Using Your Vehicle to Get a V5 Loan

If you are in need of some quick cash on your account one good solution is to get a quote for a V5 loan. This is often much easier than if you would try to get a standard loan at a bank, especially if you have a poor credit score.

The first step here is, of course, finding a good V5 loan lender. The Internet is a good place to start searching for those that provide good quotes.

These types of loans are becoming very popular and more and more people are seeking logbook loan lenders for a quote. In order to be eligible for it, you have to own a vehicle on your name that is free of any finance.

Getting these loans is a very easy process. First of all, you are required to fill out a simple online form. The lending company will then give you a free quote and explain what is needed next.

Following that, you need to visit the lender you want to use. Make sure that you bring these documents with you:

  • Proof of your identity and income (an ID and a recent paycheck, for instance)
  • Vehicle's logbook document
  • MOT certificate
  • Details on the vehicle insurance
  • A document to verify your address

Make sure that you ask the lender anything that you are not sure about before you agree to the terms of the loan. Ask them to explain to you how the loan works.

Finally, once you've been approved for the loan, you can drive back home with the money. The V5 document stays with the lender and you can get it back after you've successfully repaid the entire loan.