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Quality Logbook Loans in Mytchett

Enquire Online Today! - 24 Sep 2022

logbook loans Mytchett

Logbook Loans Mytchett


Mytchett logbook loans can unlock the value in your car

Mytchett logbook loan quotes

Keep driving and borrow the money you need, you can lend anything from £400-£50,000 against your car whilst staying mobile. You could even have the money in your hand in less than a day if there is currently no finance on your vehicle!

Mytchett Logbook Loans have become one of the most popular ways to secure a loan without the usual credit-checks and hassles. Have any of your loan applications been declined in the past? Whatever the reason, this solution could provide you with the funds you need.

It doesn’t matter what you wish to spend the money on either... Logbook Loans give you the flexibility to pay of other loan amounts, go on holiday or just release some cashflow if you prefer.

Free no-risk quotes: There’s never any need to commit when you apply for a free logbook loan quote, so why not find out what you could loan?

Accessible lending: There is no need to have perfect credit with V5 loans, making them one of the most accessible forms of loans available.

Continue to drive: If keeping mobile is important to you then a Logbook Loan lets you borrow the money and keep hold of your car keys!

Simple online application: It’s easy to apply online for your Mytchett Logbook Loan quote, just take a minute to complete our quick form.

Loans for any purpose: Your new loan amount is yours to spend however you like, whether it’s to pay off some other bills or to go on holiday!

Flexible loan periods: Your V5 Loan can be tailored to fit in with your lifestyle and budget, chat with an advisor to see how you can make it work for you.

Fortunately it’s simple to apply for Mytchett Logbook Loans with our site, in fact you only need to complete the short quote application form on this page which won’t take you more than a minute, an expert loan provider will then be in touch direct to provide more information and a free Logbook Loan quote.

Get your free quote today to see how much you could lend with Mytchett Logbook Loans!

logbook loans for older cars

Logbook Loans For Older Cars?

Other Mytchett logbook lenders might limit the age of an eligible vehicle to just 8 years, but we base our loans on the value of the vehicle itself. That means even if your vehicle is slightly older it could still be eligible for a loan against it. With lending amounts from £400 up to £50,000 there’s a good chance that your vehicle will qualify and you will be able to lend against it. It’s simple to find out if you can borrow against an older vehicle, simply apply online.

loans against classic, vintage and prestige cars in Mytchett

I have Got a Classic Car... Can I Borrow?

As these form of loans are based upon the current market value of your car, then all makes, models and years are considered. If you are in Mytchett and own either a prestigious car, or an older vintage or classic model then you might still qualify depending on the current value. Anything from Ferrari to Aston Martin, Bentley and Maserati are considered, along with vintage makes and models.

no credit check Mytchett logbook loans

No Credit Check Logbook Loans?

This is actually a misconception, brought about by the fact that this type of loan can be more attainable than a standard loan as a vehicle is used as security during the repayment period. In fact all applicants are credit-checked when applying. You could well be eligible to take out a loan against the value of your vehicle even if you have a less than perfect credit score, making these types of loans very popular.

loans for self employed in Surrey

Refused a Loan Due To Self-Employment?

If you’re self-employed then you may well have been refused a loan elsewhere as most Mytchett lenders want to see a regular income. By using your vehicle as security against a loan, you may find that a logbook lender is more sympathetic to those that are self-employed in Surrey as there is less financial risk involved. Being responsible lenders however means that they still need to be sure that you can afford the repayments each month.

Mytchett business v5 loans

V5 Business Loans?

Whether you are the owner of your own small Mytchett business or you’re a sole proprietor, there are some instances in which you may be able to get a logbook loan on your company car. This is true if your car is registered in your name, or if your name is part of the company name. The best way to find out if you qualify is to enquire through a lender network, where you can be put in contact with a variety of lenders that may suit your needs.

Example Loan Amounts From £400

The table below shows some typical borrowing examples achievable with a V5 loan. The figures are based on a loan of 80% of the current market value of your vehicle. With lending amounts from £400 up to £50,000 most lending requirements are covered:

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

Calculate Your Loan Value

You can see how much of a loan 80% of the value of your car results in by moving the sliders on our calculator.

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 Mytchett logbook loans further.

How do Mytchett Logbook Loans work?

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

When applying, what do I need to provide?

When it comes to enquiring about a loan, lenders often have different requirements, but the basics are the same across the board. You should have access to your photo ID, car insurance policy, current MOT, logbook, bank statements or payslips, and a current utility bill that is in your name. These things provide the lender with proof of your identity, ownership, Surrey residency, and income – and they’ll need it to get you approved.

Why are Logbook Loans in Mytchett a good idea?

This kind of loan is ideal for Surrey 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 Mytchett 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!.

Unemployed but want a Logbook Loan... is this possible?

Mytchett residents that find themselves unemployed but still want to take out a loan gainst there vehicle have to meet certain criteria in order to be successful. For instance you have to prove that the monthly loan repayments are affordable in order to avoid arrears and the possible loss of your car. Responsible Surrey lenders won’t grant loans to those who cannot afford the repayments. To find out more simply get in touch today!

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 Mytchett 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 Surrey 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.

Does it matter if I can’t prove my income?

You need to be able to prove to your logbook lender that you can afford the monthly payments. Part of being a responsible lender is that they will only lend money to Mytchett applicants who can afford to make the monthly repayments. Mytchett v5 loans are only offered if the lender can be sure that the repayments are affordable, which helps avoid accounts going into arrears and the possibility of car repossession. Get in touch today to see what your options are if you’re finding it hard to prove your income level.

Car maintenance - whose responsibility?

During the entire period of your loan, it is your responsibility to maintain the car. The lender does not and will not take possession of the car unless you default on your payments. As part of your agreement, you should ensure that your car is regularly serviced, that MOT checks are completed, and that you maintain proper insurance throughout the entire period of your loan. If any of these things do not occur for any reason, or if the value of your car decreases substantially due to damage or a mechanical failure, you should notify your lender.

Will a Logbook Loan show on a HPI check?

Surrey 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 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.