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Secured Loans & Black Horse Loans
Secured loans are ideal for those that have bad or no credit. A secured loan is a loan that is secured against one of your valuable assets; typically, the asset that those applying for a secured loan use is their home.
By offering security, you are lowering the risk that lenders take by approving you for a loan, especially if you have bad or no credit. The amount of money you will be able to borrow and your interest rate depends greatly upon the value of the asset that is securing the loan. You can also spread the loan repayments out over a more extended period of time, making the loan more affordable. There are many different kinds of secured loans, and it helps to have a company such as Totally Money help you to figure out which secured loan is best suited to your needs.
Totally Money is a popular financial comparison site that provides you with a comprehensive tool that will help you to save time and hassle. This website has the most up-to-date information and news regarding lenders based in the United Kingdom, so its a great resource to use to find out everything you need to know about obtaining a secured loan in the UK. After you fill out a short, simple form requesting information about one of the many loan comparisons available on the site, Totally Money will perform its own research among the UK lending market and pass the information and comparisons on to you. This process helps to ensure that you get the best and least-expensive loan possible for your particular financial background. Thats not all, though. This company will also connect you with an independent specialist for a separate, parallel quote so that youre sure to have all of your bases covered. This way, youre armed with all of the necessary information and can make your decisions wisely.
Totally Money is able to provide you with comparisons between Black Horse Loans and all other UK lenders. Black Horse Loans specialize in affordable unsecured loans that are geared towards those with no or bad credit. Black Horse Loans products are geared towards those who have had issues with their credit in the past. While other loan companies can be stringent regarding a history of defaults, Black Horse Loan has a more flexible attitude. The best way for you to keep your loan rate low is by applying for a secured Black Horse Loan. This is especially true if you have bad credit. However, if you dont want to risk losing your home or whatever personal asset you secure the loan against, you may want to consider a Black Horse unsecured or personal loan. With Black Horse unsecured loans, your repayments will not change for the duration of the loan. If youre thinking about applying for a loan through Black Horse Loans, go to Totally Money and get a free comparison today.
Car Loans
Car loans in general can be hard to understand if you have never purchased a car. This article will give you information on the 3 types of car loans including bad credit, no credit and good credit car loans.
Good Credit
Those customers with good credit can expect the easiest time finding financing for car loans. Interest rates are lowest for this group, as well as incentives coming easier. Those with good credit are seen as the lowest risk to lend to, and therefore are given opportunities to save money that other consumers are not given. With good credit, interest rates are as low as 5%, and incentives such as loan forgiveness, early payoff bonuses and shorter loan periods are seen. Most finance companies will have good credit consumers approved within an hour of application during normal business hours. It is important to know that many with good credit buy new cars, and the cost is higher for the vehicle, but the loan period is shorter.
Bad Credit Car Loans
Those customers with bad credit will have the hardest time finding financing for a vehicle. Auto loans are some of the easiest loans to obtain, but for those with bad credit, finding a company willing to extend credit is hard. Pulling a credit history will give the lenders the chance to see how you have previously paid on accounts. This helps them to decide if you are more likely to pay or not, and therefore their decision is based on this report. Checking your credit history from one of the major credit reporting agencies is imperative to deciding if you can be approved or not. Interest rates will be highest for those with bad credit, and auto loans in this category have been found as high as 29%. Even with bad credit, there are options and you are not required to take the first company that approves you. Shop around and look for lower interest car loans, or those that will take a cosigner to get better rates.
No Credit Car Loans
People with no credit are more or less in the same boat as those with bad credit: it is hard to find a company that will lend to you. This is due to the fact that the credit report is pulled as soon as you apply. The lenders for car loans look at this to see if you will be a high or low risk customer. Since there is no credit history to look at, the decision has to be made and assume that you are going to not be able to pay the loan back. Almost all companies require a cosigner for those with no credit history. This is to ensure that payments will be made, and that the loan is secure. Asking someone to cosign means that they will assume this debt if you are unable to pay it. Just because one person says no does not mean all people will, and you can always ask a parent or grandparent to cosign as long as they have good credit.