Loan finance

Questions and Answers

Does a UK company offer a personal contract purchase ( PCP ) finance loan to buy a car abroad such as the US?

Q) My current car was purchased using a PCP finance loan and its superb so ideally would like to use it again on my next car in the coming months. I would like to buy a 2005 Ford Mustang GT from an offical US Dealer and then import it myself as I'm a UK resident (have been since birth). I have seen many companies offering a PCP in the UK but only by selecting one of their cars I don't want to do this and instead would like to source the vehicle myself. Does anyone know if there are specific companies which cater for this?

A) most of the finance companies will, HSBC, lloyds TSB etc... ask your local car dealer for a quotatation on a PCP then take the PCP info away and contact the finance folk direct....

I am an international postgraduate student. How do I get a small loan to finance my accomodation.?

Q) I am currently studying in the UK. I need a soft loan of £5500 to finance my accommodation fees and part tuition, to repay back on a monthly rate of £250, for the next two and a half years. My graduate degree certificate and international passport, will serve as colletaral.

A) The best thing is to ask your student advice centre as many universites have fund in place to help students like yourself. I don't think that the banks will be particularly helpful, especially as many of them have clauses that stipulate you must have been 'normally resident' in the UK for a minimum of three years before they will consider lending. Otherwise, if all else fails, I've found that the Citizen's Advice Bureau is very helpful with these matters, and will point you in the direction of lenders who will be able to help

I have a loan from welcome finance!!!! Can when can i get another???

Q) I have a loan from welcome and have been upto date with payments but now something has came up that i need to do and i cant finance it at the minute! Would they give me another?

A) go to loanlands.co.uk - they are really helpful

student finance loan?

Q) i want to go back to college after i finished my course at the moment but i am also thinking of taking a year off to sort myself out so i can move house would i still be able to get help with a loan during that year and go back the following year

A) Ok from your other questions I gather you are about to complete your A Levels so you won't have had any loans yet. If you take a gap year then no you cannot get a loan until you start at College or Uni on a HE course. Even if you start and then take time out your loan is stopped and only reinstated once you are back in full time education. I suggest you speak to the citizens advice bureau regarding other sources of income during that period. Good Luck

I am told that finance loan companies can persue you for a share you hold in a propery for non payment?

Q) Its an unsecured loan,thought this would not be so.

A) they cannot make you sell the property if that is what you mean, what they actually do is to apply to the court to get a" lien " on the property and that means when if ever you sell the house they get the money you owe taken out of your share of the selling price. plus interest at standard compound rate

Car on finance or bank loan?

Q) I have around £1,200 left to pay on a car loan my mother took out in her name which I've been paying over the last few years. But I'm looking to buy a new car in the near future. If I took a bank loan, I could use some of the loan to pay off the money I owe my mum and use the rest to get a new car. But if I take out finance on a new car, I will still have the rest of the money I owe my mum to pay. Although I heard that places like Arnold Clark will write a cheque to pay off what you owe on your old car - something I would like to do. What do you think I should do? Visit the bank or go with a dealer and get finance.

A) Bank or places like Tesco, they charge about 6.5% interest, they are far cheaper than car finance which is about 15% if not more.

Can you obtain a loan or finance if you have a protected trust deed?

A) You would need to call around to several companies to see if you are eligible. Try your bank first. Here's a good site that might be helpful to you also. http://loan.divinfo.com/

19yr old army lad needs loan or finance for car?

Q) 19yr old been in army three and half yrs no credit who can he ask

A) NAAFI ?

Promise Finance - What cost if you pay loan off early?

Q) Hi, looking for anyone who has had experience with debt consolidation/finance companies such as Promise, Freedom, Norton etc. If you want to pay the debt off early what costs do you face? I know there is an early repayment fee which is nothing to be concerned about, but the company I am talking to keep mentioning a 'redemption' and dont really elaborate on the meaning - what is the redemption and how much does this usually amount to? I intend to pay the loan off in about 3 years and dont want to be lumbered with a huge fee. Do you have to pay off only the remaining amount you owe, or the remaining amount you owe PLUS all the interest that was due for the whole term? If anyone can help I would really appreciate it!

