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Personal Loans have been regularly used to fund those little extras such as a holiday abroad, a new car and increasingly as a means of debt consolidation. Most people know or have had a loan as shown by the fact that in the last 12 months Britain interest repayments on personal debt totalled £66.3bn, according to Credit action. Now Lord Mandelson has announced the extension of the new car scrappage scheme, there has never been more reason to seek out the best loan rate.
Loans are an option for consumers hoping to take advantage of the extension of the scrappage incentive to buy a new car and scrap their old one. The market has seen an influx of cheap new cars on the market which offer value for money in addition to fuel economy and all mod cons. Hailed as the saviour of car manufacturing in the UK by car experts and vilified in the press as just another income stream for the beleaguered cash strapped Labour Government, there is no doubt that it offers a very attractive deal to the consumer, whatever side you fall on.
There are some attractive loans rates out there for those prepared to hunt them down, so when you’re considering taking out a loan, take care to consider the following:
Affordability -
Make sure you have the ability to make your payments in full and on time. If you don’t your credit could be damaged making it impossible to get funds or you have to pay very high interest rates to borrow.
Terms and Rates-
Shop around for the most advantageous rates and terms. The internet is a vast source of information and offers and in the current climate, the lenders are competing with each other to gain customers. So if you are a good risk, you could bag yourself a great deal.
Read all paperwork –
Make sure you know exactly what your signing up for and what financial commitment it means for you
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2009-10-07 11:48:49 © Moneyextra.com
Loans - Top Picks
| Unsecured Loans |
| Alliance & Leicester - Semi-Exclusive Personal Loan | ||||
 
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Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £402.86 | 8.0% | Fixed | £24,171.67 | |
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Representative example: based on a loan of £20000 Representative APR 8.0% Fixed. Total amount repayable £24,171.67 at £402.86 per month for 60 months. • Alliance & Leicester Personal Loans are provided by Santander UK plc |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £410.87 | 8.9% | Fixed | £24,652.44 | |
|
Representative example: based on a loan of £20000 Representative APR 8.9% Fixed. Total amount repayable £24,652.44 at £410.87 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Norton Financial Services - Secured Loan | ||||
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Norton Financial Services
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. |
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| Willows Finance - Good Credit | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £419.82 | 9.9% | Variable | £25,188.92 | |
|
Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Loan | ||||
|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £433.30 | 11.4% | Variable | £25,997.90 | |
|
Representative example: based on a loan of £20000 Representative APR 11.4% Variable. Total amount repayable £25,997.90 at £433.30 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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| Nemo Personal Finance - Secured Homeowner Loan | ||||
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|
Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £451.40 | 13.4% | Variable | £27,083.81 | |
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Representative example: based on a loan of £20000 Representative APR 13.4% Variable. Total amount repayable £27,083.81 at £451.40 per month for 60 months. UK Secured Homeowner Loan |
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