Welcome to Columbi Loans
Do you own a fully paid off car?
Do you need cash in a hurry but have given up trying to find an institution that will provide you with a loan?
Sick of banks rejecting you for loans in your time of need?
You are going about this the wrong way! No matter if you are blacklisted, have a poor credit rating or have even filed for bankruptcy, you still can get a loan? That’s right! Even if you have been rejected by mainstream financial institutions because of your credit rating problems, now is not the time to give up hope.
V5 loans are just what you have been waiting for and it’s all linked to your vehicle, motorbike, lorry, truck, motorhome or even a caravan.
What is a V5 loan?
Never heard of them before? Don’t worry, at Columbi Loans, we are the experts when it comes to V5 or as we like to call them, logbook loans. Now you may have heard about these from friends and families but there is lots of misinformation out there.
So we are going to set the record straight! A logbook loan is a financial product given to you against the value of your vehicle. Basically, this secured loan option allows you to borrow anything from 250 to 60 000 pounds, based on the value of your vehicle. Bear in mind however, we only give you 50% of your vehicles value and never more than that.
I can get a loan even though I have a bad credit rating? Tell me MORE!
Ok, so what you need to do is to bring your vehicle to us so that our appraisers can give it a thorough check. They do this in numerous ways but the most important is to check its overall condition as well as the mileage it has travelled. Remember the vehicle cannot be more than ten years old although there are some exceptions. These include older vintage cars as well as some sports cars. If you are unsure, make sure you ask us before applying for a loan.
Once we have checked your vehicle (remember, it can be a motorbike, a caravan or a truck), we will offer you a loan amount based on its value as well as how much you can successfully afford to repay on a monthly basis. This is based on your income amongst a host of other factors. We cannot give you a massive loan because you have a flashy car and then each month you struggle to repay it as you don’t have a high paying job, right?
We will always ensure that we will give you a loan that will be within your financial means to pay back. Unfortunately, there are many unethical lenders out there that do not operate like this. So make sure you read the fine print on every contract that you sign when it comes to a logbook loan. Rest assured, our staff will take you through every step of the application as well as all the terms and conditions so that you know exactly what you are dealing with in terms of both the duration of the loan as well as the monthly repayments you will be expected to make.
That can’t be all you need?
Well other than your vehicle, which is the most important bit, we need a few documents from you to help process your loan application. We suggest you either bring these documents into our offices or you could even scan them and email them to us. Having them before you bring your car in for an assessment will help to speed up the loan application process.
These documents include a form of identification (either your ID document, your passport or even your driver’s license will suffice), your last three month’s pay package slips from your employer, bank statements for the last three months (from your banking account where your salary is paid into) and proof of your residential address (a utility bill is fine).
We also need a number of documents pertaining to your vehicle. These include the logbook or V5 document, the latest MOT certificate (to prove that your car is indeed roadworthy which is an important criterion) and finally proof of full and comprehensive insurance.
Why do we need full and comprehensive insurance on the vehicle? Well think about it, you can still use the vehicle for the duration of the loan, so we need to have our investment protected against accidents, theft or even extreme weather.
And how long will I take to be approved for a loan?
Well once we have assessed your vehicle and you have given us all the relevant documents, we can tell you whether you are approved for a loan or not in a matter of minutes. If you are, we will take you through the contract details, the terms of the loan, the length of repayment as well as the amount you will be expected to pay each and every month.
If you agree to all of this, you then will need to sign the contract at which point we will instruct our bank to pay the agreed amount into your banking account. This usually takes around 24 hours but please note, sometimes it can take longer depending on which financial institution you bank with.
There you have it! All you need to know about logbook loans! Please be sure to contact us if you require any further information.