Choosing the Best Logbook Loan Deals
Logbook loans are great if you have bad credit and you need quick cash. All you need is a vehicle you can use to secure your logbook loan against. There’s just one downside. Logbook loans can be pretty expensive with an average APR of about 400%. To make sure that you’re going to get the best deal, here are some tips you can use when shopping around for a logbook loan.
Check your credit score
Before anything else, make sure you know exactly what your credit score is. If you happen to have a good credit score instead of a bad credit score then you can apply for a much cheaper personal loan. You can check your credit score or history at https://www.creditkarma.com/.
Plan your borrowing
In order to avoid financial complications and to lower your risks, planning how much you want to borrow and how much you can afford for monthly payments is very important. Before you shop around for the best logbook loan deal, it’s recommended to assess your needs and set your budget beforehand.
When it comes to logbook loans, applying for the first cheap deal you see is not smart at all. If you want the best deal, you need to shop around. Compare lenders as well as deals using top comparison sites. It would also help to seek recommendations from someone you know who have already taken out a logbook loan before.
Read the small print
You should read the small print if you don’t want to pay hefty hidden fees. Even if the advertised APR may be cheap, it doesn’t always mean that the logbook loan is cheap. To make sure that you know exactly the cost of you loan, read the small print for more information on interest rates, administrative charges, late repayment penalties and more.