V5 Car Loan FAQs
There are a number of questions we receive regarding Pitstone Green 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 do Buckinghamshire V5 Logbook Loans work?
Borrowing against the value of your car, or V5 loans are a form of secured lending where Pitstone Green 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 Pitstone Green residents as they are frequently more accessible to those with lower credit scores that might have been refused elsewhere.
On application, what documents will I need?
Many people have questions about the types of documents and information they’ll need to enquire about a loan. Fortunately, the process is simple and requires only a few basic documents. A photo ID, proof of insurance, your logbook, a current MOT, a utility bill, and your bank statement will typically suffice. Bear in mind that different lenders may have different requirements, so make sure you have access to the documents they might request.
Are Buckinghamshire Logbook Loans really a good idea?
If you’re looking for some quick money, and have been refused a loan elsewhere then a V5 loan can be a good idea to release the funds that you need. Buckinghamshire applicants with less than ideal credit scores often find that their loans requests are accepted and they can release the value in their cars. As your car is used as security against any repayments, then you’re more likely to be accepted than with other loan types, making Pitstone Green V5 Loans a great idea for many.
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 Pitstone Green 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 Pitstone Green borrowers. Because of the poor credit score, major loan lenders like banks are less likely to approve your loan application. Buckinghamshire 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 Buckinghamshire 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.
Do I qualify if I can’t prove my income?
To qualify for Pitstone Green V5 loans, you need to prove to the loan lender that you can afford to make your loan repayments. Logbook lenders focus on your current ability to afford loan repayments instead of dwelling solely on a perfect credit history. If you don’t have a perfect credit score, you might still be eligible to borrow so long as you are in a position to prove that you’re able to repay your loan. That being said, it’s advisable to get in contact to discuss your particular situation. You can fill in the form above to hear directly from an advisor about the available options for you in Buckinghamshire.
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.
Do HPI checks show Logbook Loans on them?
All HPI checks should show loans against the vehicle on them as a ’Bill of Sale’ agreement as Buckinghamshire lenders are required to register them with companies such as HPI. If you have carried out a HPI check and later find that there is a loan attached to your new vehicle then you are covered by a HPI guarantee which will reimburse you up to a maximum of £30,000.
What are the repayment durations?
You can choose to repay your loan in either 12, 18 or 36 month instalments. What’s more there is no penalty for settling your loan early so you could save money on monthly interest payments by repaying your loan sooner.
Hopefully these FAQs have answered any questions you may have regarding V5 loans. If you have any further questions then simply complete the form on this page and you’ll be put in touch with an advisor who can advise further.
