Welcome to HB Loans
Donít know where to turn to loan some cash?
High street banks continually turning you down for a loan due to your bad credit rating?
Donít worry, you are not alone. Many people in the United Kingdom sit in exactly the same boat as you do. Over the past eight years and since the global financial crisis of 2008, many individuals have been plunged into financial difficulties. They have defaulted on personal loans, credit card payments, and vehicle payments and this means one thing and one thing only Ė bad credit ratings.
And with a bad credit rating, your chance of securing another form of loan or credit product is just about zero, especially from high street financial institutions. Try as you might, you will face rejection. They just donít care that you need money to pay for an urgent medical bill, your childís education or maybe even a death in your family.
But there is HOPE! For those individuals suffering from bad credit ratings that own their own vehicle, this hope takes the form of a logbook loan. Not only can you secure a loan amount based on the value of your car, but the money could even be paid into your bank account in the matter of a couple of hours.
Letís just take a look at a quick question, shall we? Why do you think you have taken out a full insurance package on your car? Well, the main reason is to cover you in an accident. Not only will that insurance pay the other party if you are in the wrong, but it will pay to have your car fixed. Why? Well, because your vehicle has value. That value can be used to your advantage, especially if you need money fast.
Logbook loans Ė where your vehicle equals cash in your back pocket
At HB Loans, our aim is to help individuals such as yourself secure a loan product in your time of need. Although we have many loan types to offer, our speciality is V5 or as they are more commonly known, logbook loans.
But how exactly do they work? That is a very good question! Many people have never heard of a loan product such as this so we make it our mission to guide you through an application process every step of the way.
Well, the obvious place to start is your vehicle. This is what we will base the loan amount on. First, letís get a few things out of the way. You need to own the vehicle Ė not your brother, sister, parents or best friend. You can apply for a logbook loan if you own the vehicle. If someone else is the owner, they need to apply for the said loan.
So now that we have established that you own the vehicle itís time to see how much it is worth as this greatly influences the loan amount that will be made available to you. To do this in an effective manner, it must be checked out by our vehicle experts. They will look at the condition of the bodywork, the condition of the engine, the mileage the vehicle has done along with a host of other checks. Bring along your MOT certificate to show us that the vehicle is indeed roadworthy.
What else do you need to bring?
Well, other than your vehicle, there are a host of documents that we will require from each and every person applying for a loan from us. This is standard fair when applying for a loan with any company. The documents include the following:
- A letter from your company stating that you are indeed employed as well as your monthly salary amount.
- We need to know where you reside. If you rent, a letter from your landlord confirming this as well as the address is perfect. If you own the property, a letter from the bank through which you have a mortgage is needed.
- The MOT clearance certificate for your vehicle to prove that it is roadworthy.
- The applicantís identity document.
- Proof of full and comprehensive insurance on your vehicle.
Before we forget, your vehicle cannot have any form of financing still outstanding on it. It must be fully paid up as well.
What happens then?
Once we have all the documents and know what your vehicle is worth, we can begin to do the loan calculations. Now you may own a sports car and expect a massive loan amount, but generally, we loan up to 50% of the vehicleís value.
Donít forget we also take into account how much you earn, as well as your monthly expenses when deciding on an amount for the value of the loan as you need to be able to repay it comfortably.
Why? Well if you default, we legally own your car during the duration of the loan. That means that we have every legal right to repossess it from you and sell it to make up our costs. Any extra money made over and above the loan amount will then be paid back to you.
But we donít want to repossess your car so make sure you pay your monthly instalments. Finally, once the loan is approved you will have the money paid into your account within 24 hours!
Should you have any further queries, please do not hesitate to contact one of our staff to help you or visit Simple Logbook Loan for more detailed information.