A) Generally it will depend on the amount that you are borrowing. In the Uk the Consumer Credit Act protects you with all loans up to £25000, where there is now an accural method of settlement - 30 days interest penalty, which is what you mean on the existing loans that you would consolidate. The companies that specialise in "unregulated" ie borrowing over £25000 are those listed above, usually to homeowners, so firstly they can charge a setup fee and a redemption fee, plus put a charge on your property and charge more interest penalty than on a regulated agreement (over £25k). With all unregulated loans, you won't know until you get them to break it down and you are perfectly within your rights to ask them for an example settlement of what you would owe assuming that you keep up all payments until that time. And in some cases they will try and charge you huge amounts of interest (much as the rule of 78 calculation did before the CCA change on lower amounts). Watch out for variable rates, fees and any opt out clauses. Interest rates unfortunatley only seem to be going one way at present. If you have a mortgage with a bank, it may even be more sensible to look at this as an option, but do compare the cost to you over the whole term and for the 3 year pay off. At least get a comparison from one other company to check what you are getting seems fair. Remember, if they won't do this for you, then how likely are they to help you in the future? You are very right to be cautious and insist on them explaining the redemption fee properly. (I struggle with people selling that don't actually know their product and effectively try and gloss the consumer into it - this is MIS-Selling!!!)

Should i get a new car on finance or get my dad to loan me the cash?

Q) Me and my hubby have seen a car we both want after months of searching its at £5,995 we could get it on finance at a rate of 6% or i have the option of going to my dad who is not rich but he could loan me the money of £4,000 over 3 yrs and ive got a grand for mine, so im hopiing the guy would knock a bit off if we pay cash.My dad is sceptical though, incase we lost our jobs ect ect normal dad worrys, My hubby is self employed but has worked since he was 16 and is now 32, so dont see why he should worry. If i got my dad how do i persuade him? Also if we go with finance is it better as we could swap the car in 2 yrs if we wanted to to? Or just give it back if worst case scenario happned? Just wanted to add he could comfortably afford this, hes got 2 houses and selling one for 260.000......but hes not rich, my mums not keen on the idea either.eek what to do alcatraz~ nice thinking but he will want the money as they are hoping to get a villa in cyprus plus i have 3 brothers so you cant buy a car for one and not the other ect ect

A) sometime i think borrowing from family can cause alot of rows. If that is all your dad's savings, then one day he might need it and will be relying on you to pay the money back quicker. If your dad is doubting you then he obviously doesn't want to say "NO", but doesn't want to part with his money. I personally wouldn't rely on other people and would get the loan, that way your not upsetting anyone, especially family!!

Where can I get a motorcycle loan/finance?

Q) I want to buy a bike from a private party (not a dealer) and need to be financed/get a loan... who has the best rates?

A) You got 3 choices. 1. Bank(s). 2. Credit union. 3. Some fat guy named Guido or Sal you always see at the diner. Given the current business climate, and the fact the the government provides more protection to you from loan sharks like Guido that would be your safest choice. The government has gone to great lengths to protect banks from borrowers, and as such you leave yourself open to a world of hurt should you go into default. The government has provided you some degree of protection from loan sharks though. It comes down to picking your poison. Actually, 4 choices. Save your $$ and pay cash when you can afford to do so.

Can anyone tell me if "Lloyds Bank" Finance Loan Department is a legitimate bank for loan in the US?

Q) I have just recieved an email from them offering me a loan from 0-$500,000. And I am wondering if it is for real before I send any personal info. Contact Person: James Douglas, and From The Desk of Managing Director Lloyds Bank Finance Loan Department Address: C/ San Pedro 56, 28032 Madrid Spain Email: lloy_ds-tsb-bank@consultant.com Lloyds TSB Bank Finance Dept Tel: 0034-659-018-385 :Ext 9 E-mail:lloy_ds-tsb-bank@financier.com Contact Person: James Douglas I have no idea how to research this. Thanks for any ideas

A) It's a scam -- "consultant.com" and "financier.com" are both free email addresses (just like yahoo.com). Any mail from Lloyds Bank would be coming from lloydstsb.com. These are scammers -- if you did apply for a loan, you'd "qualify", but you'd need to send a few hundred dollars as collatoral (or paper processing fee, or some other excuse), and it would be stolen. Best to block and ignore their emails.

