Compare the Best Logbook Loan Deals

If you're strap for cash and you're planning to take out a logbook loan, below are tips and tricks on how to compare and find the best deals available in the market today.

1. Consider cheaper alternatives

Before you decide to take out a logbook loan, it's always best to consider cheaper alternatives. Listen to what experts recommend often advice borrowers. Logbook loans can be quite costly. You should consider it a viable option especially if you have bad credit but resort only to the financial product after you've exhausted other cheaper means to raise funds.

2. Ask for recommendations

If you know anyone who has taken out a logbook loan before, ask him or her for recommendations. This is one of the easiest ways to look for a reliable lender. If a family member, a friend or a colleague was satisfied with the loan deal they got, chances are high that you'll be just as satisfied with your deal as well. Conversely, if they weren’t satisfied then that’s your cure to move on to the next step.

3. Use comparison sites

Another great resource to check if you're looking for the best logbook loan deals is comparison sites. Money Super Market, for example, is a popular and trusted comparison site when it comes to personal loans available for borrowers in the UK. Rather than go through thousands of deals on your own, you can count on these sites to sift through the market for you. What these websites does is scout the market for reputable lenders known to offer reasonable rates on their offers. You can then trim down your options according to cost, loan amount and repayment terms among other things.

4. Understand representative APR

When comparing logbook loan deals, one of the key factors to zero in on is the representative APR, which stands for annual percentage rate. The APR is what lenders use to give borrowers a rough idea of how much the loan will cost annually. If you're looking for the most affordable deal, the key is to look for logbook loan offers with the lowest APR. But also keep in mind to check other factors such as hidden fees and related charges that may affect your loan’s cost. Consider said factors along with APR and find a balance to ensure that you’re indeed getting the best deal in terms of cost.

5. Ask about hidden charges

Other than the APR, you also have to investigate about hidden charges. These charges or fees may include late or early repayment fees, processing charges, missed payment fees and more. Before signing any credit agreement, make sure you ask about such fees. There are two ways to do it. One is be calling customer service if available and ask about said charges. Or you can take time to read the fine print. Information on hidden charges are generally detailed on the fine print.