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Expert Logbook Loans in Peterborough

Enquire Online Today! - 25 Oct 2020

logbook loans Peterborough

Logbook Loans Peterborough


Lend cash from your car with Peterborough logbook loans

Peterborough logbook loan quotes

If you’re looking to get a loan that’s convenient where you can still drive your car then this could be the solution for you! They’re quick loans too... in fact providing your car is finance-free your money can be arranged in not time at all.

If you don’t want to jump through hoops and have your credit score checked then Peterborough Logbook Loans are the obvious choice, and have become very popular. If you need funds but have been refused with other types of loans then this type of loan might be the answer.

You can even spend the money on whatever you wish... how about clearing some other debts, or putting some money aside for a holiday? The choice is entirely yours to do what you like with the money.

No commitment necessary: The quote you receive for your loan is completely obligation-free, so why not just find out the amount available to you?

Been refused a loan? Perhaps you’ve been declined loans in the past because of a ’less than perfect’ credit history? Your application might well be accepted with a Logbook Loan.

Continue driving: Conveniently you get to keep the keys to your car so you can both borrow money and carry on driving for the loan duration!

Easy online application: Applying for your Peterborough Logbook Loan quote can be done quickly and easily online, and it only takes a minute!

Your money to spend: Your loan is yours to spend however you like, so whatever your reason for wanting a loan you have complete control.

Loans to suit you: You can arrange a loan that not only suits your lending needs, but suits your budget too. For instance longer repayment durations.

Applying to get a Peterborough Logbook Loan is a simple process, the simple application form you can see on this page is all you need to fill-in with some basic details, a Logbook Loan provider will then contact you direct to discuss your requirements and to provide your obligation-free quote.

With our free no-obligation Peterborough Logbook Loan quote service, why not find out how much you could borrow today?

logbook loans for older cars

Are Older Cars Eligible For Logbook Loans?

If you drive an older car (8 years or older) then you will be pleased to know that you might still be able to take a loan out against it! Many other Peterborough logbook lenders will restrict the age against which they will lend, however our lenders base the loans on the value of your car. With lending amounts from £400 to £50k most cars are covered... and by simply choosing your make and model on the form above you can enquire today!

loans against classic, vintage and prestige cars in Peterborough

Borrowing Against Vintage, Classic & Vintage Vehicles

If you live in Peterborough and are looking to borrow against your classic or vintage car then you could still qualify. All makes and models are considered based up on the value of the car itself, so if you own a prestigious car such as a Ferrari, Aston Martin, Rolls-Royce or a classic or vintage car then you will still be considered. FInd out how much you could borrow today.

no credit check Peterborough logbook loans

No Credit Check Logbook Loans?

Sadly not true. In fact all applicants are credit checked when applying. It’s a popular misconception that everyone is eligible, however don’t let that put you off from enquiring... as a vehicle is used as collateral against the loan amount you may find that this type of loan is more attainable than others. So if you’ve had a loan application denied before then this could be the perfect solution to your borrowing needs.

loans for self employed in Cambridgeshire

Are the Self-Employed Eligible to Borrow?

If you’re in Peterborough and self-employed then you probably already know how difficult it can be to get a loan of any sort as most Cambridgeshire lenders want to see regular guaranteed income to cover payments. Using your vehicle as security means you might still be eligible for a loan as it reduced the risk to a lender. It’s important to remember though that as part of responsible lending you still need to prove to the lender that you can cover the payments.

Peterborough business v5 loans

V5 Loans For Businesses?

The best way to determine whether you qualify for a logbook loan is to enquire with a group of lenders within a network. While not all logbook lenders work with Peterborough companies, some certainly will. As long as the vehicle you want to use as security is registered in your name, it is completely possible to take a loan against it. In fact, even if your name is in the company name, and you are the sole proprietor of that company, you may be able to take a loan on a company vehicle, too.

