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First-Rate Logbook Loans in Somersham

Enquire Online Today! - 25 Oct 2020

logbook loans Somersham

Logbook Loans Somersham


If you need quick cash then Somersham logbook loans are for you

Somersham logbook loan quotes

You could carry on driving your car and have anything from £400 to £50,000 in your account on the same day. You can even receive your money in as little as 24 hours if your car is free from any finance.

One of the most hassle-free and quick ways to lend money, Somersham Logbook Loans have become one of the most popular ways to obtain funds. Have any of your previous loan applications been refused? It’s time to try this type of loan, which could be the perfect solution.

You can even use your loan for any purpose you like... with Logbook Loans you get complete control over you money so you can spend it on clearing debts, going on holiday or whatever you fancy!

No-risk quotations: There’s no risk involved in getting a free quote as you never have to commit. Find out how much you could borrow today!

Refused loans? If you’re frustrated at other loans declining your applications then you might be in luck with a Logbook Loan as they are very accessible!

Keep mobile: If driving your car is important then you’ll be pleased to know that you can lend money and keep driving at the same time.

60sec application: Applying for a free Somersham Logbook Loan quote is simple, and will only take you a minute of your time!

Your money to spend: Whatever the reason for your loan application, any money borrowed can be spent as you wish, from bills to holidays and cashflow.

Loan periods to suit you: Your loan can be tailored to suit your needs. Just chat to the specialist to see what options are available to you.

It’s simple to apply for Somersham Logbook Loans as well, the simple application form you can see on this page is all you need to fill-in with some basic details, a loan expert will then get in contact with you direct to speak further about your Logbook Loan application.

Find out just how much you could borrow against your car with a free Somersham Logbook Loan quote today!

logbook loans for older cars

Do Older Cars Qualify For Logbook Loans?

Yes! Well with us they do... though that’s not always the case with other Somersham V5 lenders. Many other Cambridgeshire companies will limit the age of an eligible vehicle to just 8 years whereas our lenders base the loans on the value of your car, so age isn’t as important. That means if you drive an older car then you could still borrow against it, and with loan amounts of £400 up to £50,000 there is every chance your vehicle will qualify. Enter your registration to find out today.

loans against classic, vintage and prestige cars in Somersham

Classic, Vintage & Prestigious Car V5 Loans

If you own a more desirable car, be it a classic or vintage car, or even a prestigious model then the loan process still applies. You can lend against the current market value of the vehicle which makes most makes and models eligible to borrow against. So if your car takes pride of place in the Somersham classic car club such as a Mercedes or Morgan, or it is a prestige model such as a Bentley or Rolls-Royce a V5 loan might be an option.

no credit check Somersham logbook loans

No Credit Check Logbook Loans?

It’s actually a misconception that you can get a loan against your car without having your credit history checked. In actual fact all applicants undergo credit checks. The fact that your car is used as security however often makes this type of loan more attainable than others so they can be popular with people who have less than perfect credit scores. You may find this type of loan an ideal solution if you have been refused a more traditional loan.

loans for self employed in Cambridgeshire

Self-Employed? You Could Still Borrow

Most Cambridgeshire lenders want proof of regular income which makes it very difficult for the self-employed in Somersham to get a loan of any type. A loan against your car uses your vehicle as security against the loan which reduces the risk to the lender, meaning you may still be eligible if you work for yourself. You will still be required to prove that you can afford the monthly repayments as part of responsible lending requirements. If you’re self-employed apply today!

Somersham business v5 loans

Logbook Loans for Companies?

Getting a logbook loan using your Somersham company vehicle as security is possible with some lenders. Remember that not all lenders have the same requirements, so it’s vital to check with them individually to learn their policies. Those that do will either ask that the car be registered in your name, or if it’s registered in the company name, the company name should be the same as yours.

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

Calculate Your Loan Value

You can see how much of a loan 80% of the value of your car results in by moving the sliders on our calculator.

7000
80%

£5600

FAQs About Somersham V5 Loans

If you’ve got any questions about Somersham logbook loans then you may well find the answer in the list of FAQs we have compiled below. If not then please get in touch via our form and we’ll happily advise 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 Somersham 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 Somersham residents as they are frequently more accessible to those with lower credit scores that might have been refused elsewhere.

When applying, what do I need to provide?

When it comes to enquiring about a loan, lenders often have different requirements, but the basics are the same across the board. You should have access to your photo ID, car insurance policy, current MOT, logbook, bank statements or payslips, and a current utility bill that is in your name. These things provide the lender with proof of your identity, ownership, Cambridgeshire residency, and income – and they’ll need it to get you approved.

What makes a V5 Logbook Loan a good idea?

If you are struggling to get approved for a loan in Cambridgeshire 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 Cambridgeshire, own a car or have very little finance you simply need to avail the logbook, and you can obtain a loan quickly.

Can I still get a V5 Loan even if i’m unemployed?

Yes, Cambridgeshire residents could still get a loan although you will still need to be able to prove that you can afford the repayments every month to avoid losing your vehicle. Responsible lending approaches mean the lender needs to be satisfied that you aren’t going to risk gong into arrears. To find out whether you can make a successful Somersham loan application, simply enquire online using the form on this page.

I’ve got a poor credit score... does that matter?

If you’ve got a bad credit profile and you are looking for Somersham loans, you may be able to borrow by using your V5 document as security. Such loans work on the idea that if you have a car, you can use it as collateral to obtain a loan. Because of this, Cambridgeshire residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Cambridgeshire loan lenders. Moreover, the loan application process is simple, the necessary requirements are straightforward, and you can often get access to your money on the same day.

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 Somersham applicants who can afford to make the monthly repayments. Somersham 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.

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 a Logbook Loan show on a HPI check?

Cambridgeshire lenders are required to register all loans against a car with companies such as HPI, so they should all show up (normally as a ’Bill of Sale’ agreement) on a search. If for any reason you discover a loan on your new car that didn’t show up on a HPI check then their guarantee will reimburse you up to £30,000.

What is the repayment duration?

Your loan can be arranged with either a 12, 18 or 36 month duration and since there are no penalties for early repayment you can save money on interest payments by settling the account early.

We hope these FAQs have answered any queries you may have had and that a logbook loan is the right choice for you. To find out even more, and get a free quote simply get in touch by completing the form on this page.