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Mar 13

Three things you need to be mindful of when searching for car log book loans!

Posted by:AutoMoney

There is no ignoring the popularity of car log book loans in the current day and age. More and more people are turning to this lending solution, as they are finding difficulty when going down the traditional routes. Nonetheless, with a wealth of new log book lenders popping up day by day, it can often be difficult to know which one to go for. To ensure you don’t fall into the trap of an unreliable company, read on to discover some key points you need to be mindful of...

Bad reputation

First and foremost, you should always take the time to read reviews that have been left by previous clients. This is something a lot of people overlook the importance of. However, a mere five minutes searching online can present many warning flags and save you from going for an unreliable lender. After all, you can bet your bottom dollar that if someone has been unhappy with their loan they will have taken to the internet to express their dissatisfaction.

Misleading contract

No matter how many times people are warned to read every single word on their contract, there are still those that neglect to follow this advice! However, you don’t want to fall victim to a hidden term or condition. When there is not only money at risk, but your vehicle, you recognise why it is so important to understand every term in your contract. Don’t make a school boy error because of the rush to be approved.

Early repayment fines

Last but not least, the final thing you need to look out for is early repayment fines. Many people are shocked to discover that they may be charged money for wanting to settle their loan earlier than stated. Thus, this is something you need to look out for when trying to find the best log book loan. After all, if you have the capacity to pay your loan off earlier, you should be allowed to do so.

If you look out for the three things that have been mentioned you will help ensure you don’t have a dreadful borrowing experience. After all, log book loans are a great solution, but as is the case in all industries – there are companies who are not credible.

Summary – Car log book loans are flourishing in popularity at the moment. This post reveals three key things that all individuals need to be mindful of when trying to find the best one for them.

Borrow with confidence

Borrow with confidence

We are PROUD MEMBERS of The Consumer Credit Trade Association. AutoMoney were forerunners in the creation of The CCTA Lending Code of Practice and we adhere strictly to its principles. Click here to view. ALWAYS MAKE SURE THE LENDER IS A MEMBER.

350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.