V5 Car Loan FAQs
There are a number of questions we receive regarding Farnham Royal logbook loans,so for your convenience we have compiled a list of answers to the more frequently asked questions we receive on a daily basis.
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 Farnham Royal 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 Buckinghamshire 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 exactly will I need to apply?
You will need your logbook, current MOT, driver’s license or other photo ID, proof of income (bank statements or payslips), proof of insurance, and proof of Buckinghamshire residency (such as a utility bill) to successfully enquire about a loan. Although all lenders have different guidelines when it comes to approvals and some may ask you to provide additional documents, these are universal for the prevention of theft and the reduction of risk.
Are V5 Logbook Loans a good idea?
Absolutely, especially if you have had a loan refused elsewhere due to a poor credit history/score. As your car is used as security you may find that Buckinghamshire logbook lenders are more willing to lend money where other lenders might pass, which is why they are so popular throughout Farnham Royal. So long as you meet the loan criteria then you could be lending up to 80% of your car’s value very quickly indeed.
Can I qualify for Buckinghamshire car logbook loans if I am unemployed?
If you live in Buckinghamshire, 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 Farnham Royal 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.
Does a poor credit score mean no loan?
If you have been refused a loan elsewhere in Buckinghamshire, a loan secured against your car might be the solution because of the easy application process and simple requirements. Although all Farnham Royal loan applicants are still credit checked, these loans can often be a solution for those with a poor credit score, but own a car which they can use as collateral. As responsible lenders, credit checks have to be undertaken so as to establish whether the loan is affordable. However, people with poor credit scores may still find themselves eligible to borrow.
What happens if I can’t prove my current income?
Buckinghamshire 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 Farnham Royal 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 my HPI check show any Logbook Loans?
All loans such as Farnham Royal V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Buckinghamshire 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.
What is the repayment duration?
Your loan can be arranged with either a 12, 18 or 36 month duration and since there are no penalties for early repayment you can save money on interest payments by settling the account early.
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.