Tough market for used cars

Experian, the global information services company, has released its latest used car sales statistics. They show a further drop in sales during 2007 and come with a warning for dealers that there may be little change in 2008 as consumer sentiment remains cautious.

Despite the overall fall in used car sales, older cars aged between 5 and 7 years old recorded an increase in sales of 3.3% - more than any other age group.

Kirk Fletcher, Managing Director of Experian's Automotive division says: "The popularity of older cars may be linked to the increasing difficulty consumers are facing when trying to get a bank loan and with older cars costing less; consumers can either pay for them outright or get a smaller loan."

As in previous years, the MPV, SUV and sports segments have continued to increase in sales, despite a fall in all other used car segments. Sales of used MPVs in particular started off strong at the beginning of 2007 (up 11.2%) and, while sales continued to increase, the rate of growth slowed during the following two quarters (5.4% and 3.3%) but rose again towards the end of the year (8.4%), to end the year 6.9% ahead.

Older MPVs (over 3 years old) saw the biggest growth in sales. The Renault Scenic was the most popular selling used MPV during 2007, with models aged over 10 years old seeing the biggest growth.

Similarly, within the SUV segments, the biggest growth in sales during 2007 was in the older models. The Toyota Rav 4 model was the most popular selling used SUV model during 2007, with those aged between 5 and 6 years old seeing the biggest growth, followed closely by those over 10 years old.

Within the sports segment, the Toyota Celica was most popular selling model during 2007 and those aged between 6 and 7 years old saw the biggest growth.

Fletcher adds: "A slow housing market and the squeeze on spending has left consumer confidence low and this, in turn, hit the used car sector hard last year. The industry recorded the highest drop in sales (down 2.4%) since 2005, when used car sales first started falling.

"The new car market, in contrast, saw a revival of sales last year, indicating that there is still a willingness to spend on a car. However, the new car market is particularly competitive at the moment, with manufacturers launching new models and marketing them fiercely.

"Topped with discounts and promotions, used car dealers are having to work harder to attract customers who are seeing the value of buying a new car over a used one."

04 April 2008 © Moneyextra.com
News From : http://www.moneyextra.com/news/news-tough-market-038624.html

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Installment Loan Versus Line Of Credit

By: Peter Kenny

here are times when consumers simply need to borrow money. As most people know, there are many different ways to borrow money. Two of the most common ways are through either an installment loan or through a line of credit.

Knowing the difference between the two can be important. One of the best ways to make your choice is to know which type of loan will best suit your needs.

A line of credit offers most consumers a more flexibility type of loan than a installment loan. With a line of credit the borrower can take out funds whenever they are needed. There is no need to take the funds out in one lump sum, which is what happens with an installment loan. A line of credit, once it is approved, does not require the borrower to apply over and over again, unless the total loan amount is withdrawn.

Another important difference between the two types of loans is that with an installment loan your payments will be set and they will not vary as the loan term moves through time. With a line of credit, the monthly payment will depend on the amount of the total that has been withdrawn. In other words, the more you take out, the more you pay each month.

A very unique benefit to a line of credit is that it can also be revolving credit. What that means is that when you take a certain amount from the total and then pay that amount back, the total goes back up to where it was. For some consumers, this can be a more affordable way to make purchases than using installment loans.

A line of credit is usually reserved for those who have some high-dollar asset that can be borrowed against. For the most part, this is a home. Consumers should understand that any property that they put up for collateral can be seized by the lender if the terms of the loan are kept.

For a one-time borrowing need, with uncomplicated repayment options, an installment loan is probably the better choice. With an installment loan, you get a lump sum check and the payments are worked out in advance so that you know exactly what you owe each month.

Generally speaking, installment loans are easier to get than line of credit loans. With an installment loan, you may or may not be asked to put collateral. When collateral is used for an installment loan, the same conditions apply, in that if the loan terms are not honored, the collateral can be seized by the lender.

As mentioned above, with an installment loan you receive a lump sum. With the line of credit loan you will normally receive a check book that you can use to withdraw funds. This can be especially helpful for things like home improvement projects where you may have to pay several different people and several different times. It also allows you to keep your loan funds separate from your personal funds if you wish to do so. This makes bookkeeping much easier.

