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Dec 03

Top three things to look out for when finding the best company for logbook loans

Posted by:AutoMoney


Logbook loans have become extremely popular because they present people with a great alternative in comparison to payday loans. The eligibility criteria is low as well, which means people with a bad credit history will still have the chance to be accepted. Nevertheless, if you want to benefit from all a logbook loan has to offer, you need to find the best lender. You should be looking out for the following...

Eligibility

As just mentioned, one of the main benefits associated with a logbook loan is the fact that the eligibility criteria is low in comparison to other methods of lending. This allows individuals who have had credit issues in the past to be considered if they can show they can afford the repayments. To qualify you must be over 18 years old, own the car in question and have paid it off in full.

Repayment terms

Never ever apply for any type of loan without knowing what the repayment terms are. You need to know exactly what you are letting yourself in for. When do you start paying back the loan? Will you pay back on a monthly basis? How much do you pay at a time? You need to know the answers to these questions. Don’t forget to read the small print!

Reputation

Last but not least, there is a lot to be gained by discovering what previous customers had to say about the loan they received. Were they happy with the service provided from the company? Were the terms true to what they expected? Were the company easy to contact? By reading feedback you will gain honest answers to the questions you really want to know. This can be a real eye opener.
 

Summary – Logbook loans are growing in popularity at present. However, if you are to reap the benefits associated with them you need to find the best company. This article helps you to do so.

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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.