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 Lletty Brongu applicants.
How do Bridgend Logbook Loans work then?
The premise of borrowing against your car is simple... use your car’s V5 title document as security to lend against the value of your car. In fact you can lend anything up to 80% of the car’s value up to a maximum of £50,000. The application process is simple, and this type of loan is popular among Lletty Brongu residents as they are often accessible to those with poor credit scores as the vehicle is used as security. Once your loan is repaid, you receive your V5 document back and carry on as normal.
What documents do I need to apply?
When you enquire about a loan, lenders do their best to not only prevent fraud, but also to reduce risk. For this reason, you will need several different documents. Your government-issued ID, a copy of your logbook, proof of insurance, a utility bill for proof of Bridgend residency, a current MOT, and proof of income are all requirements when you enquire. Make sure you have the most recent versions of these for the best chances of being approved.
Why are Logbook Loans in Lletty Brongu a good idea?
This kind of loan is ideal for Bridgend residents who have bad credit score and have no other form of finance available to them. Regardless of how bad or poor your credit score history, there could be less chance of getting rejected. You simply need to meet the requirements, especially pertaining ownership of the car, and you could be approved for the loan. Your credit history might not be a negative factor when issuing the approval for your loan application. Generally, approval for lending against your Lletty Brongu vehicle mainly depends on the make or model of the car that you’re using as security. You can even get money on the same day!.
Can I still get a V5 Loan even if i’m unemployed?
Yes, Bridgend 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 Lletty Brongu loan application, simply enquire online using the form on this page.
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 Lletty Brongu 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 Bridgend 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 current income... does that matter?
Responsible lending entails only lending money to Lletty Brongu 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. Lletty Brongu 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.
Who is responsible for general car maintenance?
Although the loan is secured with your car, you get to keep your car throughout the duration of the loan as long as you make the payments on time as agreed. Because the car stays in your possession, it also stays under your car. You will be required to have regular MOT checks, to have the car serviced, and to maintain insurance on the car at all times. If you do not, or if anything should affect the car’s value (other than normal mileage and wear and tear), then you should contact your lender.
Will a HPI check show a Loan?
Any loans taken out against the car are normally recorded on a database which is known as the HPI Index where anybody can check for the vehicle’s history prior to purchasing it. When you do a HPI check, you will get to know the vehicle’s true financial history. The HPI check report will also show you the vehicle’s history including; whether the logbook is legitimate, insurance write-off, previous number of owners, previous number plate changes, potential mileage discrepancies, and more.
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.
Should you have any further queries you can hear direct from an advisor by simply filling-in the form above. An advisor will be in touch direct to chat further about our lending requirements and whether a V5 loan is suitable for your needs.