2014 Lender Lists:
Cheapest Logbook Loans UK | Scored Over 365 Days
The simple reason for this is that they secure the loan against your vehicle. This hands them with the legal right to take away your motor should you happen to run into repayment problems with them. The issue of defaults is less troublesome here since although they do tend to promote massive cash sums, they would likely offer you up to around 70% of the trade value of your car. Due to this layer of protection you would expect to see much lower rates in place, but as it goes, many of the competitive lenders are known to charge £700/£1000 per £1000 over the year. Some go much higher than this.
These prices are expensive when you consider that Guarantor Lenders generally charge around £230. For the cheapest logbook loans UK, we interestingly have a price match that leads to a shared top ranking. This comes in at £700.04 that equates to 0.192% daily. These are some way ahead of the pack with the next few firms charging between £950 and £960. Within this sector we analyse £1000 sums over 12 months, scored at 365 days. Within these summary posts we usually break down the top providers across (A, B and C). Due to the price match and the cluster of evenly matched following companies we’ll just use (A and B) here.
Cheapest Logbook Loans UK (/£1000):
A) We begin with Varooma who were for some time the top performing lender. They did some time back offer the £1000 loan at £668, but more recently this was increased to stand at £700.04 (0.192% daily). Easy Logbook Loans were obviously keeping a close eye on this rival and they decided to set a price match at £700.04. Both of these companies run no credit checks and most of the studied product features are attractive. One such advantage that Varooma carries is that they are the top ranked logbook lender on Trustpilot, boasting plenty of positive feedback. We haven’t spotted any feedback on the other hand for Easy LL.
B) Following on from this, there was a massive raise in pricing to the next spot by £250. This position was taken by AutoPawn who charge £950 (0.260% daily). It was then a close call between LoanMyMotor at £959.96 and Auto Advance at £960.08. It’s interesting to see that the top ranking positions above are taken up by lenders who are perhaps not too well across the market and some of them haven’t been active for too long. Most people may be more aware of larger firms such as AutoMoney and Loans 2 Go who have been big advertisers over the years. Then there is of course the original market leader.
This is Logbook Loans that was the dominant name when the industry was starting to gain traction. Things didn’t go to plan there though and in stepped Hermes Property Services Ltd to take control of the brand. They have made a bit of a recent comeback with the help of TV advertising and it helps that they cater residents of Northern Ireland, but I do think that their pricing (at £1271.88) would have to be dropped for them to again become the flagship brand. Another company worth mentioning here is Mobile Money. They were formed in 1998 and they began trading in 1999 that hands them with bags of experience. They have around 40 stores up and down the country and I do appreciate that they use encryption on their website (most of their rivals don’t). Their product does come at a premium though at £1350.