Look Out For PPI Rates While Assessing Motor Finance Options
Feb 13 at 10:10pm by Personal Finance Claims
Getting a car loan is normally not a problem in UK, it is however recommend that you be a bit more careful while filing your loan applications. Motor finance companies will certainly try to lure you through catchy advertisements in newspapers and magazines, I would suggest is that you treat these with caution. Instead contact lenders directly, tell them your needs and requirements, and ask them to make an offer. This method may work in your favour because lenders have a business to run and its unlikely that they will risk losing a customer. In effect, this method may help you in extracting the most competitive rates and also the most favourable terms and conditions from lenders.
While assessing motor finance options, the first thing you need to do is look out for PPI. Short for Payment Protection Insurance, PPI is the amount you pay to cover the lenders risks that might arise when you fail to make your monthly repayments due to unforeseen factors such as sickness, unemployment, or accident. You too stand to gain by taking a PPI because in any of the above-mentioned scenarios, it then becomes the responsibility of the insurer to take care of your monthly payment commitments. You are thus saved from the prospect of being declared a defaulter.
As you can see there is nothing wrong as such with PPI, but the problem arises because some lenders charge a lot more than what it actually costs to take out a payment protection insurance. They actually make a profit out of PPI, even when they know quite well that it is something that should always be made available. This shows how profit orientated most lending companies really are and proves that they need addition product sales such as PPI.
To get to the most competitive motor finance deals I suggest you go online and contact as many lenders as possible. This way, you will be able to scan all the offers that might be available and in the shortest time possible. After this, you just have to take your pick based on your specific needs and requirements. You can then cruise along in your dream car without any worries .
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PPI, Motor Finance, Payment Protection Insurance, Payment Protection
How You Are Being Overcharged By Motor Finance Companies
Feb 5 at 10:10am by Personal Finance Claims
Your negotiation skills may have come handy while bargaining for the least possible rate of interest on your car loan, but if you ask me I won’t hesitate in telling you that it’s still too early to start the celebrations. I say so because I am well aware that motor finance companies may overcharge you. So, if all this time you were thinking that you have made a crucial breakthrough by negotiating the most competitive interest rates, I would recommend that you review.
One of the areas to consider is signing a PPI agreement. Short for Payment Protection Insurance, a PPI agreement is basically an insurance policy that is taken out providing cover for non-payment risks such as those that might arise due to unforeseen events such as an accident, sickness, unemployment, etc. So, if you have PPI on your car loan and you are unable to pay your monthly installments due to any of the above reasons, a PPI may ensure that payments duly reach your lender and that you are not declared a defaulter.
You may easily get confused by the benefits of PPI and I would recommend that you seek advice from an independent source before signing a PPI agreement. I would not say that you don’t take a PPI policy, but I would certainly recommend that you confirm the rates and charges as might be applicable on the PPI before actually signing the papers.
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motor finance, payment protection insurance, PPI, car finance, claims
How To Avoid Motor Finance Overcharging
Feb 1 at 4:04pm by Personal Finance Claims
In UK, motor finance options may be readily available, but I would recommend that you think twice before agreeing to any particular plan, especially those that the dealer might be trying to hustle up to you. Your dealer might be selling the latest in cars and accessories, but when the issue of motor finance pops up, sometimes the dealer will try to push a deal which is not what you had initially intended. Dealers are entitled to commission on every motor finance plan that they sell and obviously they are not a fool to let go of this opportunity even if it means high interest rates and astronomical charges and penalties for the buyer.
To ensure that you get the most affordable motor finance deal, you will have to take certain precautions and follow the prescribed guidelines. The first thing you need to do is have a look at the APR (Annual Percentage Rate), which is the rate of interest as applicable on your motor finance loan. If the APR is not given in the offer document, you need to request the lender to provide you with the same. In UK, all lenders are required by law to disclose the APR before the deal is actually signed.
You may not find the APR on some offer documents because some lenders have become smart enough to show only the monthly rate of interest with a star sign (*) on top. The monthly rate of interest may be less than the APR and since the majority of buyers are quite unaware of this, lenders often use this tactic to lure in new gullible customers. So, if you do not consider the APR before signing a motor finance deal, it’s likely that you will end up paying a lot more than what you might have been expecting.
To get to the most affordable motor finance deals and to avoid paying more than you need, you should do additional research on all the different types of motor finance schemes that might be available. To make this difficult task easier, you need to go online, contact lenders specializing in motor finance and request them to make an offer. After you have the offers on your computer, you just have to compare them and assess exactly which offer best suits your specific needs and requirements. This way, you will easily be able to locate the most cost-effective motor finance deal that might be available and that you are happy to proceed with.
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motor finance, car finance, APR
Claim Back Money On Motor Finance…
Jan 8 at 7:07pm by admin
Do you have, or have you had a motor finance since 1990 in excess of £10000?
If the answer is yes, then you may be entitled to claim back money from the lender.
Due to invalid, unenforceable or fundamentaly flawed consumer credit agreements, we are rapidly discovering that a significant amount of motor finance products of over £10,000, taken out during this period, are eligible to pursue a claim of a minimum of £5,000.
If you would like to find out more, we will review your agreement at no cost. Simply complete the enquiry form at: Personal Finance Claims and will get provide details on how we can proceed.
Who knows?…You may just be pleasantly suprised with what you will discover
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