If you have any questions regarding any element of Toot Hill V5 loans then please get in touch via the form above. We’ve also compiled a list of frequently asked questions which should help answer any queries you may have.
How do Toot Hill Logbook Loans work?
The way Essex 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 Essex and are increasing in popularity with those with bad credit.
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.
What makes a V5 Logbook Loan a good idea?
If you are struggling to get approved for a loan in Essex because you have bad credit, you should consider applying for a V5 document loan. With these type of loans, all credit is considered. Whether you’ve bad credit score due to missed payments or such other defaults, it might not matter; so long as you live in Essex, own a car or have very little finance you simply need to avail the logbook, and you can obtain a loan quickly.
I’m currently unemployed, can I get a Logbook Loan?
One of the key requirements to taking out Essex loans against your vehicle logbook is that you can prove to the provider that you can afford to make the monthly repayments. This is part of a responsible lending approach that helps ensure you do not default on your payments and risk your vehicle not being returned. Therefore if you are in Toot Hill and unemployed you still need to be able to prove that you can afford the repayments to qualify for the loan.
Can I Get a Loan With a Poor Credit Score?
Taking out a loan when you’ve bad credit score is tough for many Toot Hill borrowers. Because of the poor credit score, major loan lenders like banks are less likely to approve your loan application. Essex lenders might be able to provide a more accessible option despite the bad credit. Although you will still have to undergo a credit check, V5 lenders can be more tolerant to bad credit scores; as responsible Essex lenders, they will have to assess the loan applicant’s ability to repay the loan, and their vehicle’s value to ensure that the loan can be guaranteed.
I have no proof of income, can I still borrow?
If you own a car that’s registered in your name you might still be able to get a logbook loan, however you need to prove that you’ll be able to afford to make the repayments. As part of responsible lending, Toot Hill v5 lenders have to ascertain that you will be able to make the payments as needed, so that you do not end up losing possession of your car. You should get in contact to discuss your particular situation. Fill in the above form to hear directly from an advisor who will take you through the available options.
Who should maintain the car during the loan?
When you enquire about a loan, you will be asked to provide proof of insurance. Throughout the duration of the loan, it will be your duty to keep that insurance paid and up-to-date. All maintenance falls on you, the owner of the car. Remember that you will have access to your car throughout the loan period, so MOT testing and servicing will continue to be your responsibility. Although some general wear and tear during the loan period is to be expected, the car should be maintained to roughly the same value as the agreed-upon loan. If changes that significantly reduce this value should occur, it is important for you to notify the loan company right away.
Will my HPI check show any Logbook Loans?
All loans such as Toot Hill V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Essex 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.
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 there are any other questions you would like answered then use the form above to get in touch direct to an advisor. They’ll help answer any queries you have and determine whether a V5 loan is the right solution for you.