The art of applying for a logbook loan
Applying for a logbook loan is not the same thing as hopping into a supermarket and buying an item of your choice. It is something you do out of the blue without giving it a thorough thought. It is an art that you need to learn because the cost you will ultimately shoulder is dependent on how you go about the application process. Granted, thousands of logbook loan lenders operate in the UK market. Does that mean you settle for the one within your community? Of course not!
Research! Research! Research!
Donít wake up one morning and decide you need to take out a logbook loan from a given provider. Thatís suicide and you will be setting up yourself for exploitation. Take your time to check out different lenders, make comparisons on the logbook loan deals they offer, how reputable they are, how they relate to customers as well as handle complaints, how they deal with customers who default and so on and so forth. You need to settle for a logbook loan lender that treats customers fairly and is beyond reproach. Doing research could be the difference between getting a great deal and paying through your teeth with your logbook loan.
Donít make the cardinal sin of believing that haggling is only allowed in the marketplace. If youíve done your research and have all the necessary information at your fingertips, haggle for a better deal. Who said that you must accept the deal put on the table? Negotiate for better interest rates or even repayment periods.
Read the fine print
I agree most of us are guilty when it comes to this. I mean, who wants to burn hours poring through boring terms and conditions. Take the time to go through terms and conditions and ensure that what the lender told you is indeed what is found in the fine print. If there is something you donít understand, seek for clarification before signing on the dotted line!