If you have any questions regarding any element of Penrhiwfer 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 they work?
Quite simply the way Penrhiwfer Logbook Loans work is that you use your car as security in order to receive a loan against the value of it. In order to receive the loan you need to own the car yourself (or have very little finance on it) then hand over the V5 document in exchange for an agreed amount of up to 80% of the car’s value. You can carry on driving your car throughout the loan period, and once repaid your V5 document is returned to you. They are particularly popular in Rhondda Cynon Taf as they can often be available to residents with poor credit scores.
What documents do I need to provide?
Enquiring about a loan is easy and only takes a few minutes of your time. You’ll need to provide some personal information along with a copy of your photo ID, your logbook (or V5 documents) most recent MOT, proof of car insurance, proof of Rhondda Cynon Taf residency, and proof of income. These things will all help lenders verify your identity and ownership, and it will also help lenders decide what type of loan you can qualify for.
What makes Penrhiwfer 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 Rhondda Cynon Taf 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 Penrhiwfer v5 loans can be a great idea. Get in touch to find out more.
I’m currently unemployed, can I get a Logbook Loan?
One of the key requirements to taking out Rhondda Cynon Taf 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 Penrhiwfer and unemployed you still need to be able to prove that you can afford the repayments to qualify for the loan.
Does my poor credit score affect my Penrhiwfer loan application?
A poor credit score normally means refusal for any other type of Rhondda Cynon Taf loan, however when looking at these type of loans you may find that it is easier to be accepted even with bad credit history. Using your car as security for the loan means the lender is facing less risk and so they are more likely to lend against your vehicle. You will still undergo a credit check, but the outcome will not always mean refusal. Apply online today to find out!
What if I can’t prove my income?
Those who are self employed or have little/poor credit history in Rhondda Cynon Taf can benefit from the V5 loans; they simply need to prove that they are able to make the repayments. As part of responsible lending, it’s important for Penrhiwfer V5 loan applicants to prove that they have the ability to make timely repayments so as to avoid losing possession of their car. Since different people have different situations, it is important to get in contact to discuss your particular needs.
Who should maintain the car?
When you agree to a loan, you also agree that you will continue to maintain the car while it is in your possession. This maintenance should include regular servicing, maintaining insurance at all times, and necessary MOT checks. Some normal wear and tear, along with additional mileage, is to be expected, but you should maintain your car to the same value it had when you took the loan. This means that if significant damage or mechanical failure should occur and reduce the value of your car, you should notify your lender right away.
Will my HPI check show any Logbook Loans?
All loans such as Penrhiwfer V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires Rhondda Cynon Taf 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 do I have to repay?
Your loan repayments can be arranged over 12, 18 or even 36 months. There are no penalties if you wish to settle the account sooner, in fact it is encouraged as interest is charged monthly so you can save yourself money by paying your loan off sooner.
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.