How to Lower Your Logbook Loan’s Cost

Logbooks are easy to avail and easy to get approved for but there are also downsides and one of them is the high cost. Fortunately, tighter competition among providers has lowered the interest rate for many deals. If you want your logbook loan cheap, the trick is to find the best lender with the best rates. To help you do just that, here are tips you can try to lower your logbook loan’s cost:

Use comparison sites

If you’re like most people, you probably have little time to spare searching through thousands of logbook loan deals. Fortunately, there are top comparison sites including USwitch, Go Compare and Money Super Market to help you find the best deal for your situation and financial needs. These websites have done most of the work for you. All you need to do is find the deal that best suits your situation.

Compare representative APRs

One of the most obvious ways to know if one deal is cheaper than the rest is by looking at the deal’s representative APR. APR or annual percentage rate is the financial concept lenders use to advertise the cost of their loans. This already covers your loan’s interest rates, admin fees and other associated charges. Ideally, you need to look for a logbook loan deal with the lowest APR.

Ask about hidden fees

When it comes to the cost of your phone, you shouldn’t stop with just comparing the representative APR. It’s a good indication of the loan’s cost but you should also take time to investigate the hidden fees. Most if not all lenders have hidden fees added to your loan’s cost. Your job as borrower is to find out more details about these fees. You can either call your lender for more info or you can always read the small print.