If you want to find the best logbook loan deal available in the UK market today, you don’t grab the first supposedly cheap loan offer your stumble upon. Even if the lender advertises their logbook loans to be the cheapest in the market, you’d still be better off doing a little more research. Shopping around and comparing loan deals, for example, will help. Here are key factors to consider when comparing logbook loan offers:
Representative APR is the financial concept used by lenders when advertising their loan products. It gives you an estimate of how much a loan deal’s cost compare with other loan deals. If the average representative APR for logbook loans is 400% then you’d want to find a deal that offers a lower APR because that translates to a cheaper yearly cost. Click here to know more about APR and how it tells you about your loan’s cost.
To further ensure that your loan deal’s cheap and the best in the market, make sure to compare your provider’s reputation with other providers. Common sense would tell you that you should go with a provider that has a solid track record. While you’re at it, you should also make sure that your provider offers the best customer service. Providing assistance from the get go of your loan application should be automatic from your provider.
Cap off the search by checking about hidden fees. If you’re not careful with hidden fees, these are factors that can balloon up the cost of your loan more than you can handle. Before you sign any deal, make sure you inquire about hidden fees. If you must read the fine print, do so because it’s better to know all the details that get shocked with hidden fees added to your loan over time.