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More people lie to get credit

Research by CIFAS - The UK's Fraud Prevention Service - reveals that more people are lying on application forms to obtain credit, insurance and other products; that they are getting into financial difficulty sooner; and are turning to fraud at an earlier age. The research looked at the application fraud cases filed on the CIFAS database, comparing the situation in 2004 with that in 2007. It found that the number of application fraud cases filed on the database rose from 62,000 in 2004 to 77,000 in 2007, an increase of more than 24%.

In each of these cases, individuals had told lies ("material falsehoods) on the application form, or had supplied false or altered documents to support their application. In 2004, just over one in every 10 fraudulent applications was successful, resulting in 7,200 cases where the fraudster obtained the product he or she had applied for. By 2007, that had risen to almost one in 5, resulting in 14,500 cases of the fraudster being successful.

Products where fraudsters have seen increasing success since 2004 include: bank accounts, plastic cards and to a lesser extent mortgages.

The lies most frequently told on applications include:

Lying to conceal a poor credit history. Fraudsters recognise that a poor credit history will affect the outcome of the application, but fail to realise that verification checks are made. More than 64% of the application frauds filed on the CIFAS database fall into this category.

Exaggerating the length of time the applicant was resident at an address. Fraudsters believe that stability increases creditworthiness but don't realise that verification checks are made. 13% of the application frauds filed on the CIFAS database fall into this category.

In addition, the use of false documents to support an application has increased considerably since 2004. The false documents most frequently used to support an application are passports, utility bills and bank statements.

In 2004, 68% of application fraudsters were men and 32% were women. Although by 2007 the shift was small, with 66% male fraudsters and 34% female, this was the first time that women represented more than one third of all application fraudsters.

In 2004, fraudulent applications from men tended to be for asset finance (mostly for cars) and bank accounts, women were more likely to apply for loans and plastic cards. By 2007, male fraudsters were more likely to apply for asset finance and insurance, whereas female fraudsters were more likely to apply for communications products (mobile phones) in addition to plastic cards.

The research revealed that the top five postal districts where male application fraudsters live are SE (South East London), then E (East London), B (Birmingham), N (North London) and M (Manchester).

For female fraudsters, the top five are: SE (South East London), then E (East London), B (Birmingham), G (Glasgow) and N (North London).

17 March 2008 © Moneyextra.com

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Bad Credit Alternative Student Loans - Make Up Your Future

By Steve C Clark

Nowadays getting basic education itself is a big task due to rising cost of education, then how one can be able to think about higher studies in a reputed institution. You will be thinking that getting loans keeping bad credit history as a tag is a tough task. Never discourage yourself without trying for all possible tasks. Keeping bad credit history getting normal student loans is nearly impossible. But the prettiest option out of all possible ones is bad credit alternative student loan always there to help you.

Bad credit alternative student loans are available for those who want to complete their education without financial problems. You desperately wish to come out of financial oblivion and continue your graduation but the lack of knowledge proves to be a stumbling block. Not anymore with the savour in the guise of bad credit alternative student loans. As the name itself suggests that this loan is perfectly dressed for the people who suffer from bad credit history inflicted due to some reason or other.

Getting student loans keeping a good credit history is an easy task. But getting loans keeping bad credit history is a difficult task. There are lots of people who think to discontinue their studies due to bad credit history. It doesn't mean that bad credit history is the end of world. You can still apply for bad credit alternative student loans.

Helpful points

As already you are a bad credit holder and you got bad credit alternative student loans as a gift of god, you need to take care of the following points.

Make a clear budget plan that won't let you again into a pit of debts.

Remember you are the one going to pay back your loans not some other fellow so reduce your expenses and try to take fewer amounts of loans.

Make a clear deal with the lender about the repayment period and rate of interest. Search for the lenders who are ready to offer loans at low rates of interest.

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances. He writes on loans. His ideas can help you rejuvenate your money. To find Bad credit personal loans, Secured loans, Unsecured loans, Wedding loans, Bad credit history loans visit http://www.ezpersonalloansuk.co.uk

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Bad Credit Government Student Loans - The Facts

By Timothy Croy

Let's face it; if you're a student with bad credit, you're not alone. In fact, most students applying for student loans have less than stellar credit. Fortunately, many banks and financial institutions offer loans for college students with bad credit. The federal government also offers loans for students, regardless of their credit rating. Here are some tips that may help if you're student looking for additional funds for your college education:

* If you haven't already done so, visit the FAFSA website and apply for federal grants. Of course, you may not qualify for federal grants, however the application process is easy and definitely worth it if you are awarded funds.

