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V5 Loans

If you own a car there is a good chance you will be able to take out a V5 loan.  This is because you can use your car as security for a loan.

V5 loans are another name for logbook loans.  V5 is sometimes used because that is the official name for the logbook of a vehicle.

A V5 loan is a type of finance where you can borrow money based on the value of your car.  The loan is secured against the car and the amount you can borrow is based in the affordability of the loan for you.  You will normally be able to borrow up to 70% of the value of the car and continue driving it as usual.

You can borrow money from 3 months to 3 years and pay the loan back in weekly or monthly instalments.

Your car should be taxed, have insurance and a valid MOT for you to take out the loan.  You will also need to be able to prove you can afford the loan by showing that you have a regular income going into your bank account.

During the period that a V5 loan is taken out for, the loan company will keep hold of your V5 document.  When the agreement comes to an end the V5 is then sent back to you.

Why Varooma?

By taking out a V5 loan from Varooma you are guaranteeing that you are getting one of the lowest rate logbook loans.  At Varooma we have a price promise where we will beat a written quote from any other log book lender.  Just show us what your quote is and we will aim to better it.

  • You don’t have to pay early settlement fees if you pay off your loan early.
  • There are no hidden charges, all your costs are explained.
  • CCJ’s and defaults are accepted
  • You will have a credit decision promptly, and will receive your money within hours.

Varooma is rated Excellent on Trustpilot from over 3800 reviews and has won “Best Logbook Loan Provider” for 2 years running at the Consumer Credit Awards.

Apply for a loan now