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ASSET PROTECTION - Can You Bank On Your Haven?
There are more offshore banking havens than you can shake a stick at. Nicholas Pullen tells you how to separate the wheat from the chaff, and make sure the haven you choose is really a safe-house for your money. There are definite and strong...
CAN THE AVERAGE PERSON EARN A STABLE INCOME OPERATING AN ON-LINE BUSINESS?
About the Author: David Moore is a member of the Wealth Online Website system. He is a home based online business entrepreneur, but his first love is his wife Cheri and their three grown children (and one awesome grandson). Dave teaches in the...
Don't Bite the Hands That Used to Feed You
When we begin working online we have no idea how to get visitors to our website, let alone actually make a sale. We start to read everything we can get our hands on to learn as much as we can.
We subscribe to newsletters, sign up for free...
Employment Screening Today – Are Online Database Searches Enough?
In today’s employment environment, HR managers are faced with the monumental duty of hiring and maintaining, as well as the ongoing development, of employees. But the single most difficult task lies first in hiring the right people. Not only are...
The Myth of Option Expiry
I recently read the following statement on a website that sells an expensive option trading system: “70% of options expire worthless to the buyer! That means 70% expire profitable to the seller.” Garbage! Unbelievable garbage! Absolutely...
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What is a Car Loan?
A car loan is a type of credit offered by a bank or other financial lender for the specific purpose of buying a vehicle. Car loans allow you to finance buying a new or used car .
There are a range of car loans available from banks, building societies or financial institutions; you can also take out a car loan with a specific car loan lender .
Car loans are the most popular type of loan that people apply for. Car loans, as the name suggests, are unsecured loans specifically designed for the purchase of a car.
Car loans can be seen as a riskiest of loans from the lender's point of view. This is because unlike a secured loan that may be used for home improvements that can add value to your home; a car loan is for an asset that depreciates very quickly. Thus you will find that car loans have generally a higher rate of interest than any other type of loan.
A car loan does not require any collateral to apply. Almost all loan providers will allow you to apply for a car loan, with a few specializing in this area. The main reason people may apply to a specialist car loan provider (such as car dealers) may because their credit rating is not good. Please be warned that you will pay a higher interest rate from these specialist firms.
You enter into an agreement with your lender to borrow a specified amount, usually up to a maximum of £25,000 depending on your circumstances. You then pay back the loan over a set period of time.
The payments you make consist of both the principal amount of the loan plus interest. With this type of loan you own the car from the time you buy it. Car loans are form of personal loan of which there are
several basic types with slightly different conditions attached.
There are three different types of car loan:
Manufacturers' schemes
You see these types of loans advertised by the car manufacturer and these can be arranged either directly with them or via a local car dealership. Part exchanges on your current vehicle are normally accepted, and the remaining balance is paid through a loan. As with a hire purchase scheme, you will not be the owner of the vehicle until you have repaid the loan in full. If you default on repayments, the car will be repossessed.
Hire purchase (HP)
This sort of car loan is arranged by car dealerships, and in effect it means that you are hiring the car from the dealer until the final payment on the loan has been paid. When the loan has been fully repaid, full ownership of the vehicle is transferred to you.
Personal Loan
You have the option of either taking out a general personal loan, or a personal loan designed specifically for car purchase. The two are almost identical, but because a car loan is taken out specifically to buy a car, the lender may offer you car-related incentives such as emergency breakdown cover, free motor insurance or special discounts on car accessories. Personal loans normally have lower interest rates than manufacturer schemes or hire purchase loans.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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Finance - Leases-Leasing Ezine Articles |
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