Archive for the ‘Secured loans’ Category
Buy now pay later no more
Tuesday, December 23rd, 2008Halifax recently examined how consumers’ spending habits are changing for this Christmas in the midst of the credit crunch. Hard earned cash will be the main source of spending for 71 per cent of consumers, over a third will use a credit card, one in ten a store card and just 5 per cent will use a loan to cover Christmas spending.
21 per cent of those surveyed said that they have changed their festive shopping habits in order to combat the credit crunch. 75 per cent of men are most likely to take advantage of sales in the lead up to Christmas. Over a third of consumers stated their Christmas shopping started early this year and out of those who had changed their shopping habits, more than one in 5 saved earlier this year than they had done in the past. Over a third will be spending less this Christmas. Those shopping with credit cards, store cards or loans expect an average debt of £449 due to their Christmas spending. Rather than buy on impulse, 37% of shoppers hit the stores ready with a list of presents to buy and 83% of buyers said that they would stick to it.
In the build up to the festive season, research from the Halifax has shown that consumers are getting cleverer when it comes to financing Christmas. Over 20% of those surveyed stated that they would be using their savings to pay for gifts and 71% had opted to purchase with cash. 30% of those surveyed said that they would be spending less on gifts this Christmas.
The Halifax research has shown that there are geographic variations in Christmas spending. 86% of Scottish consumers are least likely to change their Christmas spending while 1 in 4 in Yorkshire and Humberside are changing their habits in 2008. 60% of those surveyed in the North prepared for Christmas by commencing shopping early this year and in the West Midlands, over half confessed that they left shopping until the last minute. Consumers living in the South East spent less on presents in 2008 and consumers living in the North anticipate spending the same as or in some cases more than they did last Christmas. Half of the families surveyed from the West Midlands said that they would be agreeing a spending limit with their friends and family.
Commenting on the research, Mike Regnier, Halifax head of banking said; “It’s encouraging to see that more consumers are becoming prudent with their finances this year by choosing to use their savings, monthly income and cash to pay for their Christmas purchases, rather than opting for costly store cards which could see them paying out more in the long run.”
Homeowners who have used credit cards, store cards or personal loans to fund Christmas, or who have generally run up a number of debts over 2008 could consider giving their finances a make over in 2009 by consolidating their debts with a secured loan. A secured loan will wrap multiple debts into one, and could lessen the need to juggle several monthly repayments. However, it is important to remember that repaying borrowing over a longer term may increase overall interest charges.A secured loan is just one of many options which can be used to consolidate debts.
UK holidaymakers go green and ditch flying
Tuesday, June 12th, 2007According to AA Personal Loans, it seems that millions of Brits are preparing to avoid air travel this summer and go green. Their research has hinted towards a welcome boom to the UK tourism industry as more Brits choose to holiday closer to home.
As the countdown begins for another May bank holiday and consequently the holiday airport madness as Brits everywhere get ready for another summer holiday season. New research from AA Personal Loans gives the first indication of the possible carbon backlash on holiday travel plans this summer. Their research included more than 2,600 Britons and explored the impact of the climate change debate on UK holiday plans for the summer.
The popularity of a car holiday seems to have grown, AA Personal Loans has found that more than one in five British holiday makers are now more likely to travel by car to a destination rather than fly as a result of the publicized impact on the environment. As a result, UK tourism will benefit the most from these plans with 20% of Brits planning a UK break whilst 11% intend to drive somewhere in Europe.
Less than half of people plan to maintain plans for short haul flights to Europe while 3% said that the carbon footprint debate had led to them canceling their holiday plans completely.
The rebirth of car holidays in the UK sees the Scots leading the way with a quarter choosing cars over airplanes, whilst those in the South West plan to fly to Europe regardless. One in ten said that they were likely to consider a holiday in the UK.
As a result of this rebirth, the car buying market may see a greater demand. Research has shown that one in five considering a driving holiday to Europe is looking to purchase a more comfortable car. Environmentally conscious British motorists, one in five motorists, are looking to purchase a more environmentally friendly car in the next year. A rise in popularity of diesel cars, as a result of the environmental and economic benefits, shows that Brits are becoming more environmentally aware.
Lloyd East, Director of AA Personal Loans said, “AA Deals on Wheels reports have shown a consistent increase in the demand for more environmentally friendly vehicles over the last year. This research further exemplifies the changes people are making to their car purchase and travel plans in order to decrease their carbon footprint. It is encouraging news that Britons are following Prince Charles’ example and thinking twice before taking short haul flights which can have significant impacts on the environment.”
