How V5 Solutions Logbook Loans Work
To get a logbook loan from V5 solutions, we follow a process to streamline the journey from application to loan completion. It’s important we carry out the necessary checks to ensure the loan affordability and the vehicle eligibility for each customer.
Below, we have outlined the 9-step process for you to get a logbook loan from V5 Solutions.
Logbook Loan Process
Loan Process 1
Apply online suing our easy to follow wizard. With just your vehicle registration number and a few personal details we can provide you with a quote. This will include the maximum we can lend to you (subject to affordability).
Loan Process 2
If you accept the quote and consent to a soft credit search, we can start to process your application. This will not affect your credit score. Although we do filter out some applications based on credit files we don't look deeper into most.
Loan Process 3
Open Banking. We ask you to share your last 60 days bank statements with us through the consents online platform. This saves the hard work downloading PDF statements and allows us to help populate an income and expenditure form.
Loan Process 4
We will ask you to check our automatic income and expenditure assessment and make any alterations needed.
Loan Process 5
Once you have completed the income and expenditure form there will be a few more details to fill.
Loan Process 6
If your enquiry is progressed to a full application, then there is a really good chance we can lend to you. An underwriter will call you to discuss the purpose of the loan and make sure the loan is affordable. They will already have looked through all your information so we won't be wasting any of your time. Hopefully we can help you fill your objectives if the loan is right for you (please note this is not an advised service). this is usually within 2 working hours of the submission of your application.
Loan Process 7
If the underwriter is happy to proceed, they will be able to tell you over the phone. The next step would be to issue all the agreement documentation to you for review by e-mail. This can be read in your own time with no pressure to complete. If you have any questions, the underwriter will of course be available for you on the phone to discuss. If you are happy to proceed you can sign electronically.
Loan Process 8
We will then arrange for a signing agent to come around in person so that the Bill Of Sale can be signed and witnessed. This is usually done within 3 working hours. The agent will also take a photo of you next to the car for identity purposes.
Loan Process 9
Once the appointment is complete, we will give you a call to confirm the correct payout details and debit card repayment details. The loan is then paid out via an online bank transfer. This is usually instant depending on your bank.
The whole process is usually complete within 24 working hours.
You can apply for an online logbook loan. All our loans are over an 18 month term. You can settle the loan and receive a rebate on interest at any time. The sooner you settle the less you will repay. Please note there is a 1 months early settlement penalty already included in any early settlement quotes.
To find out more about how our £1,000 - £50,000 cash logbook loans work, click here