If you have any questions regarding any element of Upper Thurnham 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 exactly do Lancashire Logbook Loans work?
A loan using your V5 document is a loan that’s secured on your car, so the lender owns your car until you repay the loan. When taking out a loan of this type, you’ll be asked by the lender to hand over the car’s V5 registration document or logbook. You can keep using your car as you repay the loan. You won’t get the logbook back until you have cleared the debt. If you default on the loan payments, your car can be seized by the lender.
What documents do I need to apply?
When you enquire about a loan, lenders do their best to not only prevent fraud, but also to reduce risk. For this reason, you will need several different documents. Your government-issued ID, a copy of your logbook, proof of insurance, a utility bill for proof of Lancashire residency, a current MOT, and proof of income are all requirements when you enquire. Make sure you have the most recent versions of these for the best chances of being approved.
Are Upper Thurnham Logbook Loans a good idea for me?
If your circumstances mean that you have been refused a loan elsewhere then applying for this type of loan could help you lend the money you need. By using your car as security, V5 loans are more accessible to Lancashire residents who have less-than-perfect credit scores, or simply need to release some quick money from the value of their car. If you own your car and can afford the repayments then a V5 loan can be a good idea.
Can unemployed persons secure a Logbook Loan?
To be eligible for Upper Thurnham loans against cars, you need to own a vehicle that’s registered in your name (or very nearly own it on finance). A perfect credit history and full employment status are not always a strict requirement, however, you must be able to provide proof that you will be able to make the repayments on your Lancashire loan, without delays. It’s part of a responsible lending culture amongst lenders.
I have a poor credit score... can I get a loan?
Quite possibly yes! In fact Lancashire lenders could be more accepting of those with less than desirable credit scores as your car’s V5 document is retained as security making it a lower risk loan for the lender. It’s important to realise that all Upper Thurnham applicants are still credit checked, but may find this type of loan more accepting than others.
I can’t prove my current income... does that matter?
Responsible lending entails only lending money to Upper Thurnham applicants who can prove that they can afford the monthly repayments. It’s a way of trying to avoid accounts entering into arrears and even the repossession of a vehicle. Upper Thurnham v5 logbook loans are only offered to those who can prove that they can make the repayments, so if you have trouble doing so it’s best to get in touch to discuss the best option for your lending needs.
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 a HPI check show a Loan?
Any loans taken out against the car are normally recorded on a database which is known as the HPI Index where anybody can check for the vehicle’s history prior to purchasing it. When you do a HPI check, you will get to know the vehicle’s true financial history. The HPI check report will also show you the vehicle’s history including; whether the logbook is legitimate, insurance write-off, previous number of owners, previous number plate changes, potential mileage discrepancies, and more.
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.
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.