FAQs About Riverside V5 Loans
If you’ve got any questions about Riverside 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 Cardiff Logbook Loans work exactly?
The principal of borrowing against your car (or a V5 loan) in Cardiff 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 Riverside 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 Cardiff 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.
Are Cardiff Logbook Loans really a good idea?
If you’re looking for some quick money, and have been refused a loan elsewhere then a V5 loan can be a good idea to release the funds that you need. Cardiff applicants with less than ideal credit scores often find that their loans requests are accepted and they can release the value in their cars. As your car is used as security against any repayments, then you’re more likely to be accepted than with other loan types, making Riverside V5 Loans a great idea for many.
Can the unemployed secure a Logbook Loan?
Riverside individuals who are unemployed and also have a bad credit score usually have fewer choices when it comes to securing a personal loan. This is because of the fact that during the loan application process in most of the conventional loan lenders, one has to be employed with proof of income, and also a credit record check has to be done. With loans secured against a vehicle, unemployed people in Cardiff might still be considered for the loan, however, as part of responsible lending, the logbook lender has to assess the loan applicant so as ensure that they are suitable to lend money to.
I have a poor credit score... can I get a loan?
Quite possibly yes! In fact Cardiff lenders could be more accepting of those with less than desirable credit scores as your car’s V5 document is retained as security making it a lower risk loan for the lender. It’s important to realise that all Riverside applicants are still credit checked, but may find this type of loan more accepting than others.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Riverside 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. Riverside 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?
When you agree to a loan, you also agree that you will continue to maintain the car while it is in your possession. This maintenance should include regular servicing, maintaining insurance at all times, and necessary MOT checks. Some normal wear and tear, along with additional mileage, is to be expected, but you should maintain your car to the same value it had when you took the loan. This means that if significant damage or mechanical failure should occur and reduce the value of your car, you should notify your lender right away.
Will a Logbook Loan show on a HPI check?
Cardiff 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 period?
Lending against your car can be quite flexible when it comes to the repayment period. The period or length of repayment available is 12 months, 18 months and 36 months. However, if you have got the means, you are allowed to pay off the loan early without incurring any penalties. The interest is charged on a monthly basis, which means that paying off the loan early results in reduction in the overall amount of money you repay.
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.