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 Bramshill logbook loans.
How do Bramshill Logbook Loans work?
The way Hampshire 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 Hampshire and are increasing in popularity with those with bad credit.
When applying, what do I need to provide?
When it comes to enquiring about a loan, lenders often have different requirements, but the basics are the same across the board. You should have access to your photo ID, car insurance policy, current MOT, logbook, bank statements or payslips, and a current utility bill that is in your name. These things provide the lender with proof of your identity, ownership, Hampshire residency, and income – and they’ll need it to get you approved.
What makes Bramshill Logbook Loans a good idea?
There are numerous benefits to taking out a loan against your vehicle, but perhaps the main benefit that attracts many Hampshire applicants is that people with less than perfect credit scores can still be eligible to borrow money as their vehicle is used as security. So if you can afford the repayments and need to borrow some quick money then Bramshill v5 loans can be a great idea. Get in touch to find out more.
I’m unemployed... can I get a Logbook Loan?
One requirement of taking out Bramshill V5 Loans is that you can prove to the lender that you can afford the repayments. It’s part of a responsible lending approach that helps ensure you do not default on any loan payments. Therefore if you’re in Hampshire and unemployed, but can still prove you can afford the repayments then you may be eligible for a 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 Bramshill borrowers. Because of the poor credit score, major loan lenders like banks are less likely to approve your loan application. Hampshire 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 Hampshire 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.
What happens if I can’t prove my current income?
Hampshire 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 Bramshill 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.
Is it my responsibility to maintain the car?
When you get a loan, your lender provides you with funding based on the value of your car. Your car becomes collateral that the lender can possess to recoup its losses in the event that you default on loan. Because of this, it is your responsibility to continuously carry insurance on that car, to have it serviced, and to have regular MOT checks. All of these things help to maintain your car’s value, which is important to the lender. If something should have a significant impact on your car’s value, you should always report this to your lender as soon as possible.
Will my HPI check show any Logbook Loans?
All loans such as Bramshill V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Hampshire 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.
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.