Your Questions Answered
Though applying for your Redland logbook loan is a straightforward procedure, we’re sure that you have a number of questions regarding the process so have compiled a series of answers below to the more common queries.
How do Bristol 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 Redland 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 should I supply to proceed?
Loan enquiries are not complicated, and most can be completed in just a few minutes. After providing some basic information about yourself, you should be prepared to provide copies of your photo ID, V5 documents, current MOT, most recent utility bill (must be in your name), proof of car insurance, and proof of income, which may be a copy of your bank statement or several payslips.
What makes Redland Logbook Loans a good idea?
There are numerous benefits to taking out a loan against your vehicle, but perhaps the main benefit that attracts many Bristol applicants is that people with less than perfect credit scores can still be eligible to borrow money as their vehicle is used as security. So if you can afford the repayments and need to borrow some quick money then Redland v5 loans can be a great idea. Get in touch to find out more.
Can I get a Logbook Loan if I am unemployed?
If you have tried to apply for Bristol 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. Redland 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.
I’ve got a poor credit score... does that matter?
If you’ve got a bad credit profile and you are looking for Redland 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, Bristol residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Bristol 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.
Is it a problem if I can’t prove my income level?
In order to qualify for Redland logbook loans you need to be able to prove that you can afford the monthly repayments. Responsible lending means that Bristol V5 lenders will not offer you a loan unless they are certain that repayments can be made. This is to avoid you going in to arrears and risking losing your car. If you can’t prove your income then get in touch today to discuss your options and see if you’re eligible for a V5 document loan.
Car maintenance - whose responsibility?
During the entire period of your loan, it is your responsibility to maintain the car. The lender does not and will not take possession of the car unless you default on your payments. As part of your agreement, you should ensure that your car is regularly serviced, that MOT checks are completed, and that you maintain proper insurance throughout the entire period of your loan. If any of these things do not occur for any reason, or if the value of your car decreases substantially due to damage or a mechanical failure, you should notify your lender.
Will my HPI check show any Logbook Loans?
All loans such as Redland V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Bristol lenders to register every loan with companies such as HPI. If for any reason you find there to be a loan against your vehicle which did not show up on a HPI search, then you will be entitled to up to £30,000 according to the HPI guarantee.
How long do I have to repay?
Your loan can be arranged with three different repayment durations... 12, 18 or 36 months. Your interest is charged monthly, and there are no penalties for settling the loan early which means you can save money on the total amount payable.
If there are any other questions you would like answered then use the form above to get in touch direct to an advisor. They’ll help answer any queries you have and determine whether a V5 loan is the right solution for you.
