Archive for the ‘Secured loans’ Category
Teenage car owners on the rise
Wednesday, October 14th, 2009According to AA Insurance, a study of over 21,000 members has revealed that 68 percent of those between 18 and 24 years of age attained their first car during their teenage years. In contrast, only 28 percent of members that are now aged 65 or over can claim this.
Findings also revealed that 50 percent of men had become car owners by the age of 20, compared to 38 percent of women. Furthermore, it was found that some boys and girls even came into possession of their own car prior to turning 17, at 3 percent and 1 percent respectively.
With regard to the value of the vehicles in question, AA Insurance discovered that young drivers generally spend under £2,000 on their first car. In fact, 35 percent spent between £500 and £2,000, and 34 percent spent less than £500. In terms of the age of the cars, 61 percent became the owners of a car over 7 years old, and 6 percent became new car owners.
When it comes to funding, 33 percent of women and 22 percent of men were found to have received their first car as a gift, or as a hand-me-down from a friend or relative. However, prior to 1968, only 15 percent of drivers were given their first car, compared to 35 percent today.
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Homeowners who are looking to invest in a vehicle, but do not have the funds to hand, could consider taking out a secured loan to make this purchase possible. A secured loan is one of many finance options available, and could be used to facilitate car purchases for a multitude of reasons. For example, some borrowers may wish to buy a car for their child who has recently become a qualified driver, whilst others may need to buy a second car for a large family.
Great things come in small packages according to many new drivers
Wednesday, September 30th, 2009According to Confused.com, the Vauxhall Corsa is the most popular choice amongst new drivers when it comes to purchasing their first car. Confused.coms’ research appears to indicate that the majority of new drivers are looking to invest in vehicles with smaller engine sizes. In fact, 20 percent were reported to have opted for a 1.2 engine, with 75 percent opting for an engine of 1.4 or below.
With regard to methods of payment, 40 percent were found to have purchased their first car with their own savings. A further 16 percent admitted to taking out a personal loan or credit card to attain their desired vehicle, and 14 percent were reported to have turned to their parents. The research also uncovered that females are 3 percent more likely to receive a car from their parents then males.
Confused.com points out that the tendency of new drivers to select smaller vehicles could be indicative of a lesser risk in relation to insurance, which may be particularly appealing to new drivers who are generally faced with higher premiums. Such cars are also significantly cheaper, which may also be attractive.
Head of Motor Insurance, Will Thomas, commented: “Corsa may well top the charts due to its status as a popular learner car but parents looking to buy a car for kids flying the nest to go to university this September would do well to remember these tips:
• Start with the classic small-engine run-around in order to build driving experience
• If the car is low-value drivers might wish to consider a TPFT policy, as young driver excesses may make the comprehensive cover a pointless exercise
• Typically, premiums will dip in price when drivers hit 25 but whilst they’re waiting, building no claims bonus can lead to valuable discounts
“The best way to keep the costs down is by shopping around for cover, as not all insurance providers rate age the same way and some companies specialise in covering younger drivers. Price comparison is the ideal solution to getting the best price for the most suitable cover.”
Homeowners who are looking to invest in a car, but do not have the funds available to do so, could consider taking out a secured loan to finance such a purchase. The car in question could be for a child that has recently passed their driving test, or perhaps for the family in general due to one car no longer being sufficient. One of many finance options available, a secured loan could even be used to make that dream car a reality.
49 percent of 55 to 64 year olds get the travel bug
Tuesday, September 29th, 2009According to Halifax Unsecured Personal Loans, 49 percent of people between 55 and 64 years of age would like to take ‘time out’ for travelling. In fact, it was found that 59 percent of those in this age group would not postpone their ‘trip of a life time’ – despite the recession. However, it would seem that 58 percent of 16 to 24 year olds would be prepared to delay their travels until they are older.
With regard to the length of trips, findings revealed that 12 percent of Brits would prefer to venture away for three to six months, while 11 percent would prefer to be away for six months or more. In relation to expenditure, it was found that 20 percent of those travelling for three months can anticipate an outlay of £2,000. Additionally, those travelling for up to six months can anticipate parting with £3,000.
Furthermore, an average 18 to 25 year old can expect to spend up to £4,000 on their trip away. In contrast, this figure stands at £2,604.20 for an average 55 to 64 year old, with 18 percent being prepared to shell out in excess of £5,000.
In terms of methods of payment, Halifax discovered that 23 percent of Brits would turn to unsecured forms of borrowing such as loans, credit cards and overdrafts. The research also showed that 22 percent of those between 55 and 64 years of age would contemplate working whilst they are away in order to afford their trip of a lifetime.
The primary location for gap years was established as being Europe, with 69 percent admitting that this is their preferred destination. Nevertheless, the research also showed that 61 percent of respondents may consider Australia and New Zealand as an alternative. For 33 percent of 55 to 64 year olds, an ‘around the world trip’ is more likely than remaining in one continent for the duration.
Homeowners who have had to rely on personal borrowings in the past, perhaps to fund that dream holiday, could consider tying these up into one place with a secured loan. One of many options available, a secured loan for debt consolidation could be used to reduce multiple monthly repayments down to just one. In addition, the single monthly repayment could even prove to be lower than existing outgoings; leaving the borrower with a little extra each month. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
When ‘share and share alike’ should not be on the cards
Wednesday, September 23rd, 2009According to new research by LV= home insurance, in excess of 8 million British adults have shared their PIN with someone else during the course of the past year. This has been to allow another person to make a purchase, or to withdraw money from a cash machine. Findings reveal that 34 percent of Brits have been asked to do this and that 24 percent of the PIN holders in question have fallen victim to fraud.
It was found that websites, cash points and petrol stations are the main locations in which people use friends’ and families’ cards – most of whom are reported to be spouses or partners. However, 20 percent of children, 17 percent of parents and 15 percent of friends are also routinely asked to conduct transactions on behalf of someone else. Of those who have used another person’s card, 98 percent said that they were not caught doing so.
Despite the introduction of the chip and PIN system in 2004, for enhanced security and reduction of fraud, LV= reveals that one in ten card owners have consequently become less security conscious when it comes to their details.
LV= points out that ID fraudsters can accumulate thousands of pounds worth of purchases by cloning a card, and that banks are able to refuse any form of refund if the account holder has made others aware of their PIN. This is because the actions of card holder could be classed as lacking ‘reasonable care’.
The research showed the worst offenders to be younger people, with 36 percent of those under 35 admitting to asking another person to use one of their cards. With regard to the method by which card details are shared, 9 percent have cited these details over the phone, 7 percent have made a note of them, 6 percent have disclosed them in person, and a few have sent the details in an e-mail or text message.
Homeowners who have multiple cards and therefore multiple bills each month could consider consolidating these debts with a secured loan. One of many finance options available, a secured loan for debt consolidation could leave the borrower with just one monthly repayment as opposed to juggling several. This single monthly repayment could even be lower than existing outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