* Visit your financial aid department and apply for government loans. These loans, such as the Stafford or Perkins loan, offer you credit via the federal government regardless of your credit rating. Loan amounts vary from $1000 to $4000 for each school year, and the government pays interest while you are attending school.

* Bad credit government student loans don't necessarily exist. Stafford and Perkins loans are awarded on an "as needed" basis, and do not require a credit check. If an organization boasts that it offers federally backed student loans, but requires a credit check, then it probably isn't a federally backed loan.

* Non-Federal backed loans are often called private or alternative loans. These loans are not back by the government, and the borrower will pay interest while attending school (unsubsidized). However, these loans often have a higher credit limit, and offer low interest rates. If you have bad credit, you have the option of finding a co-signer with good credit to attain the lower interest rate.

* If you (the student) have bad credit, you may qualify for a PLUS (Parent Loan for Undergraduate Students) student loan. These loans are federally backed, and allow your parents to finance your education. These loans are not "need based" and required the parents to meet the minimum credit requirements. Other requirements are that the student of the parents be enrolled at least part-time in an accredited 2-year or 4-year college.

* Government student loans not only have the added advantage of lower interest and "no credit check", they are also much easier to consolidate once the student has graduated. Due to less appealing terms and higher interest rates, always apply for federally backed loans before considering a private or alternative loan.

Before applying for any loan, government or private, read the terms and conditions before signing the dotted line. Don't get scammed into signing into high interest loans that can be impossible to pay off in a reasonable amount of time - as there are always lower interest alternatives. Manage your debt wisely and be a responsible borrower.

http://StudentLoans-101.com is a website devoted to giving you the very best information regarding educational loans. Whether you're wondering how to consolidate student loans, or you want to know more about personal student loans, we've got you covered!

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Installment Payday Loans: Best To Meet Short Term Needs

By: Angel CH

Installment payday loans are best for short term goals. These loans are basically meant for salaried residents who at times find it difficult to meet short term financial needs. The sum of money required is available in less than 24 hours. It provides the borrowers with an opportunity to invest the money obtained wherever they want.

Installment payday loans are paid back to the lender by the means of a post dated cheque that is issued from the account of the borrower. The post dated cheque is a form of guarantee that the borrower gives to the lender that the money borrowed will be duly returned.

The salaried residents quite often seek the installment payday loans when they are running short of cash to meet their short term requirements. As and when the borrower gets his or her salary cheque, the post dated cheque issued to the lender is cashed. The amount that is cashed not just includes the loan amount but an additional fee also. This is how the installment payday loan works.

Things to Consider While Seeking Installment Payday Loans

Before dealing with any lender, give due consideration to all the terms and conditions of the loan. One has to be very cautious while entering into an agreement of such kinds. The installment payday loans are particularly designed for those in dire need of money. It is considered wise to visit a number of lending authorities and see what deal they are offering.

There is a need to perform a comparative analysis and then decide the best lending option that offers the installment payday loan at the most affordable rate. Visit a financial expert and seek his/her advice. Internet is a great source of information. There are plenty of websites that can provide you with adequate information on the installment payday loans. One can rely on the judgment and the advice of the experts who are available online 24X7.

Benefits of Installment Payday Loans

Installment payday loans are apt for fighting the cash crunches. The borrowers easily get an amount up to USD 1,000 in less than a day's time. On the top of it, the borrower is at liberty to invest the procured money in the avenues of his/her choice. Such loans are best for the debts that need to be paid off within a short span of time. The installment payday loans have made it possible for the borrowers to repay the amount before they have adequate means for making the payment.

These loans have come to rescue millions of people who could have lost their jobs and suffered badly. The cost that the borrower incurs on taking the installment payday loan is pretty less in comparison to the benefits derived out of it. It helps to ensure that you still enjoy good credit rating in the market and thus protects your reputation. Many a times, it happens that the people do not get their earned pay on the payday and the payment of bills is due. It is here that the tension level begins to rise and the risk of paying the late fee enhances. The installment payday loans are now available to provide you with equity to meet your present financial needs.

