Comparing Logbook Loan Deals
It’s not always easy to shop for the best logbook loan deal considering the number of deals offered in the market. But it’s not impossible to find the best deal either. If you keep the following tips in mind, you’re sure to hook up with a logbook loan well suited for your needs and budget.
Don’t apply for the first cheap loan deal you find online. No matter how attractive the deal maybe, remember that there are thousands more available in the market. You need to shop around a little in order to have a handful of choices to compare in the end.
Compare representative APR
When comparing logbook loan deals, make sure to investigate representative APR. Lenders usually advertise their loan offers with a rep APR. This will tell you how much the loan will cost in comparison with other offers. On average, the rep APR for logbook loans is 400%. If you take your time and browse through more options, you’ll likely find a deal with even lower APR.
Thankfully, more lenders are now offering cheaper logbook loan deals. If you’re thorough and careful, you may find deals with representative APS half of the market average. To see the difference in the cost, let’s say you want to borrow £1,000 over an 18-month period. If the representative APR is 180% at a flat rate of 70% per annum, you’ll end paying a total of £2,050 for the loan or that’s about £113.89 per month.
Use comparison sites
If you’re like most people and you don’t have time to shop around, you can always rely on top comparison sites such as Money Co UK to give you a list of the best logbook loan lenders in town. To check out the top 10 lender choices in the UK, head over to http://paydayloans.money.co.uk/logbook-loans.htm.
Know more about hidden fees
Before you close the deal and put your vehicle at risk, be sure to read about hidden fees and more info on the loan terms. Lenders can be tricky and sneaky. There are cases when a loan’s cost is spiked up with hidden fees. To avoid finding yourself in such a situation, read the find print for more info on hidden fees.