A Sensible Alternative to Logbook Loans
The Secured Car Loan from Unbolted
If you do not need access to your car for a period of six months or less, Unbolted provides one of the lowest cost option to unlock the money tied up in your car.
How can Unbolted charge less?
The same way Amazon, Google and all of the other modern business do it. They built the business today using the best processes and technology to make it is a simple and convenient as possible. And they added a peer-to-peer lending platform to make it even less costly to borrow against your valuables!
At Unbolted, we know the educated customer is our best customer. So we publish every month the comparable APRs* logbook loan lenders quote on their websites. You can still check for yourself but we like to make it easy for our customers. Our representative APR is 49.2%.
That is why we also offer the Unbolted Guarantee. If you can find a better rate, we will beat it.
Comparison of Logbook Loan Lenders
|Representative APR as provided on website||Logbook Loan Lender||Date of Information|
|279.02%||Logbook Loans 247||24 October 2015|
|230.7%||CarCashPoint||24 October 2015|
|554.14%||AutoMoney||24 October 2015|
|300.3%||Auto Advance||24 October 2015|
|190.3%||Varooma||24 October 2015|
|180%||Easy Logbook Loans||24 October 2015|
|99.7%||Mobile Money Logbook Loan||24 October 2015|
*A Representative APR is a financial service concept in which credit or loan interest rates quoted through advertising media are required to take into account all charges associated with a product, in addition to the interest rate.
The ‘standard information’ which will be included in a representative example includes:
- The rate of interest – a fixed or variable percentage, applied on an annual basis
- Any Total Cost of Credit (TCC) charges - details of any fees or charges included
- Total amount of credit
- Representative APR which must reflect at least 51% of business expected to result from the acommunication