Your FAQs Answered
Getting a V5 loan is straightforward, but we know there are a number of questions you might like answered. We’ve compiled a list of some of the more frequently asked questions we receive concerning Fenny Bentley logbook loans.
How do they work?
Quite simply the way Fenny Bentley Logbook Loans work is that you use your car as security in order to receive a loan against the value of it. In order to receive the loan you need to own the car yourself (or have very little finance on it) then hand over the V5 document in exchange for an agreed amount of up to 80% of the car’s value. You can carry on driving your car throughout the loan period, and once repaid your V5 document is returned to you. They are particularly popular in Derbyshire as they can often be available to residents with poor credit scores.
What documents should I supply to proceed?
Loan enquiries are not complicated, and most can be completed in just a few minutes. After providing some basic information about yourself, you should be prepared to provide copies of your photo ID, V5 documents, current MOT, most recent utility bill (must be in your name), proof of car insurance, and proof of income, which may be a copy of your bank statement or several payslips.
Are Derbyshire 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. Derbyshire 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 Fenny Bentley V5 Loans a great idea for many.
Can I still get a V5 Loan even if i’m unemployed?
Yes, Derbyshire 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 Fenny Bentley 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 Fenny Bentley 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, Derbyshire residents with bad credit score may still be eligible to secure a loan with V5 lenders, as compared to the more conventional Derbyshire 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.
Is it a problem if I can’t prove my income level?
In order to qualify for Fenny Bentley logbook loans you need to be able to prove that you can afford the monthly repayments. Responsible lending means that Derbyshire V5 lenders will not offer you a loan unless they are certain that repayments can be made. This is to avoid you going in to arrears and risking losing your car. If you can’t prove your income then get in touch today to discuss your options and see if you’re eligible for a V5 document loan.
During the loan, who maintains the car?
A v5 loan is a type of secured loan that is provided to you based on the value of your car. Because you are able to maintain possession of the car throughout the loan duration, it is also your responsibility to maintain it. Maintenance includes continuous insurance coverage, regular servicing, and MOT checks as required. Although your lender is aware that some additional mileage and wear and tear is possible, anything above and beyond normal depreciation should be reported to your lender immediately.
Will my HPI check show any Logbook Loans?
All loans such as Fenny Bentley V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Derbyshire lenders to register every loan with companies such as HPI. If for any reason you find there to be a loan against your vehicle which did not show up on a HPI search, then you will be entitled to up to £30,000 according to the HPI guarantee.
How long are the repayment terms?
The length of repayment available for car v5 loans includes; 12 months, 18 months and 36 months. These repayment terms offer you adequate time so that you can make budget friendly repayments every month. The interest is charged on a monthly basis and you will not incur extra charges by paying off the loan early. In fact, it’s better to repay in advance, since by doing so, you will end up repaying much less overall in terms of monthly loan interest.
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.