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Expert Logbook Loans in Covington

Enquire Online Today! - 29 Sep 2020

logbook loans Covington

Logbook Loans Covington


Need fast convenient cash? Covington logbook loans are the answer

Covington logbook loan quotes

You could have anything from £400 to £50,000 on the same day whilst still carrying on driving your car. Often, you can receive your loan amount in under 24 hours providing your vehicle has no finance attached!

Other loan types require you to jump through hoops and undergo credit checks, but Covington Logbook Loans don’t which is why they’re so popular! Have any of your loan applications been declined in the past? Whatever the reason, this solution could provide you with the funds you need.

Any funds borrowed against your vehicle can be used for any purpose... Logbook Loans give you the flexibility to pay of other loan amounts, go on holiday or just release some cashflow if you prefer.

Obligation-free quotes: Why not find out just how much you could borrow against your car by getting yourself a free no-obligation quote?

Poor credit? You can still qualify for a loan if your credit history isn’t perfect as V5 loans are one of the most accessible types of loan.

Continue to drive: A Logbook Loan lets you borrow money whilst keeping the car keys, so you can continue to drive for the loan period.

Apply in seconds: It won’t take more than a minute to complete our online quote application form to get your free Covington Logbook Loan quote.

Loans for any usage: You can spend the money you borrow with a Logbook Loan on anything you like... from bills to holidays the freedom is yours!

Flexible loan durations: Your loan can be tailored to your own specific circumstances, so have a chat with a Logbook Loan advisor today.

Thankfully our website makes it easy to apply for Covington Logbook Loans, all you need to do is tell us about yourself and your vehicle with our online quote application form, shortly after you will be contacted to discuss your loan requirements direct.

With a free Covington Logbook Loan quote available in no time at all, why not apply online today to see how much you could borrow?

logbook loans for older cars

Older Car? Get a Logbook Loan

Many people visit our site having had a previous loan application refused against their car due to age. Typically most Covington logbook lenders will restrict the maximum lending age to 8 years, however we base the loans (anything from £400 to £50,000) on the value of the car so age isn’t as important. To find out if your car is eligible for a loan then simply choose your make and model on the form above and see how much you could lend today!

loans against classic, vintage and prestige cars in Covington

Prestigious, Classic and Vintage Cars

If you are a Covington classic car owner, or own a vintage or prestige car then you could still get a V5 loan. Based on the value of your vehicle you could borrow up to 80% of the current market value. So if you are the proud owner of a Bentley, Porsche, Maserati, Rolls-Royce or even a classic car then you can enquire in exactly the same way as any other car. Find out by enquiring online today.

no credit check Covington logbook loans

No Credit Check Logbook Loans?

All logbook loan applicants are actually credit-checked, making this a popular misconception. It has been brought about because a V5 lending is often more attainable for those with poorer credit scores as a car is used as security throughout the loan period. Having a credit check shouldn’t put you off from enquiring however as you may well be eligible to borrow the money you need, so why not find out today!

loans for self employed in Cambridgeshire

Self-Employed - Do I Qualify?

It has long been a problem for the Covington self-employed to qualify for any type of loan as most Cambridgeshire lenders look for a more regular income when deciding whether to lend. When you use something as security, such as your car against a loan, you may find that you are now eligible to borrow as there is less risk to the lender. You still need to be able to prove that you can afford the repayments however as part of responsible lending.

Covington business v5 loans

Can a Business Get a Loan?

Logbook loans are available for Covington businesses as well as individuals, but it’s important to remember that not all lenders will work with companies. Those that do will likely ask that the car you use as collateral be registered in the enquirer’s name, or if the vehicle is registered in the company name, that the company name matches the name of the enquirer. This is done to minimize risk and prevent identity fraud.

Borrow From £400 - £50k

Your loan can be up to 80% of the current market value of your car which can be anything from £400 all the way up to £50k. With such as large range a V5 loan covers most borrowing requirements. We’ve compiled a table of lending examples for you to see below:

Value of Car % Loan Loan Total
£500 80% £400
£1000 80% £800
£1500 80% £1200
£2000 80% £1600
£5000 80% £4000
£10000 80% £8000
£20000 80% £16000

Loan Value Calculator

Use the sliders to see how much you could lend against your logbook in Covington, up to a maximum 80%.

7000
80%

£5600

Covington V5 Logbook Loan FAQs

It’s only right that you have all the information you need before proceeding with your Covington logbook loan application. Here are a list of answers to the more frequently asked questions we receive:

How Logbook Loans work

If you own a car and live in Cambridgeshire, you could be eligible to borrow against your vehicle. Your car has value, and the v5 document can let you obtain cash against that value. During the set duration of the procured loan, the car basically acts as the security for the loan given; this means that the lender gets to keep your car’s logbook until you complete repaying the loan. They technically own the car for the entire duration of your loan. This protects the lender should any payments be missed. The lender has the legal right to auction the car to recoup his/her costs.

What documents do I need to provide?

Enquiring about a loan is easy and only takes a few minutes of your time. You’ll need to provide some personal information along with a copy of your photo ID, your logbook (or V5 documents) most recent MOT, proof of car insurance, proof of Cambridgeshire residency, and proof of income. These things will all help lenders verify your identity and ownership, and it will also help lenders decide what type of loan you can qualify for.

Are V5 Logbook Loans a good idea?

Absolutely, especially if you have had a loan refused elsewhere due to a poor credit history/score. As your car is used as security you may find that Cambridgeshire logbook lenders are more willing to lend money where other lenders might pass, which is why they are so popular throughout Covington. So long as you meet the loan criteria then you could be lending up to 80% of your car’s value very quickly indeed.

Can I qualify for Cambridgeshire car logbook loans if I am unemployed?

If you live in Cambridgeshire, 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 Covington 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.

What about Cambridgeshire 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 Cambridgeshire loan lender will need you to hand over the vehicle’s V5 document or logbook, alongside some other requirements like Covington billing address, proof of identification, MOT certificate and proof of income.

I have no proof of income, can I still borrow?

If you own a car that’s registered in your name you might still be able to get a logbook loan, however you need to prove that you’ll be able to afford to make the repayments. As part of responsible lending, Covington v5 lenders have to ascertain that you will be able to make the payments as needed, so that you do not end up losing possession of your car. You should get in contact to discuss your particular situation. Fill in the above form to hear directly from an advisor who will take you through the available options.

Am I responsible for car maintenance?

As part of your loan agreement, it will be your responsibility to maintain your car’s value for the entire term. Lenders do expect some wear and tear (as well as additional mileage) since you will keep possession and use of the car, but you should report any significant damage, mechanical failures, or events that depreciate your car’s value significantly. In the meantime, it is also your responsibility to carry insurance at all times, to have regular MOT checks performed, and to have the car serviced.

Will a V5 Loan show up on a HPI check?

Logbook loans should show up on a HPI check. They show up as a Bill of Sale agreement, and it’s a requirement for Cambridgeshire lending companies to register them with companies like HPI. Nowadays, it’s very important to perform a thorough check on the car’s history. If you do a HPI check and a loan taken against the vehicle doesn’t show up, and you buy the vehicle, then you’re protected by the HPI guarantee which provides you with a financial reimbursement of up to £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.

If you still have any unanswered questions regarding borrowing against your vehicle then simply get in touch direct using the form you can see above. An advisor will call to discuss your requirements and answer any queries you have.