About the Author:

Want info on fast cash no credit check loans or signature loans no credit check? Visit http://www.fixmoneyproblem.com now.

Article Tags: borrower, installment, payday

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Low Rate Secured Loan - Put No Jerk On Your Financial Condition

By Aldrich Chappel

The cost of a loan facility much depends upon the rate it has and can be expensive when the interest rate is considerably higher. So, you always wish a low rate with your loan facility to make your expenses cost effective. The market is full of options with different features. But, when your need is to avail a cost effective option, it is the low rate secured loan that can serve your goal in the best way.

Low rate secured loan is a secured loan that granted against your property. These properties should be of fixed nature and generally it is your home or vehicles. You put your property as security that assures the repayment of the lent amount and in return you get the privilege of lower rate with your loan option. This loan facility has multipurpose utility, so, you can go for this loan facility to make any kind of your expenses cost effective. The most common expenses that you can dispensed here are college fees, outstanding bills, buying a car, renovation of home, wedding cost, luxury holidays, and even for the debt consolidation.

The loan amount here depends upon the market value of the collateral and can be equal to it. However, the common prevailing range of amount here varies from £3000 to £100000 with longer repayment duration of 25 years.

Availing this loan facility is never a tough task for you. A bunch of lenders are available at both offline and online. Depending upon your choice, you can go for the either one. However, the online lenders are relied more for their faster and hassle free processing. Moreover, they can be contacted easily even sitting from the home round the clock.

Even with your bad credit situation, you can go for this loan facility, as it is available to your regardless of your credit status. So, you need not to have any hesitation, while applying for this loan, even when you have CCJs, arrears, defaults, IVAs, etc.

Low rate secured loan help you get the cheaper financial option for your all kind of purposes. The low cost and much flexible repayment feature enables you to procure even a large sum without putting much jerk to your financial condition.

Aldrich Chappel has been associated with Get Secured Loans, since its inception. Having completed his Masters in Finance from Lancaster University Management School, he undertook to provide useful advice through his articles that have been found very useful by the residents of the UK. To find Low Rate secured Loan, Uk secured homeowner loan, homeowner loan personal secured, personal secured loan mortgage uk visit http://www.get-secured-loans.co.uk

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Easy Car Loans Can Be Found Online A Specialist Website

By Louis Rix

Finding finance for a car can be harder than finding the perfect car to buy. However if you go online with a specialist website you will have all the information available and be able to find easy car loans suitable for your needs. A specialist will search with the whole of the UK marketplace to find you the cheapest rates of interest possible for your loan.

There are many different car loans to choose from online and the one most suitable for you would depend on the car you are buying and your personal circumstances. If you have an excellent credit rating then you will be able to pick and choose from some of the best rates of interest possible. However if yours is poor and you have been turned down for loans then you could consider a bad credit loan.

Taking out your loan yourself is always cheaper than taking the finance that a dealership might offer. It does not matter how good the deal they say they can offer is, going online and finding easy car loans through a specialist will save you money.

When taking out a loan there is the secured and unsecured loans to choose from. There are advantages and disadvantages to both. The secured loan will come with lower rates of interest than the unsecured. You will also be able to borrow a larger sum than an unsecured and be able to spread the cost of borrowing over a longer period of time. This can be an excellent choice is the car is a top model new car.

You do have to take into account that while you can keep down the monthly repayments while taking the loan over several years, this does add more interest onto the loan in the long run. The downside to the secured loan is that you will have to put something up as security against the amount you are borrowing. A secured loan is a good option for those who have a poor credit rating.

The unsecured allows you to borrow without putting up security. The rates of interest will be higher than with the secured but a specialist website would be able to get the cheapest rates possible. This type of loan could be most suitable if you are buying a used car. You could benefit from a 0% rate of interest over a period of time if you can pay it off over a short period of time. However you have to watch out for early repayment fees. This would mean that you would have to pay a lump sum if you pay off the loan earlier than the term you chose to take it out over.

Always make sure that you read the small print that comes attached with any easy car loans quotes you receive. This will tell you how much the APR of the loan is which makes comparing easier. It will also tell you how much you will have to pay in total for the loan and how much interest the loan will accumulate over the term you have chosen to take it over.

