Logbook Lending FAQs
We receive a number of questions regarding Whitchurch-on-Thames logbook loan applications, so for your convenience we have answered as many of the popular questions received below:
How do Whitchurch-on-Thames Logbook Loans work?
The way Oxfordshire 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 Oxfordshire and are increasing in popularity with those with bad credit.
What ID and documents do I need?
Providing logbook lenders with proof of Oxfordshire residency, income, car ownership, and identity is vital when you enquire for a loan. It only takes a few minutes, and you can do all of this with a handful of documents. Your photo ID, logbook (or V5 document), current MOT, proof of insurance, a utility bill, and a bank statement or copies of payslips will suffice. Bear in mind that some lenders may ask for additional information for verification purposes, too.
Why are Logbook Loans in Whitchurch-on-Thames a good idea?
This kind of loan is ideal for Oxfordshire residents who have bad credit score and have no other form of finance available to them. Regardless of how bad or poor your credit score history, there could be less chance of getting rejected. You simply need to meet the requirements, especially pertaining ownership of the car, and you could be approved for the loan. Your credit history might not be a negative factor when issuing the approval for your loan application. Generally, approval for lending against your Whitchurch-on-Thames vehicle mainly depends on the make or model of the car that you’re using as security. You can even get money on the same day!.
Can I still get a V5 Loan even if i’m unemployed?
Yes, Oxfordshire residents could still get a loan although you will still need to be able to prove that you can afford the repayments every month to avoid losing your vehicle. Responsible lending approaches mean the lender needs to be satisfied that you aren’t going to risk gong into arrears. To find out whether you can make a successful Whitchurch-on-Thames loan application, simply enquire online using the form on this page.
Does credit score affect loan applications?
If you have a poor credit score then you might have already been refused a loan elsewhere. Though disheartening it shouldn’t put you off applying for Whitchurch-on-Thames V5 loans, as using your car as security for the loan often means a more relaxed acceptance level. Your credit history will still be checked, but as long as you live in Oxfordshire and own the car outright (or with minimal finance left) then you have a good chance of being able to borrow against it’s value.
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, Whitchurch-on-Thames 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 is responsible for car maintenance?
Most logbook lenders will ask that you maintain your car so that the value remains the same (or close to the same) throughout the duration of the loan period. This maintenance includes regular servicing, MOT checks, and automobile insurance, among other things. You will need to notify your lender if anything reduces the value of your car significantly, including damage or mechanical problems. However, your lender will expect some additional mileage and the usual wear and tear throughout the loan term.
Will a Logbook Loan show on a HPI check?
Oxfordshire lenders are required to register all loans against a car with companies such as HPI, so they should all show up (normally as a ’Bill of Sale’ agreement) on a search. If for any reason you discover a loan on your new car that didn’t show up on a HPI check then their guarantee will reimburse you up to £30,000.
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.
If you still have any unanswered questions regarding borrowing against your vehicle then simply get in touch direct using the form you can see above. An advisor will call to discuss your requirements and answer any queries you have.