How long does it take to complete a re-finance loan?

Q) A re-verse mortgage company gave me a foreclosure notice and I have to 2weeks to pay a loan of 120 thousand my estate's estimated worth is 635 thousand. My credit score through equifax is at 659 now. the title of the house is in a living trust that my grandfather had left me as executor of. I still need an updated appraisal. I would like a re-finance loan of 180 thousand to pay off the reverse mortgage and to have some extra money for expenses. Please please let me know what I should do in this delema?

A) The quickest way to solve your problem would be a Hard Money Loan - THey can usually start and fund your loan in as little as 3 business days. A regular loan, if done by a good company and you cooperate in getting all your paperwork together, takes about 5-7 business days from start to finish (this also depends on if the appraiser gets the appraisal completed and into the lender in a timely manner (within the frst 1-3 business days of the transaction) http://www.dreamloanusa.com for an outline of how a loan works during refinancing and also help with hard money financing. After you get your hard money loan if you choose to go that route in order to be safe with your Timeline, you can then refinance into a regular loan at lower interest rates. It will cost you a little more this route, but you will be safe regarding the time crunch you are in.

How can I get out of a second chance finance loan?

Q) I am currently under a second-chance loan for a car I got three years ago. I have had horrible luck the past year with costly repairs. My extended warranty expired and have had an insurance company drop me for me having to use the rental car option (or something like that) as well. More recently my car has been in the shop four times the past two months. I want to get another car but dont know if it is possible since I am on a second-chance finance program. Can anyone help? I owe (roughly) 7K on the car, and the more money I keep putting into it on repairs the more its not worth it if you ask me. I know I couldn't get that much for it....

A) You have two issues here, and it is important to recognize the difference. First, you needed to get a "second-chance" loan, presumably because you had credit problems in the past. Second, the car you bought with the loan is turning out to be no good. If you want to get another loan, the second fact is no problem. You have a car that is getting too expensive to maintain, but that's why most people buy new cars. No one will down-rate you for that. The issue here is your credit. Have you been paying on the loan? Have you made the payments on time? If the answer is yes, and you have been paying properly for three years, you should have no problem getting a loan for another car. But if you have late or missing payments on this second chance loan, you may have a hard time. In that case, you may have to decide whether you can live with the continual repairs, or take an even bigger chance on a car from a typical used car lot, where they advertise that they finance everybody. You can get a loan there, I'm sure, but you will pay through the nose for it, and the car is likely to be as bad or worse than the one you already have. There aren't a lot of good answers here, unfortunately. You don't say how many payments you still have on the current car, but if you can put aside an extra $20 or $40 a month, you may be able to shorten the time until you are paid off. At that point, getting another loan might be a lot easier. Also, see if there is a credit union where you work. Credit unions are usually able to finance loans for members that banks would turn down. Good luck!!

Write a Letter of Inquiry to the Bank Manager and ask the details about that House and Finance loan scheme.?

Q) If You are Ahmed Raza and you are planning to get loan for constructing your house. You have heard about House Building and Finance scheme of National Bank. Write a Letter of Inquiry to the Bank Manager and ask the details about that scheme.

A) Seems reasonable.

How many years can you finance an SBA loan for?

Q) How many years can you finance an SBA loan for? I am interested in getting an SBA loan for my business. Is it possible to borrow lets say $500k on an SBA loan and finance over 30 years. And what would the typical interest rate be?

A) The SBA is a guaranteer of loans. They don't actual give the loan. Typically to borrow that kind of money, your business would have to be operating for a least 2+ years. You can get a microloan for up to $50K. The APR is decent and repayment time depends (7-10 yrs). I am in the process of trying to get a microloan, it requires less, but it is a great way to get money for your start-up. Good luck!

Do I have to take out a loan to Finance a car or are there other options for paying the left over cost?