Homeowners who are planning to venture on a car holiday could consider investing in a comfortable environmentally friendly vehicle. A secured loan, one of the many options available, could help finance this purchase. Long motorway journeys are particularly unpleasant as it is without adding the issue of a small cramped car to the equation. Growing families could also benefit from the purchase of a larger vehicle. With a secured loan, a number of extras like MOT’s and vehicle insurance, things that many motorists do not take into account when calculating the cost of a vehicle, could be taken care of. A Hybrid car that combines a petrol and electric engine could be funded with a personal loan, for homeowners who are keen to decrease their carbon footprint.
As landlords sell, first time buyers benefit
Tuesday, May 22nd, 2007According to Alliance & Leicester Mortgages, one in ten landlords have sold a letting property in the last two years and a quarter have made over 30% returns on their letting property.
It seems that first time buyers have been taking advantage of landlords who have sold property in the last two years. Alliance & Leicester’s research has shown that although there is the ongoing concern that the increase in buying-to-let is pushing first time buyers out of the market, 42% of new homeowners bought landlord-owner properties. Nearly a third of these properties have been sold to existing or new landlords.
Alliance & Leicester Mortgages research shows that overall, one in ten (10%) landlords sold a letting property in the last two years.
Jeremy Claridge, Head of Specialist Mortgages at Alliance & Leicester comments: “It is heartening to see that first time buyers are benefiting the most from the sale of buy-to-let properties with nearly half having bought from a landlord. With many believing the boom in buy-to-let has priced first time buyers out of the property market, the research highlights it is not all ‘doom and gloom’ for first time buyers. Instead, they are the group gaining the most. The research paints an optimistic view of the buy-to-let market with all but two per cent of landlords, reporting they have achieved capital growth on their properties when sold in the last two years. While this upbeat picture might be true of times now, recent figures have shown that house prices are slowing so landlords would do well to ensure they plan carefully for all eventualities.”
The average ownership tenure of the landlords, who sold in the last two years, was three and a half years. A quarter of landlords made a return of more than 30% on their letting property in this time. Only two per cent of these landlords reported a loss on their property.
Those first time buyers taking advantage of landlords selling on their properties, might find that it is in need of home improvements or repairs. With property value potentially increasing from day one, first time buyers could consider a secured loan, one of many finance options to finance vital improvements. Decorating or painting a room could add instant character and make new homeowners feel right at home in their new property. New furniture or a large project such as an extension for a growing family could be financed with a secured loan. Secured home improvement loans may also be used for more adventurous projects such as extending, loft conversions or adding a conservatory.
Service to help used car buyers
Monday, May 21st, 2007Last May a service called AutoCheck was launched by Experian, was introduced to help make the used car market a safer environment for consumers.
The service changed the way in which customers buy used cars, making it simpler and less expensive for them to check the status of up to five potential purchases over a period of 60 days at an earlier stage of their buying cycle, before traveling to see them.
These checks give relevant information that all new car owners need to know especially as they could materially affect the car’s value. They include a vehicle’s history, including if it has outstanding finance, has been recorded as an insurance write-off, is reported as stolen or may have been clocked.
Kirk Fletcher, Managing Director of Experian’s Automotive division, said: “There are 23 possible pieces of information associated with any given vehicle, many of which can’t be seen and could affect the consumer’s decision to buy.
“Our research shows that one in three vehicles in the UK has adverse data, so the chances of researching, let alone buying, a car with a hidden history are high. And, with the recent rise in inflation, more bad debt is predicted, so car buyers need to spend their money wisely.
“A consumer should always find out as much as they can about a used car before buying it, whether by looking online for reviews and information about certain makes and models or through the opinions of friends. We want to ensure that looking into the ’status’ of a used car becomes an essential and natural part of this process. AutoCheck was developed to make it easier and cheaper for car buyers to do this and find out before parting with their cash whether there is a reason why they should walk away from the sale.
Homeowners looking to finance the purchase of a new car, could look at taking out a secured loan. A secured loan is one of the many options available for homeowners looking for a new set of wheels. Growing families could look at buying a larger vehicle with a secured loan making those long journeys to see grandparents and family much more comfortable. Newly qualified drivers who are looking for small, compact cars could finance their purchase with a secured loan. With the summer coming, a new convertible sports car, could also be financed with a secured loan. Secured loans are just one of many options available to those looking to buy a new car.
