If you've heard about logbook loans and you're interested in borrowing some money against the value of your car, you're probably asking yourself "...but how do logbooks loans work?"
The first step is to understand exactly what a logbook loan is, and then you can start to explore how they work in terms of the application and acceptance process.
So, let us explain...
The way logbook loans work is really easy, and you don't even need to speak to an advisor throughout the application process if you want to do it all online!
Typically V5 loan applications...
You'll be asked for some basic details, such as your name, address and date of birth, and you'll often be asked to give consent to run a credit check.
Don't worry if you have a poor credit rating, often V5 loans are assessed on your ability to keep up your repayments, not just on your past borrowing or spending.
If further information isn't needed, you'll have the opportunity to book your appointment with a friendly agents to complete the loan documentation.
If there is a need to see proof of income or bank statements, you can securely and safely upload photos or documents straight from your computer, smartphone or tablet.
At this stage, your loan application is 99% complete! All that's left to do is to arrange a meeting with a friendly agent at a time and location convenient to you.
During this quick 10 minute meeting, the agent will provide you the Bill of Sale and Fixed Sum Loan Agreement to check and sign, and then you hand over your V5 logbook, which will be returned once the loan is repaid.
Once everything is signed and you have handed over your V5 document, your loan will finish processing – it really is that easy!
The money you've borrowed will soon be in your bank account. In most cases, the funds will arrive within 30 minutes of being transferred following your agent appointment.
This whole process takes just a couple of hours in many cases!