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Quick Logbook Loans in Croydon

Enquire Online Today! - 23 Mar 2019

logbook loans Croydon

Logbook Loans Croydon


Croydon logbook loans can unlock the value in your car

Croydon logbook loan quotes

If you want to borrow money whilst remaining mobile then read on... you can lend up to £50,000 whilst still driving your car! Providing there is no finance on you car your loan can be approved and money arranged in as little as 24 hours!

With other loans you’ll be asked to jump through hoops and undergo credit checks which isn’t the case with Croydon Logbook Loans. If you need a loan but have been refused elsewhere then this could provide you with the funds you require.

You can spend the borrowed money on anything you like too... Logbook Loans give you the flexibility to pay of other loan amounts, go on holiday or just release some cashflow if you prefer.

No obligation: The obligation-free quotes you receive by applying online mean there is never any pressure to commit to a loan.

Hassle-free loans: If you have had loan applications refused before because of poor credit history then you’ll love the fact that you might still be accepted!

Keep your keys: You can stay mobile by keeping on driving your car whilst benefitting from the amount borrowed.

Easy online application: Just provide us with some basic information using our online form to apply for your Croydon Logbook Loan quote.

Any reason loans: Need a no-questions asked loan that you can spend however you like? A logbook loan gives you complete control over your money.

Loans that suit you: If you need to lend money over a longer duration then speak to the specialist who can factor in your own specific needs.

It’s not difficult to apply for Croydon Logbook Loan quotes either, let us know a little about you and your car using our online application form (it only takes 60secs), a loan provider will then get in touch direct to discuss your needs and to provide a free no-obligation quote.

With free no-risk quotes available in minutes, why not discover just how much Croydon Logbook Loans could allow you to lend?

logbook loans for older cars

Logbook Loans For Older Cars? Absolutely.

If you’re wondering whether your older car is still eligible for a loan then you may be in luck. Some other Croydon lenders will limit the age of an eligible car to 8 years, but the lenders on our Croydon network focus mainly on the current value of your vehicle which means that older cars may still be eligible. It’s easy to see if your car meets the criteria... simply complete the short enquiry form you can see above.

loans against classic, vintage and prestige cars in Croydon

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 Croydon 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 Croydon 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 Croydon

Are the Self-Employed Eligible to Borrow?

If you’re in Croydon and self-employed then you probably already know how difficult it can be to get a loan of any sort as most Croydon 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.

Croydon business v5 loans

Business Logbook Loans?

If you are interested in obtaining a logbook loan for your Croydon business, you may be able to do so in one of two ways. First, you can enquire about a loan on a vehicle that is registered in your name; this is much the same as obtaining a personal logbook loan. Second, you can also use a company vehicle that is registered in the business’s name if the business name and your name match. You should always check with individual lenders for their policies.

Example Lending Figures Up To £50,000

You can see a table below showing some typical borrowing examples available based on a loan of 80% of your current vehicle value. With lending amounts from a minimum of £400 up to £50,000 most lending requirements are covered by a V5 loan:

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 Amount

View the total loan amount you could be eligible for, up to a maximum 80% by using the sliders you can see below:

7000
80%

£5600

V5 Car Loan FAQs

There are a number of questions we receive regarding Croydon logbook loans,so for your convenience we have compiled a list of answers to the more frequently asked questions we receive on a daily basis.

How do Croydon Logbook Loans work then?

The premise of borrowing against your car is simple... use your car’s V5 title document as security to lend against the value of your car. In fact you can lend anything up to 80% of the car’s value up to a maximum of £50,000. The application process is simple, and this type of loan is popular among Croydon residents as they are often accessible to those with poor credit scores as the vehicle is used as security. Once your loan is repaid, you receive your V5 document back and carry on as normal.

What ID and documents do I need?

Providing logbook lenders with proof of Croydon residency, income, car ownership, and identity is vital when you enquire for a loan. It only takes a few minutes, and you can do all of this with a handful of documents. Your photo ID, logbook (or V5 document), current MOT, proof of insurance, a utility bill, and a bank statement or copies of payslips will suffice. Bear in mind that some lenders may ask for additional information for verification purposes, too.

Why opt for Croydon Logbook Loans?

Unlike other types of loan, the requirements needed for borrowing against your vehicle are minimal. You simply need to meet a few requirements; that is, you must be of the legal age, and own a car (or have very little finance remaining) which you can offer for collateral. If you meet this criteria and live in Croydon, you are free to apply for this type of loan. So long as you are the car owner, you may be able to obtain the loan even if you’ve a history of default. The amount of money you can borrow normally depends on the value of the car you’re using for security. Also, if you’ve finance on the car already, some Croydon loan lenders might still lend you some money, so long as the car is worth more than what’s owed on it.

What about Croydon 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 Croydon 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.

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

Do I qualify if I can’t prove my income?

To qualify for Croydon V5 loans, you need to prove to the loan lender that you can afford to make your loan repayments. Logbook lenders focus on your current ability to afford loan repayments instead of dwelling solely on a perfect credit history. If you don’t have a perfect credit score, you might still be eligible to borrow so long as you are in a position to prove that you’re able to repay your loan. That being said, it’s advisable to get in contact to discuss your particular situation. You can fill in the form above to hear directly from an advisor about the available options for you in Croydon.

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.

What are the repayment terms for the loan?

Borrowers generally get the option of tailoring their repayment plans according to their budget and needs. The standard repayment terms starts from 12 months to 36 months with an option of 18 months if needed. The interest is usually charged on a monthly basis, but if you repay the loan early, you will not incur any extra charges.

We hope these answers to our most frequently asked questions have helped, but if you have any further questions you can hear from an advisor direct by simply completing the short form you can see above. Get in touch today to find out more.