FAQs
If you have any questions regarding any element of Abertridwr V5 loans then please get in touch via the form above. We’ve also compiled a list of frequently asked questions which should help answer any queries you may have.
How do Abertridwr Logbook Loans work?
The way Caerphilly loans against cars work is you use your car as security for getting a loan. The only thing you need to hand over is the logbook (also known as V5 document) of your vehicle. The logbook is held by the lender as collateral, and you get to keep and use your vehicle throughout the agreement. The document is then returned to you when you finish repaying the loan. Loans are available throughout Caerphilly and are increasing in popularity with those with bad credit.
When applying, what do I need to provide?
When it comes to enquiring about a loan, lenders often have different requirements, but the basics are the same across the board. You should have access to your photo ID, car insurance policy, current MOT, logbook, bank statements or payslips, and a current utility bill that is in your name. These things provide the lender with proof of your identity, ownership, Caerphilly residency, and income – and they’ll need it to get you approved.
What makes a V5 Logbook Loan a good idea?
If you are struggling to get approved for a loan in Caerphilly because you have bad credit, you should consider applying for a V5 document loan. With these type of loans, all credit is considered. Whether you’ve bad credit score due to missed payments or such other defaults, it might not matter; so long as you live in Caerphilly, own a car or have very little finance you simply need to avail the logbook, and you can obtain a loan quickly.
Can unemployed persons secure a Logbook Loan?
To be eligible for Abertridwr loans against cars, you need to own a vehicle that’s registered in your name (or very nearly own it on finance). A perfect credit history and full employment status are not always a strict requirement, however, you must be able to provide proof that you will be able to make the repayments on your Caerphilly loan, without delays. It’s part of a responsible lending culture amongst lenders.
What about Caerphilly residents with poor credit scores?
If you have a poor credit score and you need to borrow, a loan secured against your vehicle might well be a solution. The logbook loan procedure is usually very straightforward, and you can often get the money on the same day. Although you will still have to undergo a credit check, due to the security of your car as collateral you may find it easier to be accepted. When taking out the loan against your vehicle, your Caerphilly loan lender will need you to hand over the vehicle’s V5 document or logbook, alongside some other requirements like Abertridwr billing address, proof of identification, MOT certificate and proof of income.
What happens if I can’t prove my current income?
Caerphilly 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 Abertridwr 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.
During the loan, who maintains the car?
A v5 loan is a type of secured loan that is provided to you based on the value of your car. Because you are able to maintain possession of the car throughout the loan duration, it is also your responsibility to maintain it. Maintenance includes continuous insurance coverage, regular servicing, and MOT checks as required. Although your lender is aware that some additional mileage and wear and tear is possible, anything above and beyond normal depreciation should be reported to your lender immediately.
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 Caerphilly 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 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.
Hopefully these FAQs should have answered any questions you had regarding taking out a loan against your car, but don’t worry if you still have unanswered questions... simply get in touch via the form and speak direct to an advisor.
