FAQs - Wattisfield V5 Car Loans
In order to ensure you are as informed as possible when enquiring about your Wattisfield logbook loan we have listed some answers to FAQs received below. If you have any more please get in touch using the form.
How do Wattisfield Logbook Loans work?
The way Suffolk 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 Suffolk and are increasing in popularity with those with bad credit.
What ID and documents do I need?
Providing logbook lenders with proof of Suffolk 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.
What makes a V5 Logbook Loan a good idea?
If you are struggling to get approved for a loan in Suffolk because you have bad credit, you should consider applying for a V5 document loan. With these type of loans, all credit is considered. Whether you’ve bad credit score due to missed payments or such other defaults, it might not matter; so long as you live in Suffolk, own a car or have very little finance you simply need to avail the logbook, and you can obtain a loan quickly.
What about Wattisfield 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 Suffolk 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.
Does my poor credit score affect my Wattisfield loan application?
A poor credit score normally means refusal for any other type of Suffolk 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!
Is it a problem if I can’t prove my income level?
In order to qualify for Wattisfield logbook loans you need to be able to prove that you can afford the monthly repayments. Responsible lending means that Suffolk 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.
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.
Do Logbook Loans show on a HPI check?
Yes. It is a requirement for all Suffolk lenders to register each and every loan via companies such as HPI. In the unlikely event that you discover your new car to have a loan attached to it that didn’t show up on a HPI check then you will be eligible for up to £30,000 reimbursement in accordance with the HPI guarantee.
What periods of repayment are available?
In order to suit most repayment needs your loan can be repaid over 12,18 or even 36 months. As interest is charged monthly, there is no penalty for paying off your loan, so repaying your loan faster results in a reduction of the overall cost.
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.