Logbook Loan Frequently Asked Questions

We offer our V5 Solutions log book loans against cars, vans, and motorcycles.

Your vehicle must be: Registered in your name; Completely free of outstanding finance and; In good mechanical and cosmetic order with valid Tax, MOT and Insurance.

Your vehicle should ideally be newer than 8-10 years old, though this depends on the make and model. Use our simple application process to see how much you could borrow.

V5 Solutions logbook loans are based on your ability to make the loan repayments and the value of your vehicle. We judge each application on its own merit and appreciate that not everyone has a perfect credit history. As long as you can afford the repayments for the life of the loan we will try and lend to you.

Yes! We judge each application on its own merit and as long as you meet the qualifying criteria and can comfortably afford the loan repayments then you will be considered for a V5 Solutions logbook loan.

No.

Yes. We ask for consent to perform a credit check on all our applications. Don't worry we look at every application in detail and can be forgiving about past issues. As long as you can afford the loan we will try and help.

Yes! We offer V5 Solutions log book loans for anyone in regular employment that meets our criteria. Usually we would just ask for a contract of employment if no income is showing on your bank statements for the last two months.

You can get a V5 Solutions logbook loan as long as you can demonstrate that you are the owner of the vehicle.

Most of the application process is done online and over the phone.

If you are approved, we will need a very brief in person appointment to sign the Bill Of Sale. This can usually be done within 3 hours of approval.

Yes, absolutely.

If your V5 Solutions application is unsuccessful we can, with your permission, pass your details on to one of our trusted partners who may be able to offer you an alternative loan.

This is most likely because your vehicle did not meet some of our criteria. You might not be the owner yet or have all the right documents. If so, please apply again when you do.

No. As responsible lenders we will only allow you one logbook loan on your vehicle at any one time. Once you have repaid your loan though you may apply for another one. If your first account was paid well then we may increase your trust rating with us and offer you more the next time or better V5 Solutions log book loan rates.

Possibly. Depending on your circumstances and how much you initially borrowed it may be possible to get a V5 Solutions logbook loan top up. Call us for more details on 0333 24 123 44. Please note you must be completely up to date with your existing loan repayments. We never issue top ups within the first 6 months.

V5 Solutions are a responsible lender and we will work very closely with you if you run into any financial difficulties. It is essential that you maintain contact with V5 solutions as soon as your circumstances change. Where things go wrong we will always aim to work with you to achieve a good outcome.

We'd rather not make any charges and we will remind you by SMS and e-mail when you miss a payment and give you the opportunity to pay then without charge. However, we will charge £12 for each letter/SMS we have to send you for each missed payment after that. To avoid these charges please ensure your payments reach us regularly and in good time. If you have any problems get in touch with us as soon as you can and we will work with you to arrange another suitable payment date or method.

Yes. If you run into any unforeseen financial difficulties at any time you can surrender the vehicle to us by dropping the vehicle off at one of our approved auction houses. Provided the vehicle is operational and well maintained we may take this as a partial or full and final settlement in line with the CCTA code of practice for logbook loans.

Ultimately where there is no willingness or intention to repay the loan it is likely that your vehicle would be repossessed. As responsible lenders we recognise that life happens and people's circumstances change. The repossession of a vehicle is the last thing we would want to do as a lender. We will always work with our customers in good faith to avoid this and show forbearance when needed. We will always consider the best outcome for you the customer. This could mean either a voluntary surrender of the car or perhaps even just some forbearance and a reduced repayment plan.

Initially we will hold the vehicle for 14 days to give you a chance to settle the loan and collect the vehicle. We will sell the vehicle after 14 days and use the proceeds to settle the loan. Any excess funds will be repaid to you. You will be liable for any shortfalls in the sale of the car. Remember, Vehicle Recovery is a costly affair and we'd rather not have to do it. As responsible lenders we only recover vehicles as an absolute last resort when all other attempts to collect payments have failed.

Yes. You can settle the logbook loan at any time within the loan term and receive a rebate on the remainder of the loan interest.

Yes. Included in our early settlement figure is a one month early settlement penalty. Please not that this does not affect your statutory right to withdraw from the agreement interest free in the first 14 days should you wish to cancel your agreement.