Logbook Lending FAQs
We receive a number of questions regarding Pwllypant logbook loan applications, so for your convenience we have answered as many of the popular questions received below:
How do Pwllypant 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.
What ID and documents do I need?
Providing logbook lenders with proof of Caerphilly residency, income, car ownership, and identity is vital when you enquire for a loan. It only takes a few minutes, and you can do all of this with a handful of documents. Your photo ID, logbook (or V5 document), current MOT, proof of insurance, a utility bill, and a bank statement or copies of payslips will suffice. Bear in mind that some lenders may ask for additional information for verification purposes, too.
Are Caerphilly V5 Logbook Loans a good idea?
If you’ve a bad credit history, and you’re unable to obtain a loan via the more conventional means, like a bank, you should consider enquiring about a loan against your car. Although they still require credit checks, Pwllypant residents with bad credit history can apply and might still be eligible for a loan. As a matter of fact, your loan application is normally considered approved provided you’re eligible, and you meet the few loan requirements. You can actually get approved very quickly, and at times even get money on the same day.
Unemployed but want a Logbook Loan... is this possible?
Pwllypant residents that find themselves unemployed but still want to take out a loan gainst there vehicle have to meet certain criteria in order to be successful. For instance you have to prove that the monthly loan repayments are affordable in order to avoid arrears and the possible loss of your car. Responsible Caerphilly lenders won’t grant loans to those who cannot afford the repayments. To find out more simply get in touch today!
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.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Pwllypant applicants who can prove that they can afford the monthly repayments. It’s a way of trying to avoid accounts entering into arrears and even the repossession of a vehicle. Pwllypant v5 logbook loans are only offered to those who can prove that they can make the repayments, so if you have trouble doing so it’s best to get in touch to discuss the best option for your lending needs.
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 Pwllypant 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.
How long do the repayment terms last?
Repayment terms start from 12 months to 36 months. 18 month repayment periods are also available. The larger the loan amount you borrow or apply for, the more flexible the loan repayment terms will be. If you are able to pay off the loan early, you will not incur any extra charges. As a matter of fact, it’s advisable to pay off the loan in advance since you will pay much less money in terms of monthly interest, in the long run.
To find answers to any further queries you may have then simply get in touch today using the short form you can see above. You’ll be contacted by an advisor who can answer any questions you have to see if a V5 loan is for you.