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Professional Logbook Loans in New Mills

Enquire Online Today! - 20 Sep 2019

logbook loans New Mills

Logbook Loans New Mills


Release cash from your car with New Mills logbook loans

New Mills logbook loan quotes

Lend from £400 up to £50,000 against the current value of your vehicle whilst still enjoying driving it for the loan duration. If your car is finance-free then there’s a good chance you could even receive your loan within 24 hours!

You don’t have to jump through hoops or undergo a lot of checks with New Mills Logbook Loans either, which is why they’re so popular! Have your previous loan applications been denied for any reason? If yes, then this type of loan could be the perfect solution.

The money you borrow can be used towards anything you like too... why not clear some debts, book a holiday or simply give your cashflow a boost. Logbook Loans let you access the funds you require very quickly.

No risk quotes: With no commitment and no-obligation necessary why not get yourself a free quote to see how much you could loan?

Hassle-free application: If your credit history has let you down on previous loan applications then don’t worry, you may still be eligible for a loan.

Use your car: Carry on using your car as normal whilst still benefitting from the money you can borrow against it.

60secs online application: You can apply for a quote for New Mills Logbook Loans in just a minute with our online application form!

Loans for any purpose: Whatever your need to take out a Logbook Loan you have the freedom of being able to spend the money as you please.

Loans to suit you: Not all loans ’out the box’ suit everyone, so have a chat with an advisor to see how a Logbook Loan can work for your own situation.

The process of applying for New Mills Logbook Loans couldn’t be simpler too, simply complete our online form with a few basic details which will only take 60 seconds, a loan provider will then get in touch direct to discuss your requirements further.

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

logbook loans for older cars

Logbook Loans For Older Cars?

Other New Mills logbook lenders might limit the age of an eligible vehicle to just 8 years, but we base our loans on the value of the vehicle itself. That means even if your vehicle is slightly older it could still be eligible for a loan against it. With lending amounts from £400 up to £50,000 there’s a good chance that your vehicle will qualify and you will be able to lend against it. It’s simple to find out if you can borrow against an older vehicle, simply apply online.

loans against classic, vintage and prestige cars in New Mills

I have Got a Classic Car... Can I Borrow?

As these form of loans are based upon the current market value of your car, then all makes, models and years are considered. If you are in New Mills and own either a prestigious car, or an older vintage or classic model then you might still qualify depending on the current value. Anything from Ferrari to Aston Martin, Bentley and Maserati are considered, along with vintage makes and models.

no credit check New Mills logbook loans

No Credit Check Logbook Loans?

Actually, all applicants are credit checked when applying. It’s a misconception that has arisen due to the fact that V5 lending can be more accepting of people with poorer credit scores as your car is used as security during the repayment period. Being credit checked shouldn’t put you off though... if you’ve been denied a loan before you might be eligible to use your logbook to get a loan today!

loans for self employed in Derbyshire

Self Employed - Been Refused a Loan?

It has never been easy to get a loan for anyone that works for themselves in New Mills as most Derbyshire lenders need to be sure that any income is consistent. Logbook lenders however may be more sympathetic to self-employment as your vehicle is used as collateral against the loan amount which equals far less risk to them. In order to lend responsibly, the lender will still need to be sure that you can make the repayments every month.

New Mills 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 New Mills 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.

Borrow From £400 - £50k

Your loan can be up to 80% of the current market value of your car which can be anything from £400 all the way up to £50k. With such as large range a V5 loan covers most borrowing requirements. We’ve compiled a table of lending examples for you to see below:

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

Logbook Lending FAQs

We receive a number of questions regarding New Mills logbook loan applications, so for your convenience we have answered as many of the popular questions received below:

How do Derbyshire Logbook Loans work exactly?

The principal of borrowing against your car (or a V5 loan) in Derbyshire 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 New Mills 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 will I need to apply?

You’ll need to provide several forms of documentation before you can successfully enquire about a loan. Of course, the most important of these are your valid photo identification and your V5 documents, or logbook, as these will prove that you are the rightful owner of the car you want to use as security. You should also bring a current MOT, proof of insurance, and a copy of your most recent utility bill (in your name) to prove your Derbyshire residency, along with payslips or bank statements that show your income.

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 New Mills V5 Loans a great idea for many.

Unemployed but want a Logbook Loan... is this possible?

New Mills residents that find themselves unemployed but still want to take out a loan gainst there vehicle have to meet certain criteria in order to be successful. For instance you have to prove that the monthly loan repayments are affordable in order to avoid arrears and the possible loss of your car. Responsible Derbyshire lenders won’t grant loans to those who cannot afford the repayments. To find out more simply get in touch today!

Does my poor credit score affect my New Mills loan application?

A poor credit score normally means refusal for any other type of Derbyshire 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!

What happens if I can’t prove my current income?

Derbyshire V5 lenders need to see proof that you can afford the monthly payments so you don’t risk going into arrears or even risk losing your vehicle. Being responsible lenders means only lending to New Mills applicants that have the means to prove that they could afford to pay it back. If you think you might have trouble proving your income, then please get in touch to discuss the lending options that might be available to you.

Who should maintain the car during the loan?

Lenders ask you to provide proof of insurance at the time you enquire for a loan because they want to mitigate their risk in lending by making sure you’re covered in the event something should happen to your collateral while it is still in your possession. Along those same lines, lenders will expect that you have regular MOT checks and that you have your car serviced regularly throughout the loan period. This helps to maintain the car’s value, which is the lenders biggest interest. If for any reason your car’s value should depreciate significantly, you should immediately notify your lender of the circumstances.

Will my HPI check show any Logbook Loans?

All loans such as New Mills 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 loan repayments?

Logbook lending repayment periods can take up to 36 months, which means that you get to spread the repayment for a long period of time. You can decide to make your repayments based on the schedule you’re comfortable with. You can choose the 12 months repayment period, the 18 months repayment period or the 36 months repayment period. Also, if you choose to repay the loan early, you will not be penalised.

Hopefully these FAQs should have answered any questions you had regarding taking out a loan against your car, but don’t worry if you still have unanswered questions... simply get in touch via the form and speak direct to an advisor.