V5 Car Loan FAQs
There are a number of questions we receive regarding Framingham Pigot logbook loans,so for your convenience we have compiled a list of answers to the more frequently asked questions we receive on a daily basis.
How does a V5 Logbook Loan work precisely?
It is a type of secured loan which provides a convenient and simple way of obtaining money for Framingham Pigot residents, and all credit rating is considered. The amount you’re entitled to borrow is normally determined by your vehicle’s value, and the amount you are able to repay, instead of your employment status or credit history. This means that Norfolk residents, even if they’re self employed, or suffer from poor credit rating may still qualify for the loan; provided they can afford to repay it. You basically borrow the cash on an understanding that in case you do not pay the money back in the stipulated time, the lender can re-possess your vehicle.
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 Norfolk 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.
Why are Logbook Loans a good idea?
They are often a good type of loan for Framingham Pigot borrowers with bad credit scores because they consider all credit hostory. If other loan lenders refuse to offer or give you a loan because of your current credit score, why not apply for a V5 loan? If you own a car and want a loan that considers all applicants, Norfolk V5 document loans could be the perfect solution. With this type of loan, you do not even have to go through the long and arduous processes you’d have with the banks.
Unemployed but want a Logbook Loan... is this possible?
Framingham Pigot 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 Norfolk 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 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.
Is it a problem if I can’t prove my income level?
In order to qualify for Framingham Pigot logbook loans you need to be able to prove that you can afford the monthly repayments. Responsible lending means that Norfolk V5 lenders will not offer you a loan unless they are certain that repayments can be made. This is to avoid you going in to arrears and risking losing your car. If you can’t prove your income then get in touch today to discuss your options and see if you’re eligible for a V5 document loan.
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 Framingham Pigot V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Norfolk 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 are the repayment terms for the loan?
Borrowers generally get the option of tailoring their repayment plans according to their budget and needs. The standard repayment terms starts from 12 months to 36 months with an option of 18 months if needed. The interest is usually charged on a monthly basis, but if you repay the loan early, you will not incur any extra charges.
To find answers to any further queries you may have then simply get in touch today using the short form you can see above. You’ll be contacted by an advisor who can answer any questions you have to see if a V5 loan is for you.