Q) Hello, I have several questions about purchasing my first vehicle. I have been eyeing a gently used 07 Ford Fusion that is around $16,000. I plan on making a down payment of $5,000. And I have a steady job. I was wondering, do I have to take out a loan to finance a car? Is this the only way that I can pay for the remaining amount of the car after my down payment? I will be buying from a dealership, not a private lot. Also, I'm a junior in college and I have student loans. Please help me because I seriously need a car and I'm planning on purchasing in August. I will have to travel 8 hours from home and school. twice a year so it's important for me to get a reliable car. Please help me understand what will happen as far as financing is concerned, because i have the down payment. I just need to know what are the options for paying the remaining amount of the car after the down payment. Thanks

A) yes you will need to finance the balance of around $11,000.00 you can use the dealership for financing-they use several banks depending on your credit score. also you can check with any credit unions for financing if your a member or join one. will have to have full coverage if you are borrowing money, of course you will want full coverage. also make sure since you are traveling and going to put miles on car. stay away from lease unless you plan on buying out lease. they will charge for over mileage..most leases are allowed 10,12,15 thousand miles per year. on financing 11,000.00 plus tax at 5 years should be around $220.00 to $235.00 per month. hope this helps. good luck.

how do i access business funds or loan to finance a business idea of mine.?

Q) how do i access business funds or loan to finance a business idea of mine either from a bank in the usa,canada,china,england or from the united nations financial agencies or any other financial group.

A) Not quite that easy. You need to develop your idea or business wish into a business plan. Use any search engine to find what a business plan is and how to make one. Secondly, you should have a background in business. This can be as small as opening a credit card and building good credit (the key is GOOD credit), having a business degree, or having previous experience in business management. You need to register your business with the county clerk in your local area (doing business as [dba]). Once your business name and status are accounted for, you can then approach a financier with your business plan. Most businesses fail in the first 3 years, especially first time businesses, and banks know this. Your plan better be polished, realistic, and practical. Also be prepared to fork up your own investment (as down payment), because if you yourself aren't invested in your own business, don't expect the banks to.

Does anyone know of loan/finance companies that will finance a mobile home on land? (I live in SC). Thanks?

Q) Most banks will NOT finance mobile homes anymore. It's hard to find places, but I know there has to be somebody out there who finances, because there sure are a lot of mobile homes!! :-) thanks

A) A Yahoo search for "mobile home financing" (include the quotation marks) yields 311,000 results. A little exploring should provide you all kinds of sources of financing. Good luck with your search.

When to start looking for home loan finance?

Q) Am I worrying too soon? I have an idea of what price I can afford to pay for my new home, but have a way to go finding the best buy for my money. There's some time pressure; our home has sold already, and I have so many pets I cannot face the thought of a temporary home and the upset that moving to a new location will cause anyway. Once I identify possible targets when should I think about approaching a lender for a home loan? What will I need in the way of paperwork?prequalified? And when do I need to get pre-approved?

A) Lucy I guess you didn't have much time for thinking about this till now, but have a pause and get straight onto this. You have to look at 3 factors in determining what price range you can look at; how much of your capital is available immediately for deposit and up front expenses, the size of the mortgage you qualify for, and how much of your existing capital you want to re-invest in the new home in total (including necessary repairs and upgrades). So first up talk to home loan lender to get a cursory review of your finances from the data you must provide of your current financial status; pay slips, bank statements in your name only if you have any, other forms of proof of your own income, clearly not that in the joint names of the past. How is your personal credit history do you know? This cursory review is "prequalification" to give you a sense of what you can afford, and will be necessary in most cases to get that really good local real estate agent working for you. You could also do a quick and dirty using a mortgage calculator like this one at http://www.foreclosuredatabank.com/mortgage_calculator.php Once you are serious about bidding on a certain property, having narrowed down your choice from a list of possibles, please, not just the first one you've seen, then get formally approved for the mortgage you need for any of those final choices. That's preapproval. Complete and submit a loan application, your credit history will be checked, and all your financial documentation verified. Preapproved buyers have an advantage if you are looking in the preforeclosures market. Best do this now because with a possible distressed price home in mind, I saw from an earlier post of yours, you are up against seasoned competition who will move fast , they have their credit lines in place, ready to proffer the paperwork to get the seller's signature before he changes his mind.