Thornhill V5 Logbook Loan FAQs
It’s only right that you have all the information you need before proceeding with your Thornhill 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 Thornhill 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 will the provider need?
The process of enquiring for a loan is simple, but you’ll need to make sure that you have all the right documentation. You will need a photo ID as proof of identity, your V5 document for proof of ownership, a copy of your current insurance policy, a recent utility bill in your name to prove your Caerphilly address, a current MOT, and either a bank statement or recent payslips to show that you have the income required to successfully repay your loan.
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 I qualify for Caerphilly car logbook loans if I am unemployed?
If you live in Caerphilly, 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 Thornhill 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 Caerphilly, a loan secured against your car might be the solution because of the easy application process and simple requirements. Although all Thornhill 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.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Thornhill 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. Thornhill 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.
Who should maintain the car during the loan?
When you enquire about a loan, you will be asked to provide proof of insurance. Throughout the duration of the loan, it will be your duty to keep that insurance paid and up-to-date. All maintenance falls on you, the owner of the car. Remember that you will have access to your car throughout the loan period, so MOT testing and servicing will continue to be your responsibility. Although some general wear and tear during the loan period is to be expected, the car should be maintained to roughly the same value as the agreed-upon loan. If changes that significantly reduce this value should occur, it is important for you to notify the loan company right away.
Will my HPI check show any Logbook Loans?
All loans such as Thornhill 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 are the repayment terms?
The length of repayment available for car v5 loans includes; 12 months, 18 months and 36 months. These repayment terms offer you adequate time so that you can make budget friendly repayments every month. The interest is charged on a monthly basis and you will not incur extra charges by paying off the loan early. In fact, it’s better to repay in advance, since by doing so, you will end up repaying much less overall in terms of monthly loan interest.
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.
