FAQs About Mawdlam V5 Loans
If you’ve got any questions about Mawdlam logbook loans then you may well find the answer in the list of FAQs we have compiled below. If not then please get in touch via our form and we’ll happily advise further.
How does a V5 Logbook Loan work precisely?
It is a type of secured loan which provides a convenient and simple way of obtaining money for Mawdlam residents, and all credit rating is considered. The amount you’re entitled to borrow is normally determined by your vehicle’s value, and the amount you are able to repay, instead of your employment status or credit history. This means that Bridgend residents, even if they’re self employed, or suffer from poor credit rating may still qualify for the loan; provided they can afford to repay it. You basically borrow the cash on an understanding that in case you do not pay the money back in the stipulated time, the lender can re-possess your vehicle.
What ID and documents do I need?
Providing logbook lenders with proof of Bridgend residency, income, car ownership, and identity is vital when you enquire for a loan. It only takes a few minutes, and you can do all of this with a handful of documents. Your photo ID, logbook (or V5 document), current MOT, proof of insurance, a utility bill, and a bank statement or copies of payslips will suffice. Bear in mind that some lenders may ask for additional information for verification purposes, too.
Are Bridgend V5 Logbook Loans a good idea?
If you’ve a bad credit history, and you’re unable to obtain a loan via the more conventional means, like a bank, you should consider enquiring about a loan against your car. Although they still require credit checks, Mawdlam residents with bad credit history can apply and might still be eligible for a loan. As a matter of fact, your loan application is normally considered approved provided you’re eligible, and you meet the few loan requirements. You can actually get approved very quickly, and at times even get money on the same day.
Can I qualify for Bridgend car logbook loans if I am unemployed?
If you live in Bridgend, 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 Mawdlam 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.
Can I Get a Loan With a Poor Credit Score?
Taking out a loan when you’ve bad credit score is tough for many Mawdlam borrowers. Because of the poor credit score, major loan lenders like banks are less likely to approve your loan application. Bridgend lenders might be able to provide a more accessible option despite the bad credit. Although you will still have to undergo a credit check, V5 lenders can be more tolerant to bad credit scores; as responsible Bridgend lenders, they will have to assess the loan applicant’s ability to repay the loan, and their vehicle’s value to ensure that the loan can be guaranteed.
What if I can’t prove my income?
In order to be eligible for Mawdlam 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.
Who is responsible for car maintenance?
Most logbook lenders will ask that you maintain your car so that the value remains the same (or close to the same) throughout the duration of the loan period. This maintenance includes regular servicing, MOT checks, and automobile insurance, among other things. You will need to notify your lender if anything reduces the value of your car significantly, including damage or mechanical problems. However, your lender will expect some additional mileage and the usual wear and tear throughout the loan term.
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 Bridgend 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 are the loan repayments?
Logbook lending repayment periods can take up to 36 months, which means that you get to spread the repayment for a long period of time. You can decide to make your repayments based on the schedule you’re comfortable with. You can choose the 12 months repayment period, the 18 months repayment period or the 36 months repayment period. Also, if you choose to repay the loan early, you will not be penalised.
To find answers to any further queries you may have then simply get in touch today using the short form you can see above. You’ll be contacted by an advisor who can answer any questions you have to see if a V5 loan is for you.
