Answers To Your Questions
Logbook loans are generally a very straightforward type of loan, but we’re sure you have a number of questions so have compiled answers to some of the common questions we receive from Exton applicants.
How do Exton Logbook Loans work?
The way Devon loans against cars work is you use your car as security for getting a loan. The only thing you need to hand over is the logbook (also known as V5 document) of your vehicle. The logbook is held by the lender as collateral, and you get to keep and use your vehicle throughout the agreement. The document is then returned to you when you finish repaying the loan. Loans are available throughout Devon and are increasing in popularity with those with bad credit.
What documents do I need to provide?
Enquiring about a loan is easy and only takes a few minutes of your time. You’ll need to provide some personal information along with a copy of your photo ID, your logbook (or V5 documents) most recent MOT, proof of car insurance, proof of Devon residency, and proof of income. These things will all help lenders verify your identity and ownership, and it will also help lenders decide what type of loan you can qualify for.
Are Devon 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. Devon 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 Exton V5 Loans a great idea for many.
Can I get a Logbook Loan if I am unemployed?
If you have tried to apply for Devon personal loans at the mainstream sources like banks, and you have been refused you should consider applying with a logbook lender. Even if you are unemployed, you will still be considered. Exton Logbook lenders are interested in your current ability to repay the loan, which means even if you have a bad credit history and you are not employed, you might still qualify. You simply need to prove that you can afford the repayments so as to avoid extra charges, delays, and the possible repossession of your car.
Does my poor credit score matter?
Even if you have a poor credit score, you may still be eligible for a loan as long as you have a car which you can use as collateral. Even though you will still have to undergo a credit check, your chances of securing a V5 loan could be good. To qualify, you also need to be a registered citizen, be of sound mind, be of the legal age, and own a car that’s legally registered in your name.
What happens if I can’t prove my current income?
Devon 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 Exton 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 is responsible for general car maintenance?
Although the loan is secured with your car, you get to keep your car throughout the duration of the loan as long as you make the payments on time as agreed. Because the car stays in your possession, it also stays under your car. You will be required to have regular MOT checks, to have the car serviced, and to maintain insurance on the car at all times. If you do not, or if anything should affect the car’s value (other than normal mileage and wear and tear), then you should contact your lender.
Are Logbook Loans visible on a HPI check?
A HPI check should clearly show a loan present as a ’Bill of Sale Agreement’. A rule was introduced that requires all Devon lenders to register any active loans against a vehicle with companies such as HPI. If for any reason you find that there is an existing loan against your vehicle which was not visible on a HPI search then under the HPI guarantee you are entitled to a reimbursement of 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.
Should you have any further queries you can hear direct from an advisor by simply filling-in the form above. An advisor will be in touch direct to chat further about our lending requirements and whether a V5 loan is suitable for your needs.