I was recently reading a Website that was explaining just why the US banks are being so cautious when it comes to lending money. As some of you may already know, America dictates much of the world’s economies due to their extensive power and in time, whatever their goings on – it usually transfers its way across the Atlantic to us in the UK. So, when they release news etc, I always try to listen and gain an understanding of what is going on in their country as no doubt we will have similar effects. So, in terms of the banks and how much money they are lending consumers, delinquencies were at record levels towards the end of 2008 due to an increase in unemployment. Delinquencies for car loans conducted via a vehicle dealership were one of the areas in which increased. The banks themselves, whilst still offering loans, have put together different car credit score schemes, which will offer people the benefit of a loan, providing that they meet the required criteria. There is also a sense of optimism being shared in that the treasury is due to offer up to five billion in federal aid to help the situation. (more…)
Archive for August, 2009
Caution Among US Lenders
Friday, August 28th, 2009Used Van Repairs
Wednesday, August 26th, 2009
I read a damning report yesterday that showed the average cost of repairs for many used vans per year is four hundred great British pounds! Therefore, some repairs may be less and some believe it or not may be more. I find this figure quite extortionate to say the least. The report also outlined that some of the more prestige and expensive model of vans actually cost as much as five times more than this. That is up to a massive two thousand pounds. (more…)
Repairs for Used Cars
Tuesday, August 25th, 2009
I was reading a report not so long ago about the amount we spend on repairs for our cars. I was absolutely amazed at some of the numbers as I thought they were extortionate! Obviously those people that buy new cars are not required to spend on most repairs as they are covered by manufacturer warranty. This is mainly for up to three years but some even have up to seven year warranty! But, other repairs such as tyres or problems with interior or exterior must be covered by the driver. So, thinking about it then – with the amount that we spend being so much – maybe we need to take more care when driving? Or is it due to the fact that most repairs take place after the manufacturer warranty has ran out and therefore the parts used to build the car are indeed mainly valid for the set amount of years? I notice that there seems to be a few electrical issues with Renault cars and I have experienced such things with a used Renault Clio that I had many moons ago. I suppose that is one of the downsides to buying used cars as instead of buying new; the total maintenance is the drivers’ sole responsibility. (more…)
Car Finance Options
Monday, August 3rd, 2009
There are a few ways of purchasing new cars and using finance is probably one of the more popular ones. I have often combined an initial outlay of cash, saved up over a period of time, with a car finance deal. That way, the actual monies I need to borrow isn’t as much as it would have been, had I just ordered the finance for the full price of the vehicle. In terms of the different options available there are hire purchase and personal lease. Hire purchase is where you will eventually own the vehicle once the majority of the monthly repayments have been made. Therefore it is a flexible option in that you can return the vehicle upon paying 50% of the credit. Personal lease is similar to renting or hiring a car. Basically, you pay a monthly premium and then at the end of the contractual terms, give the car back to the leasing company. It is then placed within their used cars sales section. Mileage restrictions are put in place as a way of maintaining the value of the car. (more…)