How Our Loans Work

There are 4 really simple steps to taking out a V5Solutions log book loan. Apply online then speak to our experienced underwriting team who will explain everything to you and can arrange your loan appointment.Bring in your vehicle and documents. Sign the agreements. Receive your loan payment.

We will take copies of your documents and only retain the V5 and key for as long as you have the loan outstanding with us. We'll go through our loan agreements with you thoroughly and answer any questions you may have. In addition, we will conduct an affordability assessment with you to ensure the repayments of the loan are affordable and sustainable and so will not impact on you negatively.

Once you are happy with everything and you have signed the agreements with us, we will issue your loan payment immediately. This is often the preferred payout method and will clear in your account the same working day, or the next working day if it is over the weekend.

You retain full use of the vehicle while you make your loan repayments.

The Appointment

After successfully completing your application one of our underwriters will call you back to discuss the loan details further and arrange to meet you to sign the loan agreements. We meet you locally so it is more convenient for you.

The appointment usually takes about 45 minutes and we will need you to bring some things to the appointment. Don't worry, we'll remind you about these by email and SMS before the appointment so you don't forget anything.

We'll need to see Why Do we need this?
Your Vehicle, spare key and V5 CertificateTo verify your vehicle and V5 documents
Your MOT and Insurance certificatesTo verify the vehicle is road legal.
Photo ID To verify your identity
2 utility billsTo verify your address
Your last 2 months proof of income.To verify your income and the loan affordability

We'll take copies of your documents and only retain the V5 and key for as long as you have the loan outstanding with us. We'll go through our loan agreements with you thoroughly and answer any questions you may have.

Once you are happy with everything and signed the agreements with us we will issue your loan payment immediately.

You retain full use of the vehicle while you make your loan repayments.

Repaying the loan

Our V5Solutions log book loans can be taken out over 18, 24, 30 or 36 month durations. For your convenience the repayments are made weekly usually by Standing Order or debit card. We also issue paying-in books for you to use to make payments directly into our bank.

You do not have to have the loan agreement for the full duration of the loan and you can settle the account early at any time.

How Much Does It Cost?

At V5Solutions you can be guaranteed that we are very upfront and open about our costs. Here is a selection of some common loan amounts and the repayments.

Loan Amount Term (weeks) Weekly Repayment Monthly Repayment Total Repayable APR
£500.0078£21.24£92.04£1,656.72691.03%
£750.0078£29.36£127.23£2,290.08555.32%
£1,000.0078£37.47£162.37£2,922.66495.12%
£1,250.0078£45.77£198.34£3,570.06466.19%
£1,500.0078£53.60£232.27£4,180.80437.40%
£1,750.0078£62.54£271.01£4,878.12437.50%
£2,000.0078£71.47£309.70£5,574.66437.50%

Remember to only borrow as little as you need and to settle your account early and make significant savings.

MOT, Taxing and Insuring the vehicle

After taking out a V5Solutions logbook loan you retain full use of the vehicle as you did previously. The Registration Certificate remains in your name which means you are still the Registered Keeper and responsible for maintaining the vehicle, the Road Fund Tax, MOT and Insurance.

Taking out a V5Solutions log book loan does not add a keeper entry to the Registration Certificate, V5 log book. This helps retain the keeper history to a minimum and preserves the value of the vehicle.

How do I Tax the vehicle?

About 3 weeks before your road tax expires you will receive a Vehicle Licence Application/Statutory Off Road Notification form V11 (V11(NI)) from the DVLA. You can pay for the road fund Tax online or at your local Post Office. It is a very simple process and all the details are contained in the form and you don't need the V5 document.

What if things go wrong?

You should contact us as soon as you think you will have a problem with the loan repayments. We are a responsible lender and we will work with you through any financial difficulties you may encounter while your loan is running.

Contact us by email at customerservice@v5solutions.co.uk or call us directly on 01603615191.

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