Example Loan Amounts From £400

The table below shows some typical borrowing examples achievable with a V5 loan. The figures are based on a loan of 80% of the current market value of your vehicle. With lending amounts from £400 up to £50,000 most lending requirements are covered:

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 Amount Calculator

This useful loan calculator can show you a maximum 80% loan amount against the value of your car. Use the sliders below:

7000
80%

£5600

Frequently Asked Questions

It’s only natural to have a number of questions regarding V5 loans, so we have compiled a series of answers to the more frequently asked questions. Please get in touch to discuss any element of Peterborough logbook loans further.

How do Cambridgeshire V5 Logbook Loans work?

Borrowing against the value of your car, or V5 loans are a form of secured lending where Peterborough borrowers temporarily transfer ownership of their car via the V5 document in exchange for an agreed amount. You need to own the car yourself (although a small amount of finance is allowed) then you simply hand over the V5 document to the lender. You can borrow up to 80% of the car’s current value, and repay the loan in instalments up to 36 months (early settlement is not penalised). V5 loans are popular with Peterborough residents as they are frequently more accessible to those with lower credit scores that might have been refused elsewhere.

What exactly will I need to apply?

You will need your logbook, current MOT, driver’s license or other photo ID, proof of income (bank statements or payslips), proof of insurance, and proof of Cambridgeshire residency (such as a utility bill) to successfully enquire about a loan. Although all lenders have different guidelines when it comes to approvals and some may ask you to provide additional documents, these are universal for the prevention of theft and the reduction of risk.

Why might a Logbook Loan be a good idea?

If you live in Peterborough, have bad credit history, have been refused a loan elsewhere or simply need some fast money to spend on whatever you like then getting a loan against your V5 document can be a good idea. Using your car as security makes this type of loan more accessible to Cambridgeshire residents with poor credit scores which is why they are so popular nowadays. So long as you can afford the repayments then they could be the answer to your lending needs.

What about Peterborough V5 Loans and unemployment?

It can be difficult for the unemployed to take out any type of loan. As part of a responsible lending approach Cambridgeshire logbook lenders need to be satisfied that you can make the payments every month so you minimise any risk of losing ownership of your car. As all situations are different, it is advised that you get in touch via the form on this page to discuss the lending options available to you.

Does my poor credit score affect my Peterborough loan application?

A poor credit score normally means refusal for any other type of Cambridgeshire loan, however when looking at these type of loans you may find that it is easier to be accepted even with bad credit history. Using your car as security for the loan means the lender is facing less risk and so they are more likely to lend against your vehicle. You will still undergo a credit check, but the outcome will not always mean refusal. Apply online today to find out!

Does it matter if I can’t prove my income?

You need to be able to prove to your logbook lender that you can afford the monthly payments. Part of being a responsible lender is that they will only lend money to Peterborough applicants who can afford to make the monthly repayments. Peterborough v5 loans are only offered if the lender can be sure that the repayments are affordable, which helps avoid accounts going into arrears and the possibility of car repossession. Get in touch today to see what your options are if you’re finding it hard to prove your income level.

What about car maintenance during the loan?

Although a logbook lender does reserve the right to take possession of your car if you default on your payments, if you are current, you are still the owner of the car. As such, all maintenance remains your responsibility, and this includes MOT checks, insurance, and regular servicing. Your lender will expect normal wear and tear along with additional mileage on the car, but if anything should significantly reduce the car’s value, you will be expected to report that change to the lender as soon as possible.

Will a HPI check show a Loan?

Any loans taken out against the car are normally recorded on a database which is known as the HPI Index where anybody can check for the vehicle’s history prior to purchasing it. When you do a HPI check, you will get to know the vehicle’s true financial history. The HPI check report will also show you the vehicle’s history including; whether the logbook is legitimate, insurance write-off, previous number of owners, previous number plate changes, potential mileage discrepancies, and more.

How long do I have to repay?

Your loan repayments can be arranged over 12, 18 or even 36 months. There are no penalties if you wish to settle the account sooner, in fact it is encouraged as interest is charged monthly so you can save yourself money by paying your loan off sooner.

Hopefully these FAQs have answered any questions you may have regarding V5 loans. If you have any further questions then simply complete the form on this page and you’ll be put in touch with an advisor who can advise further.