Logbook Loans: Factors To Consider

If you’re planning to take out a logbook loan and you want to find the best deals available in the market today, there are key factors to consider. Below are some of these factors to keep mind when shopping around for the right deal:

1. Rep APR

One of the first things you need to look at is the Rep APR. APR, which stands for annual percentage rate is, the financial concept lenders use to advertise the cost of their loan products. The APR tells you an estimate of the loan’s total cost in a year including interest rate, related charges and other fees. In general, the lower the APR, the cheaper the loan will be. Just don’t depend on APR too much for your decision. You have to balance this consideration with other key factors to ensure that the deal you are signing up for is indeed the best not only in terms of cost but also in terms of customer service and risks.

To know more about APR and how it works, click here.

2. Loan amount offers

When looking at lenders, check loan amount offers. Some offer more flexible amounts while others have lower maximum amount. Other lenders also offer to loan you up to 50% of your car’s trade value while others can approve up to 70%. Depending on your needs, loan amounts matter especially if you need to borrower a larger sum of money.

3. Repayment terms

Repayment terms also vary from lender to lender. If you want to tailor your terms according to your financial circumstance, it’s advisable to look for lenders who are more flexible with their repayment arrangements.

4. Processing time

If you want the money fast then it follows that you’d want lenders who guarantee same day approval. With competition getting tighter among lenders, it shouldn’t be that hard to find deals you can get approved for in 24 hours or less. Just make sure you have the necessary documents ready before hand to guarantee fast approval.

5. Hidden fees

Don’t stop with low APR and fast deals, however. If you want the best rate all in all, you need to read the fine print and investigate hidden fees. It’s not unusual for logbook loan lenders to attach steep fees to their offers. Make sure you are aware of these fees to avoid a costly mistake.

6. Lender reputation

Of course, let’s not forget about your lender’s reputation. If you really want to snag the best logbook loan deal, look for lenders with a solid track record. The best ones are those rated best by previous customers. Customer service is also a key factor to double check. The friendlier the representatives are with customers, the better the lender is all in all.