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Logbook loans Manchester
A logbook loan often referred to as a V5 loan, is a great alternative to payday loans because it provides bigger borrowing amounts for longer payment terms. With the financial product, you can unlock the cash value of your vehicle without having the need to sell it. You can take out a logbook loan secured on virtually any type of vehicle including vans, motorbikes and even prestige or vintage cars. Depending on your vehicle’s age, condition and mileage, you can borrow anywhere from £500 or as much as 50% to 70% of its trade in value tailored to your present circumstances. So if you are looking to take out a quick loan in Manchester and you have a vehicle that you can comfortably offer as security for the loan, then taking out logbook loans Manchester is a good option that you can consider.
How Manchester logbook loans work
Manchester logbook loans work pretty straightforward. You use the V5 document of your car as security for the funding that you need. The better the value of your vehicle, its condition and mileage, the bigger the amount you can take out. The lender will also make sure that you can afford the loan and its repayments since its part of responsible lending. The beauty about this loan is that you can continue using the vehicle as long as you keep up with your payments since you will only be surrendering its V5 document.
To become eligible for a logbook loan in Manchester, you will need to provide a number of forms and documents, the most important of which are your valid ID and your V5 documents or logbook. The V5 document will verify that you are the legit owner of your car. All in all, here are the documents that you will have to show to your lender:
- Valid ID
- Vehicles V5 documents
- MOT and proof of Insurance
- Recent utility bill ( to prove that you are a resident of Manchester)
- Payslips or bank statements as proof of income
You can also apply for a logbook loan online and get access to different borrowing amounts and terms anywhere you are in Manchester at any given time. All you need to do is fill out a simple form over the internet and submit it to your lender via its website. Once the lender sees that you meet the basic requirements, a representative will arrange to meet you to check your vehicle.
Why the loan is a good idea
The loan is perfect for residents in Manchester who have bad credit scores and have a difficulty securing financing from other lenders and institutions. With the financial product, your credit history is not important and there is less chance of getting rejected even if you have bad credit or a non-existent credit history. All you need to do is to fulfil the basic requirements especially when it comes to the ownership of your car and getting approved would be easy. And once you are approved, you can enjoy same day funding or the next day at the soonest!