders might still lend you some money, so long as the car is worth more than what’s owed on it.

Can I qualify for Brent car logbook loans if I am unemployed?

If you live in Brent, are unemployed and are looking for a way to secure a personal loan, then you might be eligible to borrow against your car. As long as you own a car that’s registered in your name then you could qualify. However, it’s important to note that all Colindale applicants have different situations, so it’s advisable to get in touch with the logbook lender. Also, as part of responsible lending, the loan applicant has to be able to prove that they can afford to make the loan repayments to avoid extra charges, late repayments and possible repossession of their vehicle.

What about Brent residents with poor credit scores?

If you have a poor credit score and you need to borrow, a loan secured against your vehicle might well be a solution. The logbook loan procedure is usually very straightforward, and you can often get the money on the same day. Although you will still have to undergo a credit check, due to the security of your car as collateral you may find it easier to be accepted. When taking out the loan against your vehicle, your Brent loan lender will need you to hand over the vehicle’s V5 document or logbook, alongside some other requirements like Colindale billing address, proof of identification, MOT certificate and proof of income.

What happens if I can’t prove my current income?

Brent 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 Colindale 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 should maintain the car?

When you agree to a loan, you also agree that you will continue to maintain the car while it is in your possession. This maintenance should include regular servicing, maintaining insurance at all times, and necessary MOT checks. Some normal wear and tear, along with additional mileage, is to be expected, but you should maintain your car to the same value it had when you took the loan. This means that if significant damage or mechanical failure should occur and reduce the value of your car, you should notify your lender right away.

Will a V5 Loan show up on a HPI check?

Logbook loans should show up on a HPI check. They show up as a Bill of Sale agreement, and it’s a requirement for Brent lending companies to register them with companies like HPI. Nowadays, it’s very important to perform a thorough check on the car’s history. If you do a HPI check and a loan taken against the vehicle doesn’t show up, and you buy the vehicle, then you’re protected by the HPI guarantee which provides you with a financial reimbursement of up to £30,000.

What are the repayment terms for the loan?

Borrowers generally get the option of tailoring their repayment plans according to their budget and needs. The standard repayment terms starts from 12 months to 36 months with an option of 18 months if needed. The interest is usually charged on a monthly basis, but if you repay the loan early, you will not incur any extra charges.

Hopefully these FAQs should have answered any questions you had regarding taking out a loan against your car, but don’t worry if you still have unanswered questions... simply get in touch via the form and speak direct to an advisor.