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Quality Logbook Loans in Paddington

Enquire Online Today! - 24 Jan 2022

logbook loans Paddington

Logbook Loans Paddington


Your car is the answer to quick cash with Paddington logbook loans

Paddington logbook loan quotes

Lend from £400 up to £50,000 against the current value of your vehicle whilst still enjoying driving it for the loan duration. They’re fast too... if your car is free from finance your loan could be arranged and delivered the same day!

Other loan types require you to jump through hoops and undergo credit checks, but Paddington Logbook Loans don’t which is why they’re so popular! Choosing to lend against your logbook could be the ideal solution particularly if you have been refused a loan elswhere.

Any money borrowed can be spent on anything you like... a Logbook Loan provides complete flexibility and the freedom to spend the money on anything from paying off other loans to going on holiday.

Free quotes: No cost, risk or commitment is necessary with your free logbook loan quote. Discover how much you could borrow today!

Poor credit rating? There isn’t the need to have a perfect credit history when taking out a V5 loan, which makes it accessible to more people.

Stay mobile: Drive your car for the entire loan period whilst receiving the money loaned against it with a Logbook Loan.

Apply in seconds: It won’t take more than a minute to complete our online quote application form to get your free Paddington Logbook Loan quote.

Your money to spend: Whatever the reason for your loan application, any money borrowed can be spent as you wish, from bills to holidays and cashflow.

Loans to suit you: Your own individual loan requirements will likely differ from that of others, so chat to a specialist to arrange a loan to suit you.

Luckily applying for Paddington Logbook Loans is a simple process, our application form takes just 60 seconds to complete and that’s all you need to do, you’ll then hear direct from a loan specialist to chat about your lending needs further.

Apply online today to discover just how much you could borrow against your car with Paddington Logbook Loans.

logbook loans for older cars

Older Car? Get a Logbook Loan

Many people visit our site having had a previous loan application refused against their car due to age. Typically most Paddington logbook lenders will restrict the maximum lending age to 8 years, however we base the loans (anything from £400 to £50,000) on the value of the car so age isn’t as important. To find out if your car is eligible for a loan then simply choose your make and model on the form above and see how much you could lend today!

loans against classic, vintage and prestige cars in Paddington

Lending Against Prestigious, Vintage and Classic Vehicles

Enquiring about a loan for a prestigious or vintage/classic car? You could be eligible to borrow against all prestige makes and models including Porsche, Aston Martin and Bentley plus classic car makes such as Morgan or Triumph. If you are in Paddington and the owner of one such car then simply get in touch today to see if you could borrow against the current market value.

no credit check Paddington logbook loans

No Credit Check Logbook Loans?

Don’t let the actual fact that all applicants are credit checked put you off. The phrase ’No Credit Check’ is actually a misconception that has arisen due to the fact that this type of loan can be more accepting of poorer credit scores. Using a vehicle as security throughout the loan period can make a loan more attainable to those with poor credit scores, so if you’ve been denied before then find out today if you can borrow.

loans for self employed in Westminster

Are the Self-Employed Eligible to Borrow?

If you’re in Paddington and self-employed then you probably already know how difficult it can be to get a loan of any sort as most Westminster 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.

Paddington business v5 loans

V5 Loans For Businesses?

The best way to determine whether you qualify for a logbook loan is to enquire with a group of lenders within a network. While not all logbook lenders work with Paddington companies, some certainly will. As long as the vehicle you want to use as security is registered in your name, it is completely possible to take a loan against it. In fact, even if your name is in the company name, and you are the sole proprietor of that company, you may be able to take a loan on a company vehicle, too.

Release £400 - £50,000 From Your Vehicle

Below you can see a table of typical lending examples based on 80% of your car’s current value. The lending range can be anything from £400 up to £50,000 which should cover most borrowing requirements. Get in touch to see how much you could borrow:

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

Paddington Loan Calculator

Slide the car value and loan percentage sliders to see how much you could lend against your car in Westminster.

7000
80%

£5600

V5 Car Loan FAQs

There are a number of questions we receive regarding Paddington logbook loans,so for your convenience we have compiled a list of answers to the more frequently asked questions we receive on a daily basis.

How do Westminster Logbook Loans work exactly?

The principal of borrowing against your car (or a V5 loan) in Westminster 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 Paddington 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.

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, Westminster residency, and income – and they’ll need it to get you approved.

Are Westminster V5 Logbook Loans a good idea?

If you’ve a bad credit history, and you’re unable to obtain a loan via the more conventional means, like a bank, you should consider enquiring about a loan against your car. Although they still require credit checks, Paddington residents with bad credit history can apply and might still be eligible for a loan. As a matter of fact, your loan application is normally considered approved provided you’re eligible, and you meet the few loan requirements. You can actually get approved very quickly, and at times even get money on the same day.

What about Paddington 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 Westminster 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.

What about Westminster residents with poor credit scores?

If you have a poor credit score and you need to borrow, a loan secured against your vehicle might well be a solution. The logbook loan procedure is usually very straightforward, and you can often get the money on the same day. Although you will still have to undergo a credit check, due to the security of your car as collateral you may find it easier to be accepted. When taking out the loan against your vehicle, your Westminster loan lender will need you to hand over the vehicle’s V5 document or logbook, alongside some other requirements like Paddington billing address, proof of identification, MOT certificate and proof of income.

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

Paddington 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 Westminster 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.

Who should maintain the car during the loan?

Lenders ask you to provide proof of insurance at the time you enquire for a loan because they want to mitigate their risk in lending by making sure you’re covered in the event something should happen to your collateral while it is still in your possession. Along those same lines, lenders will expect that you have regular MOT checks and that you have your car serviced regularly throughout the loan period. This helps to maintain the car’s value, which is the lenders biggest interest. If for any reason your car’s value should depreciate significantly, you should immediately notify your lender of the circumstances.

Do HPI checks show Logbook Loans on them?

All HPI checks should show loans against the vehicle on them as a ’Bill of Sale’ agreement as Westminster lenders are required to register them with companies such as HPI. If you have carried out a HPI check and later find that there is a loan attached to your new vehicle then you are covered by a HPI guarantee which will reimburse you up to a maximum of £30,000.

What is the repayment period?

Lending against your car can be quite flexible when it comes to the repayment period. The period or length of repayment available is 12 months, 18 months and 36 months. However, if you have got the means, you are allowed to pay off the loan early without incurring any penalties. The interest is charged on a monthly basis, which means that paying off the loan early results in reduction in the overall amount of money you repay.

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.