Deri V5 Logbook Loan FAQs
It’s only right that you have all the information you need before proceeding with your Deri logbook loan application. Here are a list of answers to the more frequently asked questions we receive:
How do Caerphilly Logbook Loans work exactly?
The principal of borrowing against your car (or a V5 loan) in Caerphilly is very straightforward... you use the V5 document of your car as security for a loan against it. Typically you can borrow up to 80% of the car’s value and have a range or repayment durations available. An added bonus of this type of loan is that Deri applicants can continue to drive their vehicles throughout the loan period, an once the loan is repaid in full the V5 document is returned. V5 loans are particularly popular with those who have less than favourable credit scores.
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.
Are Caerphilly 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. Caerphilly 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 Deri V5 Loans a great idea for many.
Can the unemployed secure a Logbook Loan?
Deri individuals who are unemployed and also have a bad credit score usually have fewer choices when it comes to securing a personal loan. This is because of the fact that during the loan application process in most of the conventional loan lenders, one has to be employed with proof of income, and also a credit record check has to be done. With loans secured against a vehicle, unemployed people in Caerphilly might still be considered for the loan, however, as part of responsible lending, the logbook lender has to assess the loan applicant so as ensure that they are suitable to lend money to.
Does my poor credit score matter?
Even if you have a poor credit score, you may still be eligible for a loan as long as you have a car which you can use as collateral. Even though you will still have to undergo a credit check, your chances of securing a V5 loan could be good. To qualify, you also need to be a registered citizen, be of sound mind, be of the legal age, and own a car that’s legally registered in your name.
Is it a problem if I can’t prove my income level?
In order to qualify for Deri logbook loans you need to be able to prove that you can afford the monthly repayments. Responsible lending means that Caerphilly 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.
Is it my responsibility to maintain the car?
When you get a loan, your lender provides you with funding based on the value of your car. Your car becomes collateral that the lender can possess to recoup its losses in the event that you default on loan. Because of this, it is your responsibility to continuously carry insurance on that car, to have it serviced, and to have regular MOT checks. All of these things help to maintain your car’s value, which is important to the lender. If something should have a significant impact on your car’s value, you should always report this to your lender as soon as possible.
Will my HPI check show any Logbook Loans?
All loans such as Deri V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Caerphilly 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 are the repayment terms for the loan?
Borrowers generally get the option of tailoring their repayment plans according to their budget and needs. The standard repayment terms starts from 12 months to 36 months with an option of 18 months if needed. The interest is usually charged on a monthly basis, but if you repay the loan early, you will not incur any extra charges.
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.
