If you are suffering from bad credit and you have to borrow cash a logbook loan can be the solution, however you should be cautious. Here is how you can get the best logbook loans in the uk.
Using your vehicle to avail a loan might be a method of borrowing cash in case you are suffering from a bad credit history or you’re on a low salary and you desperately need the funds.
Neverthless, logbook loans may prove to be a really expensive means to borrow therefore in case you decide to get one you should research the market to find the lowest cost option possible, preferebly logbook loans at 99% RAPR.
Below are some ideas on what you should do to get the best logbook loans in the uk.
Before searching for a logbook loan, you need to check that you can not borrow cash from any other sources.
Logbook loans are not only an expensive method to borrow cash they’ll also put your car at risk since the loan needs to be secured against your vehicle. What it means is that if you fail to make repayments in time the lender is supposed to take your vehicle instead. Therefore if you have the option to borrow cash from some other sources that would be a better choice.
Even in case you are searching for logbook loans because you are suffering from poor credit history there could be other options which are more inexpensive.
Check if your vehicle qualifies for a loan
A loogbook loan is based on the value of your car therefore before you begin getting quotes you should assess your car’s value.
Many of the logbook loans providers will provide up to 50% (some would lend more) of the value of the car (as checked by the loan company), given that you are the sole owner and you do not have any existing loan against it.
Basically, it means that the sum you may be able to get is limited to as far as half the value of the vehice.
Same Day Logbook Loans
To get the best logbook loan, quick decisions on how much you should borrow would get you the money you want sooner. Even though fast logbook loans that send the cash to your account fast are available, an instant loan against vehicle is very rare. This is for the reason that an instant guaranteed logbook loan will require the loan provider to make a choice without assesing the value of your vehicle first.
Compare logbook loans online quotes
The major factor which will decide the cost of a logbook loan is the interest that you need to pay for it.
All the logbook loan companies should show a representative APR. The APR represents the interest rates that you need to pay if you apply for a logbook loan. This is an ideal way to compare the prices for each loan.
You can evaluate and find some logbook loans at 99% RAPR or less using loan comparison websites available on internet.