Comprehensive guide to picking the right logbook lender

Currently, the number of logbook lenders in the UK is spinning out of control. You can find a lender almost everywhere you look. While this provides an unlimited range of options, it also overloads us with extensive information. Consequently, picking the right lender turns out to be a chore, and you won’t know which deal is best for you. You’re in luck; this guide strives to break it down and gives you all the important aspects you need to consider before settling for a particular lender. No-one wants their car taken away from them, so here are tips to ensure that you get the best deals.

Compare the APRs

What you want here is to get the lender with the lowest APR rates. APR rates stand for Annual percentage rate, and it simply refers to the overall interest you’ll pay for a whole year. Using the APR is a much better method of comparing your accumulated interests as compared to using the monthly fee. You’ll be able to get a much better picture.

Typically, these loans have an APR rate of about 400%. However, if you do your digging, you could even get a lender that would offer you a loan at half that rate.

Read the fine print

So once you get the lender with the lowest rate, your next step is to read the terms and conditions. Yeah, this may seem boring but not reading it could cost you a lot. Try and look for any hidden charges that the lender may have. Focus on the cancellation policies or the policies that come into action whenever you delay a payment or miss one. Talk to your lender comprehensively and ensure they answer all your questions.

Reputation matters

Your lender needs to have positive reviews from the customers and create a reputation. They need to have been in the industry long enough as this is a sure sign that their clients are happy with them. You can also view the top rated lenders in the UK from a variety of sites, and this will assist in giving you better insight.

Call the customer service

One last step is to make a call. The customer service of a business reflects on how professional they are just by the way they handle you. You can call multiple lenders and make inquiries about their rates and services.