Needing cash in a hurry but have no extra savings in the bank? Struggling to find a bank to give you a loan because of your bad credit rating?
Have you faced rejection time and time again when applying for any credit products, even a mobile phone contract or a simple personal loan?
Suffer no more! If you own a vehicle it could secure you a loan in a matter of 24 hours.
V5 Loans, or logbook loans as they are more commonly called, are the best way for a person with a bad credit rating to secure the cash they need. Your vehicle is the answer! It need not be a car either. It could be a motorhome, caravan, lorry, truck, van or even a motorcycle. If it has value, we can give you a loan against it.
V5/Logbook loans – what are they?
Now we are not surprised if you have never heard of a logbook loan before. They are not new, however. If you have heard of them, you might not have the best idea of how they actually work. Unfortunately, there is so much misinformation out in the media and it hurts products such as these. But don’t worry, we believe in our product and we want to show you how a logbook loan can work for you.
So how does a logbook loan work? Well, it’s all down to the vehicle you bring us. This is the main factor in determining how much a loan would be worth at the end of the day. Our loans are between 500 to 50 000 pounds. The thing is, we can never give you more than 50% of the total value of your vehicle. This is a rule that all logbook loan lenders have.
Bad credit rating – no problem!
The first thing we will need to do is appraise your vehicle. Either arrange for an appointment where we come to you or bring it to our office. Our trained staff know exactly how to appraise the value of your vehicle and will give you a fair assessment. The most important things we check are obviously the condition of the bodywork and the engine as well as checking how much mileage it has travelled. An important point to remember it that the vehicle cannot be older than 10 years old unless it is a vintage car or a sports car. If it is one of these models we may grant you a loan against them. A simple phone call to our office can help clear up if your car is indeed eligible for a logbook loan.
So once the assessment is over, we can give you a ballpark figure for the loan amount we are able to offer you. We can also give you monthly repayment amounts based the terms you wish to pay the loan over. Remember, the final loan total, as well as the monthly repayments, may differ from our quote. Why? Well, we have yet to factor in your monthly income as well as your expenses. These will ultimately help determine how much you can actually afford each month. Don’t worry, the final figures often do not differ too much from our quoted amounts. As you are already under pressure financially, we have a responsibility not to increase this pressure. We want you to be able to repay your loan easily each month.
Sadly, many lenders are not like us. Despite there been many good lenders out there, there are also unethical ones. Always make sure you read the fine print on any loan you take out, even ours if you choose to use us as your loan provider. If you have any questions at any time, simply take the time to ask our staff. They will take you through every step in detail. We want you to be happy with the whole procedure and we believe your peace of mind is crucial before you sign anything.
That can’t be all you need?
Well other than your vehicle, which is the most important bit, we need a few documents from you to help process your loan application. We suggest you either bring these documents into our offices or you could even scan them and email them to us. Having them before you bring your car in for an assessment will help to speed up the loan application process.
We will also require a MOT certificate for your vehicle, proof of comprehensive insurance and finally the V5 or vehicle logbook. Once we have all that we can go ahead with your loan application.
And there you have it! Nothing could be simpler. If you own a car, are looking for a loan and suffer from a bad credit rating, a logbook loan could be your perfect solution.