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Loan Options
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Secured Holiday Loan
Have you become bored with the tough deadlines and long working hours in office? If yes, its time for a break. Definitely, a break can bring peace and solace for you. However, it is of course true that holidays can be expensive and may not fuse into everyone's financial status. Here come secured holiday loans. These loans are made to help you financially during your dream holidays.
You ... Read loans article
Hassle-Free Bad Credit Unsecured Personal Loans
Lenders do not easily approve an unsecured loan for they have to plug the risks and if the borrower happens to be having bad credit then extracting a loan from lenders may be even more difficult. The remedy therefore lies in applying to those lenders who are dedicated to offering bad credit unsecured personal loans. Such lenders know bad credit well and hence it only makes loan availing easier for... Read loans article
Loan Options
Have you heard of Zopa? Zopa stands for Zone of Possible Agreement and the aim of this internet company is to match small lenders and borrowers. Borrowers and lenders are put in touch with each other, thus excluding the traditional lenders who normally arrange the deals and saving money in the process.
Obviously growing in popularity, in just 18 months, Zopa have attracted over 88,000 members. Around two thirds of these are borrowers.
Lenders are happy with the arrangement because they have control over money lent and achieve a higher return rate than they would get with building societies and banks.
Borrowers benefit in that they are charged lower interest rates and the loan is flexible, in that there are no penalties of they wish to settle the debt earlier than the original term. This could prove helpful to people with irregular income and the self employed, who struggle to get loans from banks, but are often able to repay loans early, as cash flow alters.
Zopa is responsible for carrying out full credit checks on all borrowers and they are rated as "A" or "B" borrowers, depending in the results of the check. The difference in rates paid between these two categories of borrowers is 1.3%. Zopa receives a fee of 0.5% from both borrowers and lenders.
The lenders and borrowers are required to sign up to a legally binding contract with each other and Zopa carries out the monthly collection of repayments which are made by direct debit.
It should be noted that Zopa is not a bank and is unable to offer loan protection in the way Banks and Building Societies can. It holds consumer credit licences, issued by the Office of Fair Trading and authorisation and regulation by the FSA (Financial Services Authority) but this is only with reference to the sale of payment protection insurance, which Zopa offers as an optional extra and for which they receive a commission.
Zopa is very proud of their bad-debt record, which is good in that it shows only 0.05% over the first 18 months. However, as someone with lots of experience in the market commented "Zopa has a low default rate because it only lends to people with very good credit histories and who earn at least £25,000. You can't compare Zopa's default rate with the banks' because they have to lend to a far wider customer base."
Typically, defaults occur halfway through a loan. As these loans have only been up and running for a maximum of 18 months, on maybe a five year loan, it is far too early to come to any conclusion.
If you have a really good credit record, then it appears that a loan through the Zopa system may be really good value. However, if you rate a "B" rating with Zopa then the rates are not as good and could, at present, be bettered by shopping around elsewhere.
If you have a poor credit history, it's probably highly unlikely you'll get very far with any application and you may very well end up with just another unnecessary footprint on your credit reference file.
For a full range of options on these smaller loans, and indeed any loan advice, then a visit to an internet broker's site is to be recommended. They can offer you lots of advice and guide you to the right lender for your circumstances.
As always, do your comparisons and avoid costly mistakes.
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Loans
Thinking of buying a new car? Unless you're paying cash, presumably you're looking for the best way to finance the car of your choice.
For people who choose to buy a new car every two or three years, personal contract purchase, or PCP, is gaining in popularity. Your car dealer or the manufacturer effectively lends you the balance of the car, after you've paid a deposit of 20 to 25 per cent. A fixed trade in price is promised at the end of the deal. An annual mileage limit will be agreed and as long as this isn't exceeded you will be offered a choice of options when the contract ends.
The choices will be 1. To return the car and change to a new one. 2. To trade it in at its second hand value - this may be more than the guaranteed figure, which makes it well worth doing. 3. To keep the car, making a final payment of the outstanding balance.
Many people simply replace their car every couple of years, using the first option and keeping to the same dealer or manufacturer.
An alternative to personal contract purchasing is a simple car lease plan. An initial deposit is paid, which works out at three times the monthly lease payment. The lease payment is then made for 24 or 36 months, depending on the contract. At the end of the time you simply return the car and walk away. There are no obligations and you're free to go ahead and choose your next vehicle without the complications of selling a second hand one.
To make a comparison on costs using the two methods shown above, if you take a vehicle costing £14,995, bought through a personal contract purchase plan from a dealer, on a 3 year plan, you would pay a deposit of £1,548. There would then be a repayment period of 36 months @ £309 per month. The deal would guarantee you £3,861 towards a new car if you were staying with the same dealership. Alternatively you could purchase the car outright for this sum and sell or use it in part exchange it towards your new car.
If you take the same vehicle on the second (lease) plan, you would make an initial payment of £969 and the monthly payment would be £323.
The other choices to consider for vehicle finance are personal loans or hire purchase. With hire purchase the loan is secured on the vehicle. Because of this, if you get behind on your repayments, the vehicle can be repossessed by the lender. Obviously, having completed the payments on the car, at the end of the period, the vehicle is yours, without any ties, limitations on mileage etc.,
Offers of low or even no-cost credit can be found. Unfortunately they're often unavailable on the model of your choice. In common with many other manufacturers, Vauxhall have some excellent offers with several models currently being offered at 0% interest over four years. For models not in the 0% range, for example the Astra Life 1.6 16v, the offer is considerably higher and in fact doubles the interest rate which most people pay via GMAC, the company that offers loans for customers buying directly from Vauxhall.
Of course, you don't have to go along with the manufacturers deals and can work out your own comparisons by comparing the cost of personal loans. Log on to the internet and find a broker to check out the various loans available.
In general most car manufacturers will be able to offer some good deals when it comes to finance and it's worth finding out what's on offer for the car of you choice. It's always a good idea to check what the same vehicle would cost using a personal loan and weighing up the final price paid is always worthwhile.
So, whatever your choice, personal loan, hire purchase, personal contract purchase or a simple lease plan, there are plenty of ways to finance your new car. Do your sums right and there are big savings to be made.
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