Get your Dream Car - Get a Car Loan

You’ve probably spent years thinking that your dream car is out of your reach. But have you though about a car loan? That car you’ve always wanted could be just within your grasp!

America is a nation of car owners. With over 133 million cars on the road, that means that there are 1.24 cars to every house in America! The amazing fact is that over 70% of these vehicles are purchased using car loans.

With a huge range of car loans available such as direct loans or dealer loans, it’s difficult to work out how much you can afford or which is best for you. Follow these top ten tips and you can’t go wrong!

Top Ten Tips – Getting the right car loan for you

1. Before anything, check your credit rating. If you have a credit score less than 600 you may have to finance your car purchase using a bad credit car loan. These loans will have higher interest rates but if you keep up your repayments you will increase your credit rating. Eventually you’ll be able to refinance your car loan at a better interest rate.

2. Spend time researching just how much your dream car costs. Try finding price comparisons from local dealers, magazines and online. There are bargains out there!

3. Calculate your monthly income minus all your expenditures to determine just how much you can afford on a monthly basis. Stick to this budget or you’ll find the car loan repayments tough.

4. Make sure you have enough money for the down payment. Loans have varying requirements for this – always check the small print!

5. Don’t just settle for the car loan rate from the manufacturer or the dealer you purchase the car from. They can be extortionate. Even if they do try and attract you with 0% interest rate advertisements, only people with perfect credit ratings actually qualify for these deals.

Secured Loans - UK Overview

Borrowing money has become more and more popular in the UK over recent years, and this is partly due to the fact that it has become far easier to borrow money. The rising popularity of consumer finance has also been aided by the wide variety of deals and the low interest rates available these days. Secured loans have become very popular with those that own property, and this type of finance deal offers affordability and excellent value for money. Secured loans are available from a wide pool of lenders, which means that consumers have plenty of choice when it comes to selecting and applying for secure loans.

The amount available to borrow with secured loans is dependent upon the amount of equity available in your property, which means the amount of the market value minus any loans or mortgage outstanding on it. There are many benefits available with secured loans, and you will find that this type of finance is one of the most cost effective options available. With secured loans you can look forward to far lower interest rates than most standard, unsecured loans, and this is because there is less of a risk to the lender since the loan is secured against an asset.

Secured loans also offer far high borrowing levels than unsecured loans, although the amount available to borrow will depend in your equity. However, you could find yourself eligible to borrow tens of thousands of pounds with secured loans, which could prove invaluable if you are looking to raise a large amount of finance for just about any purpose. The repayment period with secured loans is also far longer than with unsecured loans, which means that your monthly repayments will be far lower.

The other great thing about secured loans is that they are far more easily accessible to those with poor credit than a standard, unsecured loan. This is because the lender has to take less of a risk with secured loans, as they are secured against an asset, and the lender is therefore usually more willing to consider those with bad credit for this type of finance. Bad credit secured loans are available at really reasonable rates, which means that you can enjoy lower repayment terms even if your have a tarnished credit history.

One of the most common reasons for taking out secured loans is to consolidate other loans and credit. Many people pay out a fortune each month on a selection of high credit loans and cards. With secure loans you can wrap up all of that expensive credit in to one convenient loan, and you can then pay just one lot of interest and make just one repayment each month. You can use bad credit secured loans to wrap up your other more costly credit, and even to pay of some debts, and this can go some way toward improving and repairing your credit.

Common Mistakes Motorcycle Buyers Make When Looking For a Motorcycle Loan

Whether interest rates are high or low or it's the end of a model year with lots of incentives, motorcycle buyers tend to make the same mistakes when shopping for a motorcycle loan. Here are four common mistakes motorcycle buyers make with motorcycle loans.

Shopping for a motorcycle before shopping for a motorcycle loan.

Many motorcycle buyers enter the showroom looking for a motorcycle before they determine how much money a motorcycle lender is willing to loan to them for the purchase of a motorcycle. There is no need to shop for a $20,000 Harley Davidson motorcycle, if a lender is only willing to provide a loan amount of $10,000.

Additionally, once motorcycle buyers enter the showroom slick salespeople often pressure them into motorcycle loans with much higher internet rates than they could have gotten had they shopped for a motorcycle loan at a bank, credit union or online. Salespeople do not like motorcycle buyers to leave the dealership to get a motorcycle loan. In the salespersons mind this only increases the chance of losing a sale and commission. Therefore, salespeople frequently try for a quick sale which normally results in pushing motorcycle buyers to get motorcycle financing at the dealership.

The bottom-line is that it is always best to shop for a motorcycle loan before entering the showroom.

Diving into the unknown motorcycle loan.

Motorcycle buyers often jump into motorcycle loans that they do not completely understand or may not be the best alternative for them. For instance, in today's age manufacturers frequently run credit card motorcycle loan promotions on their private-label credit cards. But these promotions typically offer a low interest rate for a short term like 12 or 24 months and have a much higher interest rate after the short promotional term. On a credit card promotion if motorcycle buyers can not afford to pay off the loan during the short promotion period, then they are typically better finding a lender offering an installment motorcycle loan for a longer term.

Borrowing too much.

The most common mistake the first time motorcycle buyer makes in not having a clear sense of how much motorcycle they can afford. This is especially true for young motorcycle buyers who look to buy the top sport bikes that cost up to $10,000 - $15,000. What they fail to realize is that financing a $10,000 - $15,000 motorcycle can stretch them to thin, resulting in them having little cash to enjoy themselves and the motorcycling lifestyle. They may also have too little cash to pay for insurance, maintenance, registration or new accessories for their motorcycle.