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Convenient Logbook Loans in Chew Magna

Enquire Online Today! - 13 Dec 2019

logbook loans Chew Magna

Logbook Loans Chew Magna


Release cash from your car with Chew Magna logbook loans

Chew Magna logbook loan quotes

You can carry on driving your car and borrow anything up to £50,000 by lending against your vehicle. Assuming your car is currently finance-free your loan can often be arranged quickly and your money provided within 24 hours!

With Chew Magna Logbook Loans you won’t have to jump through hoops or undergo embarrassing credt checks which helps explain their popularity. If you have been unsuccessful in previous loan applications then look no further as this could be the solution.

You can even spend the money on whatever you wish... with Logbook Loans you can clear some debts, go on a holiday or anything you like with the money. You have complete control over the money.

No risk quotes: Your free logbook loan quote is totally obligation-free and therefore risk-free, so apply online today to see how much you could loan!

No-hassle loans: If you have a poor credit history then you don’t have to worry about it affecting your application, you may still be accepted.

Keep driving your car: A V5 Logbook Loan not only lends you the money, but lets you keep hold of the keys so you can carry on driving!

60sec application: To apply online for your Chew Magna Logbook Loan quote takes less than a minute using our easy application form.

Your money to use: Spend your new loan on anything you fancy, from paying off other debts to buying a holiday you have complete freedom of choice.

Loan periods to suit you: It’s no good getting a loan that doesn’t meet your needs, so get in touch to discuss the various options available to you today!

Luckily our site makes it easy to apply for Chew Magna Logbook Loans, just use the online form to provide us with some basic information about both yourself and your vehicle, you’ll then be contacted by a provider to discuss your loan requirements.

Free quotes for Chew Magna Logbook Loans are just around the corner, so apply online today to see how much you can lend!

logbook loans for older cars

Older Cars Are Eligible Too

Loans against logbooks aren’t just for newer cars. Though some Chew Magna lenders only let you borrow against cars under 8 years old, the Somerset lenders on our network look at the value of your car and so consider older cars for a loan too. The simple way to determine if your car qualifies for a V5 loan is to simply complete the form you can see further up the page choosing your vehicle make, model and year from the menu.

loans against classic, vintage and prestige cars in Chew Magna

Borrowing Against a Classic or Prestigious Vehicle

Chew Magna owners of more classic or prestigious cars have often asked whether their cars are eligible for a V5 loan... and the answer is yes! If you are the owner of a Maserati, Rolls-Royce, Bentley, Ferrari or any other prestigious or classic car model then the same process still applies. Your borrowing is based up on the value of your car so subject to eligibility and affordability you could qualify for a loan.

no credit check Chew Magna logbook loans

No Credit Check Logbook Loans?

Not true unfortunately, however don’t let that put you off! Even though all applicants are credit checked you may find that these loans are more attainable as your car is used as security for the duration of the loan, which is why people can often be accepted when they have been denied more traditional loans. So if you’ve been denied a loan before due to a poor credit score then give a V5 loan a try and find out today.

loans for self employed in Somerset

Self Employed - Been Refused Elsewhere?

It has always been a problem for the self-employed in Chew Magna to get a loan as most lenders want to see a more secure income. Somerset Logbook lenders however can often be more sympathetic to these situations as your car is secured against the loan total during the repayment period. With any responsible lending however, you will still be required to prove that you can afford to make the monthly repayments, so get in touch today.

Chew Magna business v5 loans

Small Business Loans?

Some logbook lenders may be able to provide you with a business loan, but you should be sure to check with individual lenders to make certain. If your company car is registered in your name, or if your name and the company’s name match, then it may be possible to obtain a logbook loan for your Chew Magna business. Keep in mind, though, that if your vehicle is registered in a company name that does not match your own, most lenders cannot work with you.

Borrow From £400 - £50k

Your loan can be up to 80% of the current market value of your car which can be anything from £400 all the way up to £50k. With such as large range a V5 loan covers most borrowing requirements. We’ve compiled a table of lending examples for you to see below:

Value of Car % Loan Loan Total
£500 80% £400
£1000 80% £800
£1500 80% £1200
£2000 80% £1600
£5000 80% £4000
£10000 80% £8000
£20000 80% £16000

Online Loan Calculator

Our online calculator lets you input your car’s approximate value and loan percentage to get an idea of the total loan amount.

7000
80%

£5600

FAQs

If you have any questions regarding any element of Chew Magna 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 Chew Magna Logbook Loans work?

The way Somerset 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 Somerset and are increasing in popularity with those with bad credit.

What will I need to apply?

You’ll need to provide several forms of documentation before you can successfully enquire about a loan. Of course, the most important of these are your valid photo identification and your V5 documents, or logbook, as these will prove that you are the rightful owner of the car you want to use as security. You should also bring a current MOT, proof of insurance, and a copy of your most recent utility bill (in your name) to prove your Somerset residency, along with payslips or bank statements that show your income.

Why are Logbook Loans a good idea?

They are often a good type of loan for Chew Magna 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, Somerset 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.

I’m currently unemployed, can I get a Logbook Loan?

One of the key requirements to taking out Somerset 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 Chew Magna 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 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.

I can’t prove my income, is that a problem?

Chew Magna V5 logbook loans can be advantageous for borrowers with poor or little credit history. Being unemployed, self employed, having arrears, CCJs, or bankruptcies can make one a bad credit borrower, and the traditional Somerset lending institutions will most probably refuse your loan application due to the high risk associated. With a loan against your car, you might still qualify even if you have poor credit so long as you can prove you’re able to make the repayments in a timely manner. Responsible lending is designed to help prevent the risk of you losing ownership of your car. Since different people have different circumstances, it’s advisable to to get in contact to discuss your particular situation.

What about car maintenance during the loan?

Although a logbook lender does reserve the right to take possession of your car if you default on your payments, if you are current, you are still the owner of the car. As such, all maintenance remains your responsibility, and this includes MOT checks, insurance, and regular servicing. Your lender will expect normal wear and tear along with additional mileage on the car, but if anything should significantly reduce the car’s value, you will be expected to report that change to the lender as soon as possible.

Will a Logbook Loan show up on a HPI check?

An HPI Check is a car check which is provided by HPI ltd. which scrutinises the history of motorised vehicles that are registered in UK including vans, motorbikes and cars. The HPI check report alerts you to any kind of worrying information that’s held against the car by insurance or finance companies, the police, the DVLA, and such other industry bodies. A loan against your car will show as a Bill of Sale Agreement. If for any reason it doesn’t show on a HPI check then the HPI guarantee will offer reimbursement of up to £30,000.

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.

Hopefully these FAQs should have answered any questions you had regarding taking out a loan against your car, but don’t worry if you still have unanswered questions... simply get in touch via the form and speak direct to an advisor.