Factors to Consider When Comparing Logbook Loans
With so many logbook loan offers available in the market today, finding the best deal is more complicated than meets the eye. It takes more than comparing Representative APR. While a major consideration, APR is just one aspect of the picture. So before you go ahead and sign any deal, here are other factors to consider if you want to find the best logbook loan for your needs and budget:
You'll also have to look at the eligibility criteria and requirements. Naturally, the simpler the requirements, the better the loan deal are especially if you're looking to get approved fast. When you research lenders, check out their requirements and go with the lender that only requires the most basic of requirements and documents.
Other than the APR, one of the most important factors to look at when it comes to the cost of your logbook is the hidden fees. They usually come in different varieties which may include early or late repayment fees, processing fees and other related penalties. Never sign a deal unless you read the small print and investigate pertinent details about hidden fees. Otherwise, you may end up with a logbook loan that will bleed you out financially through hidden fees.
Just because one lender advertises to offer a logbook loan deal with the lowest APR doesn't mean it's the best option. You also have to take into account customer service. If previous borrowers complain about service, you might be better off with another lender. Remember that you are hooking yourself to a lengthy contract when you secure a loan against your car. It's best to pick a lender you can easily approach and negotiate with.
One of the first things to look at is the loan amount offers. In general, lenders offer loans from £500 to £50,000. Others may offer less and may have a higher minimum loan. offers that fit perfectly with your situation. Some lenders also let you borrow up to 70% of your car's official trade value while others only offer up to 50%. To the top logbook loan deals in the market, head over to http://paydayloans.money.co.uk/logbook-loans.htm.
Loan Repayment Term
Depending on your budget, you must look for lenders with flexible repayment terms. In general, logbook loans are expected to be repaid in 12 to 36 months. Other lenders may offer longer terms if truly necessary. What you need to do is look for lenders who are more open to negotiations. This way, you'll be able to tailor your loan terms with ease and perfectly according to your financial circumstances.
Speed of Processing
Since logbook loans come with the promise of quick cash, you'd expect to get approved as fast as possible. But that's not always the case. Some lenders may take longer processing time before approval is confirmed. If you need the money fast, look for lenders that guarantee same day processing. To further expedite the process, make sure you have the necessary documents handy before completing your application online.