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Jan 16

Key points to consider when looking for the best car log book loans

Posted by:AutoMoney

Car log book loans have become a popular method of borrowing because there are many advantages associated with this type of loan. This encompasses everything from flexible repayment terms to the prospect of borrowing more money than other comparable loans, such as a payday loan. Nevertheless, to truly reap the full benefits of a log book loan you must select yours with care. After all, if you cannot afford the repayment terms, the loan secured against your car is going to be more of a hindrance than of help.

You need a loan that matches in with your current financial situation. Don’t only consider how much you have to pay back, but how you are going to pay it back as well. For example, if you are paying back in monthly instalments you have to consider how much per month and over how many months. It is also worth finding a company who allows you to make additional repayments to reduce your balance. You may have a bit of spare cash and thus it is better to put it towards your loan straight away rather than be tempted to spend it. Locating a company that is flexible in regards to repayment terms is vital because everybody’s financial situation is different.

Some of the best companies are those that offer a period whereby you don’t have to pay anything back. More often than not, when you take out a log book loan you are doing so because you need immediate cash and thus paying back imminently proves to be difficult. The top companies consequently offer a 30 or 60 day period at the start of your contract where you don’t have to make any repayments.

In addition to this, it is important to ensure the company offering car log book loans boasts a credible reputation. A mere five to ten minutes searching online can make a massive difference. You can read reviews that have been left by previous customers. Were they happy with the service they received? Was the company easily contactable? Did they honour the contract? This is the only way to get an honest opinion about the quality of the company and the loans they provide. If the loan company has a bad reputation you should easily pick up on it and you will know to look elsewhere.

The final aspect you must assess is the application process. Is it straightforward? Once your application has been approved do you receive the money quickly? If you have a poor credit history you must seek a company who is willing to consider your application regardless. There is no guarantee that you will receive a log book loan, but you will definitely have an improved chance.

To conclude, this type of loan is designed to help your financial situation, not put more strain on it! If you take all of the points mentioned into account you will have the best chance of receiving a log book loan you are completely satisfied with.
 

Summary – Car log book loans are proving to be an extremely popular form of lending money. This article provides advice in relation to finding the best one for you. After all, there are many companies offering this service in the present day.

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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.