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Professional Logbook Loans in Wellow

Enquire Online Today! - 23 Sep 2019

logbook loans Wellow

Logbook Loans Wellow


Looking for quick cash? Wellow logbook loans are for you

Wellow logbook loan quotes

If you need fast cash but also need to keep mobile then this could be the best loan for you. They’re quick loans too... in fact providing your car is finance-free your money can be arranged in not time at all.

Now one of the most popular loan types available, Wellow Logbook Loans let you bypass the usual credit checks and annoying hoops to jump through. These loans can provide you with the money you have been looking to borrow, particularly if you have been refused other types of loan elsewhere.

The money you borrow is yours to spend on anything your like... with complete flexibility with the finances you could pay off some debts, boost your cashflow or even treat yourself to a holiday, the choice is yours!

Obligation-free quotes: You’re never obligated to accept the quote provided, so why not simply find out how much you could lend today?

Hassle-free loans: You don’t have to jump through hoops to get yourself a Logbook Loan, even CCJs and arrears can be accepted!

Continue driving: You can continue to drive your car as normal for the entire loan duration whilst lending money against it with a Logbook Loan.

Simple online application: It couldn’t be easier (or faster!) to apply online for your no-obligaiton Wellow Logbook Loan quote!

Your money to use: It’s your loan so you can spend the money as you see fit. Logbook Loans give you complete control over the money loaned.

Flexible loan periods: If you need to tailor your loan to suit your own requirements better then get in touch to speak to an expert about your lending needs.

Thankfully applying for Wellow Logbook Loans couldn’t be more straightforward, just complete our simple application form with some basic details about you and your vehicle, shortly after you will be contacted direct by a loan provider who can arrange your free Logbook Loan quote.

You could be receiving a free Wellow Logbook Loan quote in no time at all, so why not apply online today!

logbook loans for older cars

Logbook Loans Cover Older Cars Too

Don’t worry if you own an older car... unlike some other Wellow lenders your car may still be eligible to borrow against as the focus is on the current market value rather than the age. That means so long as your car has some resale value it could qualify for a loan against it. There’s a simple way to see if your vehicle is eligible to be borrowed against... simply enter your registration on the form above.

loans against classic, vintage and prestige cars in Wellow

Classic, Vintage & Prestigious Car V5 Loans

If you own a more desirable car, be it a classic or vintage car, or even a prestigious model then the loan process still applies. You can lend against the current market value of the vehicle which makes most makes and models eligible to borrow against. So if your car takes pride of place in the Wellow classic car club such as a Mercedes or Morgan, or it is a prestige model such as a Bentley or Rolls-Royce a V5 loan might be an option.

no credit check Wellow logbook loans

No Credit Check Logbook Loans?

Sadly not true. In fact all applicants are credit checked when applying. It’s a popular misconception that everyone is eligible, however don’t let that put you off from enquiring... as a vehicle is used as collateral against the loan amount you may find that this type of loan is more attainable than others. So if you’ve had a loan application denied before then this could be the perfect solution to your borrowing needs.

loans for self employed in Somerset

Are the Self-Employed Eligible to Borrow?

If you’re in Wellow and self-employed then you probably already know how difficult it can be to get a loan of any sort as most Somerset lenders want to see regular guaranteed income to cover payments. Using your vehicle as security means you might still be eligible for a loan as it reduced the risk to a lender. It’s important to remember though that as part of responsible lending you still need to prove to the lender that you can cover the payments.

Wellow business v5 loans

Business Logbook Loans?

If you are interested in obtaining a logbook loan for your Wellow business, you may be able to do so in one of two ways. First, you can enquire about a loan on a vehicle that is registered in your name; this is much the same as obtaining a personal logbook loan. Second, you can also use a company vehicle that is registered in the business’s name if the business name and your name match. You should always check with individual lenders for their policies.

Example Lending Amounts - From £400 to £50,000

Whatever the age of your car, you can borrow up to 80% of the current market value. The minimum loan amount is £400 up to a maximum of £50,000! A V5 loan covers most lending requirements. Take a look at the table below to see some example lending figures:

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

Loan Percentage Calculator

It’s simple to use our online loan calculator... just use the sliders below to set your car value and loan percentage.

7000
80%

£5600

Frequently Asked Questions

It’s only natural to have a number of questions regarding V5 loans, so we have compiled a series of answers to the more frequently asked questions. Please get in touch to discuss any element of Wellow logbook loans further.

How do they work?

Quite simply the way Wellow 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 Somerset as they can often be available to residents with poor credit scores.

What exactly will I need to apply?

You will need your logbook, current MOT, driver’s license or other photo ID, proof of income (bank statements or payslips), proof of insurance, and proof of Somerset residency (such as a utility bill) to successfully enquire about a loan. Although all lenders have different guidelines when it comes to approvals and some may ask you to provide additional documents, these are universal for the prevention of theft and the reduction of risk.

Why opt for Wellow Logbook Loans?

Unlike other types of loan, the requirements needed for borrowing against your vehicle are minimal. You simply need to meet a few requirements; that is, you must be of the legal age, and own a car (or have very little finance remaining) which you can offer for collateral. If you meet this criteria and live in Somerset, you are free to apply for this type of loan. So long as you are the car owner, you may be able to obtain the loan even if you’ve a history of default. The amount of money you can borrow normally depends on the value of the car you’re using for security. Also, if you’ve finance on the car already, some Wellow loan lenders might still lend you some money, so long as the car is worth more than what’s owed on it.

What about Wellow V5 Loans and unemployment?

It can be difficult for the unemployed to take out any type of loan. As part of a responsible lending approach Somerset logbook lenders need to be satisfied that you can make the payments every month so you minimise any risk of losing ownership of your car. As all situations are different, it is advised that you get in touch via the form on this page to discuss the lending options available to you.

My credit score is poor, can I still get a loan?

Even if you have a bad credit rating you may still find you qualify for a V5 loan in Wellow. Your vehicle is used as security so the loan is deemed lower risk when compared to other forms of lending. Though you will still be credit checked, it is often the case that loans are approved despite a poor credit history, which is why these loans prove so popular throughout Somerset.

What if I can’t prove my income?

In order to be eligible for Wellow V5 loans the lender needs to be sure that you can afford the repayments. Responsible lending is important to ensure you don’t fall into arrears or risk losing ownership of your vehicle, and if the lender cannot prove this then you won’t be offered a loan. In circumstances such as this it’s always best to get in touch direct using the form you can see on this page.

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.

Are Logbook Loans visible on a HPI check?

A HPI check should clearly show a loan present as a ’Bill of Sale Agreement’. A rule was introduced that requires all Somerset lenders to register any active loans against a vehicle with companies such as HPI. If for any reason you find that there is an existing loan against your vehicle which was not visible on a HPI search then under the HPI guarantee you are entitled to a reimbursement of up to £30,000.

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.

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.