Personal Finance
Personal/ car loan tips
1. Avoid unsecured loans if possible
2. Be clear about leasing
3. Be honest in loan applications
4. Can’t get a standard loan? There are alternatives
5. Check your statements for errors
6. Consider smaller lenders too
7. Do you have to take out a personal loan at all
8. Do you qualify for a ‘relationship discount’?
9. Don’t just take the dealer finance
10. Don’t make multiple applications
11. Don’t rely solely on comparison rates
12. Have the right information when applying
13. Have you considered a credit card?
14. Honesty counts
15. Keep accurate records
16. Know what interest rate applies
17. Look beyond the banks
18. Try lenders with whom you are a regular customer
19. Understand what’s on offer
1. Avoid unsecured loans if possible
Avoid using unsecured personal loans if you can put up some security for your borrowings. This will get you a lower interest rate. A home equity loan, or redraw of extra repayments, allowing you to borrow against the equity built up in your own home or an investment property, is the best option of all, and could get you finance at up to 5 percent less than a car loan.
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2. Be clear about leasing
Leasing is really just another form of borrowing to finance a car. But unlike loan finance - where you take ownership of the car and offer it or something else as security to the lender – lease finance sees a leasing company take ownership and give you the use of the car under contract for a specified period.
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3. Be honest in loan applications
Be honest about why you want the loan. Your bank may be able to offer you a loan option that better suits your circumstances. There are an increasing variety of different types of personal credit these days; car loans, commercial loans, leases, home equity loans, are just some of the examples.
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4. Can’t get a standard loan? There are alternatives
If the banks, building societies and credit unions won’t lend to you because you’re self employed, newly arrived in the country or have a poor credit history, consider the booming non-conforming and “low doc” loan market. A number of non-bank lenders offer loans which especially cater for this type of borrower. The interest rates on non-conforming loans are generally higher but come down after a few years of on-time repayments.
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