Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Logbook Loan Calculator Lear How To Use One

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Borrow between £250 and £50,000 and choose to spread the cost of your loan over 12 - 60 Months with easy to manage instalments.
450.5% APR Representative

Logbook Loan Calculator Lear How To Use One

If you need a fairly large sum of money and you own a vehicle, you may consider logbook loans. What is a logbook loan? It's a secured loan where you put your car up as collateral in exchange for a sum of money you pay in instalments. You hand over the ownership of the car to the lending company until the loan is completely repaid.

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450.5% APR Representative

If you're asking yourself " Can I lose my car with a logbook loan?", the answer is yes. If you fail to pay several of the instalments, you do run the risk of having your car repossessed. That is why it is of overwhelming importance to be completely aware of the circumstances surrounding signing for a loan like this, as well as making sure you can afford it. For that, you may need to know how to use a logbook loan calculator, so let's talk about that.

What Do I Need to Know Before Using a Logbook Loans Calculator?

There are numerous very important details to figure out before deciding to take out logbook loans. Can you afford one? What information do you need to have in order to use a logbook loans calculator?

How Do I Use a Logbook Loans Calculator?

Here is a mock-up result based on some values chosen as an example:

Loan Amount : 3000

Interest Rate : 300%

Loan Term : 60 months

1 year 12 months 2 years 24 months 3 years 36 months 4 years 48 months 5 years 60 months 10 years 120 months
Monthly repayments 805.34 753.56 750.24 750.02 750.00 750.00
Total amount borrowed 3000 3000 3000 3000 3000 3000
Total amount to repay 9664.08 18085.44 27008.64 36000.96 45000.00 90000.00
Total amount of interest paid 6664.08 15085.44 24008.64 33000.96 42000.00 87000.00
Interest rate (%) 222.14 502.85 800.29 1100.03 1400.00 2900.00

All in all, a logbook loans calculator is an excellent tool to use before you take on logbook loans online or on the high street in order to figure out if you can afford them or not. Always inform yourself of every aspect concerning your legal contracts and loans, especially with one as expensive and as risky as this one. For more information about logbook loans, please check out the Money Advice Service.

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