Consolidation Fixed Loan
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If you need to have a loan, for whatever you choose - be it for debt consolidation or to get another car, or even to pay your child's university fees - there are a few points that you need to consider before you sign on the dotted line.
The most significant factor is whether you can afford it. While in print a monthly sum may appear achievable, you should look at all of your financial obligations realistically. Write down a monthly budget - include everything from your home mortgage to your savings to car and home insurance, other borrowing or responsibilities you have, plus entertainment and food expenses - and be realistic! As an example, if you normally spend £200 a month on your food and leisure activities, do not plan for £100, thinking that you can manage on less money - you can't!
If you have any money still left at the end of this, then you should consider this the upper limit of what you can afford to pay for your monthly loan repayment.
After you have seen that you can meet the expense of the loan, it's important to take a close look at the small print.
For example, many loan companies have a clause in the loan contract between you and them that allows them to charge you a financial penalty when you wish to pay off the loan before its term is up. This is what is called ?early redemption?. The amount you will be charged will be different from loan provider to loan provider, but you can expect to be charged the equivalent of two months' worth of interest charges on top of the settlement amount.
Furthermore, take a look at what will happen when you make a late monthly payment - a large number of creditors will charge you an additional fee, consequently, it is vital that you know exactly how much they will charge.
Really shopping around puts you in a good position to obtain the most suitable loan package for you. There is a large number of varying loan packages in the market place - some even offer loan payment holidays allowing you to skip a monthly repayment - so don't just grab the first deal that comes along.
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