Car Finance – the worry of extra charges

Car finance is an enormously popular way to own a car in the UK. Personal Contract Plans (PCPs) are now used for four in five new cars that are purchased and there are millions of these loans now in force in this country. However, some consumers have found that when the time comes to hand back the vehicle, if this is done via a voluntary surrender then there may well be some unanticipated additional costs. The mechanics of the PCP The PCP is essentially a hire purchase agreement that enables someone without the cash to buy a car up front to borrow the money and repay in instalments. PCPs are structured around an initial deposit and a series of monthly payments that are made over three to four years. These monthly payments are calculated to cover the fall in value of the car as it ages. When the PCP contract comes to an end the car can either be purchased or it can be handed back without any additional cash to pay. If the car is to be handed back then it must be in decent condition and
http://bit.ly/2sJ97N2

Advertisements

George Banco is acquired by Non-Standard Finance PLC

The market for guarantor loans has grown significantly in the UK over the past couple of years. Particularly for younger people with impaired or inadequate credit ratings, a guarantor loan often represents the only opportunity to be able to borrow. George Banco has risen to prominence as a guarantor loan lender over the past few years and towards the end of 2017 was acquired by a fellow sub-prime lender, Non-Standard Finance PLC. Who is George Banco? The lender was established in 2014 and offers guarantor loans. This is a type of lending that requires a third party to stand as surety for a loan. It enables someone without a great credit rating to be able to borrow, thanks to the guarantor system. Guarantors are required to be over 18 and are usually homeowners with a good credit rating. In the years since it was established, George Banco has expanded considerably and has become the second most prominent provider in the guarantor loans market. When the company was acquired it had a loa
http://bit.ly/2CbsUJ2

How to buy a used car using car finance

The UK market for used cars is thriving. According to the Society of Motor Manufacturers and Traders, 2016 was a bumper year for the used car industry and set a record for sales. 8.2 million used cars were sold last year, which represents a 7.3% increase on the year before. So, the market is booming – and for many people the simplest and fastest way to secure the right second hand car is with car finance. But what are the options if you’re looking for used car finance and are there any risks in doing so? Used car finance – the market If you’re looking for a cost effective car purchase then the chances are you have considered a second hand vehicle. The market for used cars is very different today to 20 years ago. Back then, if you were looking for a used car, then you were most likely going to be buying from an individual or a dealership handling genuinely second hand cars that had seen relatively intense road usage. Today, it’s a different story. When it comes to buying bran
http://bit.ly/2yr5z40

What needs to happen to improve people’s personal finance skills

When it comes to personal finances, many of us assume that we’re just naturally quite good at it. Until, that is, you get to a point in life when something happens to demonstrate that you’re not. For example, when the budgeting goes awry or you realise that you’ve totally forgotten to add Stamp Duty on to the price of a property purchase. If you’ve ever found yourself in a situation where you feel like a bit of a financial dunce then you’re certainly not alone. A survey by pollsters Ipsos Mori shows that many Brits are way off the mark when it comes to having a realistic perspective on personal finances, from the cost of raising kids to how much you’re likely to need for retirement. And the survey says… The survey by Ipsos Mori, conducted in 2015, highlights some fairly serious knowledge gaps within the UK population. For example, those surveyed thought that the total cost of raising a child was around £50,000. Most recent studies peg this closer to £229,000 per child
http://bit.ly/2gdPnYY

Top 10 personal finance tips I wish my parents had told me at 18

Various surveys over the past two years have shown that many of us Brits aren’t that great at handling our money. In fact, around half of UK adults are thought to be ‘living on a financial edge.’ For many, this is the result of being caught up in house price rises, the recession, or other issues out of individual control. But for a lot of us we probably could have done better with a little early help. If you could go back and have a word with your 18 year old self what financial tips would you pass on? We came up with these Top Ten but feel free to tell us yours in the comments section below: Tip 1: Start saving now At 18 years old you feel like you’re never going to get old. The tender age of 30 seems like a very distant milestone and houses, kids and pensions are less important than parties and travel. However, the advantages of saving early are huge. The younger you are the more years you have for compound interest to work its magic. For example, if you’d saved just £2,0
http://bit.ly/2nvUcyx

The best way to buy and finance a car in 2017

If your car is old, always breaking down or simply becoming a bit of an embarrassment, you’re probably thinking about replacing it. But buying a new or used car can seem like a daunting prospect: do you ask the bank for a loan, go with one of the finance companies’ options or sign up to a lease deal? What will cost you the least money each month, saving your budget for all your other expenses, or are you more concerned about what the deal will cost you in total over the long term? New car or preloved car? While buying a spanking new motor might seem like the best option – lower running costs, fewer breakdowns and the cachet of driving the latest model – it’s worth remembering that the average new car will lose almost 50 per cent of its sale value over the first three years that you drive it. That’s just the average depreciation; many cars lose their value much faster than that with makes like Peugeot, Citroen and Fiat losing up to two thirds of their value over those three
http://bit.ly/2l6TcDL

Your social media personal finance money experts

Social media is increasingly becoming a resource for everything, from personal finance tips to recipes. However, with billions of users worldwide, Twitter, Facebook etc can be hard to navigate. If you’re looking for personal finance advice from the experts then you could spend hours wasting time. To help you avoid the duds we’ve compiled a list of the Top 10 personal finance experts on social media and then there s our blog and Facebook page too! @Miss_Thrifty This enormously popular social media account is the work of award winning blogger Miss Thrifty. As the name suggests, the blog and social posts are all about being thrifty and saving cash. Recipes and household money saving tips, as well as solutions for reducing food waste are all part of the fun. Ideas are very family focused but plenty of tips for individuals too, from reducing energy costs to how to clean patent leather. @moneycouk Hannah Maundrell is the editor of http://www.money.co.uk and a smart Twitter account to follow fo
http://bit.ly/2h1bD6w