If you have any questions regarding any element of Stedham 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 West Sussex Logbook Loans work exactly?
The principal of borrowing against your car (or a V5 loan) in West Sussex is very straightforward... you use the V5 document of your car as security for a loan against it. Typically you can borrow up to 80% of the car’s value and have a range or repayment durations available. An added bonus of this type of loan is that Stedham applicants can continue to drive their vehicles throughout the loan period, an once the loan is repaid in full the V5 document is returned. V5 loans are particularly popular with those who have less than favourable credit scores.
What should I supply on application?
Before you can proceed to enquire about a loan, you’ll first need to make sure you have all the proper documentation. You’ll need your logbook, or V5, which should be in your name, along with a current MOT and proof of insurance for the vehicle you want to use as security. You should bring a government-issued photo ID card, a recent utility bill as proof of West Sussex residency, and some form of income validation that proves your ability to repay your obligation.
Are West Sussex Logbook Loans really a good idea?
If you’re looking for some quick money, and have been refused a loan elsewhere then a V5 loan can be a good idea to release the funds that you need. West Sussex applicants with less than ideal credit scores often find that their loans requests are accepted and they can release the value in their cars. As your car is used as security against any repayments, then you’re more likely to be accepted than with other loan types, making Stedham V5 Loans a great idea for many.
Can unemployed Stedham residents still qualify for a Logbook Loan?
If you are unemployed and you have had a previous loan application declined, a loan against your vehicle could well be an option. West Sussex V5 lenders may be more tolerant to people with poor credit score and to those who are unemployed. To obtain a loan, you simply need to own a car and provide proof of your ability to repay the loan. The situations of different loan applicants will always vary, therefore it’s best to get in touch directly with the lender when enquiring about a loan.
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 Stedham 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 West Sussex 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.
I can’t prove my income, is that a problem?
Stedham 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 West Sussex 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.
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.
Will my HPI check show any Logbook Loans?
All loans such as Stedham V5 loans should show up on a HPI search as a Bill of Sale Agreement. A ruling was introduced that requires West Sussex 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.
What is the repayment duration?
Your loan can be arranged with either a 12, 18 or 36 month duration and since there are no penalties for early repayment you can save money on interest payments by settling the account early.
Those were a selection of the most popular FAQs we receive regarding borrowing against your car. Hopefully they have answered any questions you had, however if you would like to find out more then simply get in touch with an advisor by completing the simple from on this page.