Louis Rix is a Director of NetCars, one of the UK's leading motoring websites. First established in January 2000, its mission is to become the number one site for used car searches. NetCars provide NetCars provide Guaranteed Car Finance.

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Select A Lender Offering The Lowest Car Loan Rates

By Apurva Shree
It has indeed become a feat securing the lowest car loan rates while purchasing the car of your dreams. Many people decide to buy a car, go visit the local dealer and buy a car that they have fallen for. It is only when they start making the monthly payments that they realize that the car they have purchased has set them on the road to disaster, as the interest rates are way more than they can comfortably afford. It is unfortunate that they fail to do the one thing you definitely have to do before purchasing a vehicle, shopping for and selecting the lender who offers low interest rate loan.
Purchasing A Car

Buying a car can be a dream come true for many people who are raring to own their own wheels and many of them may even forget/ignore mundane matters such as, the applicable interest rates and the negative/positive impact it has on their finances. The best way to ensure you buy a vehicle and enjoy owning it, is to ensure that you have a good credit profile. People with a good credit history secure lower loan rates than others who are not so lucky and have a bad credit profile. They may secure poor credit auto loans from sub-prime lenders, but may have to pay higher interest rates, which may turn to be costly unless they eventually refinance their loan.

It is recommended that you estimate exactly how much you can afford to put aside for buying a auto and meeting its associated expenses such, as insurance and maintenance. The next thing you can do is to use one of the loan rates calculators to determine the monthly installments and total interest costs for a certain amount that you intend to borrow.

You may then consider where you will secure your finance from traditional sources such as, banks or credit unions, or opt to buy from a dealer who also takes care of the financing or decide to use the convenient online auto loan financiers. You have to decide, if the loan is secured or unsecured. Unsecured loans can have higher interest rates than secured loans. You need to decide on the collateral you will use such as, a house or will you be using the car itself as collateral. Secured loans have to be dealt with carefully, as you may lose the collateral if you default on the payment. Though you may obtain lower car loan rates with secured loans, you also are taking a risk of losing the collateral in this case.

It may be helpful if you look up auto buying tips online and get informed on how to secure low interest rates and get flexible repayment options.

Car loan rates differ from one lender to another; compare several quotes before you select a car loans lender. Poor credit auto loans are also available for those, who need a car with a bad credit history. Read and understand car buying tips to reach the right decision.

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Saving Money With A Bad Credit Loan Rate

By Paul Rogers
There are plenty of things you can do to get yourself a bad credit loan rate. All types of loan rate starts with the borrowers credit report. The better your credit report the better the rate you will get. The smartest way to ensure that you will get what you want in a loan rate is to request a copy of your credit report before looking for a loan.

Quite often people have no idea that there are some mistakes or discrepancies on their credit report that are keeping them from being offered a low rate. If you find any type of discrepancies that can keep you from getting a low rate, fix them prior to applying for your loan. Another easy way to boost your credit score and get a great loan rate is to pay off 20% of the balance of all your credit card bills. Credit cards can make your credit score lower when they have a balance on them.

Where To Look

There are plenty of places you can look to find a bad credit rate that will work for you. All the lenders out there on the market today are offering a great rate for just about any borrower. It does pay to shop around though when looking for a low loan rate. Just because a rate may look good at one bank does not mean there is not another lender who can give you an even better secured rate. Make sure to look at both large and small lenders and take the time to search for the best rate you can get. The best places to find a competitive bad credit rate from many lenders is the Internet. Online lenders offer the borrower the opportunity to get multiple quotes on a loan rate that works best for them. You will be able to find a bad credit rate that suits the amount you are borrowing. The perfect rate for a loan can mean the difference on how much money you actually end up spending on your loan in its lifetime.

Default

When it comes to the loan itself, you must always remember that this loan is no different than other loans when it comes to default. Should you be in the position of default with your loan, you will be facing repossession of whatever form of collateral you placed up in security of the loan. The bad credit loan rate will mean little in saving you money, if you are losing your home or other valuable possessions to the lender for a default status on the loan. Make sure that you pay close attention to the loan and the repayment schedule, in order to avoid any problems in the future and you will not see your credit score get worse in the process.

Paul Rogers writes general finance and loan articles for the Loans UK Online website at http://www.loansukonline.co.uk

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