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Equity Release
for Buying a Car
Do you need a
new car but don’t
have the spare cash
and are put off
by the high interest
rates charged for
personal
loans or car
loans?
Interest
rates vary widely
and often even the
lowest start from
around 10% APR but
you could be paying
in excess of 20%
APR on your borrowing.
And loans
specifically the
purchase of a car
can often be expensive.
When looking to
take out any type
of loan, it is a
useful exercise
to calculate how
much you will repay
over the term in
total rather than
simply looking at
the level of repayments.
In the press today
there are often
discussions about
the credit culture
we live in and how
loans are very quick
and easy to take
out. Many people,
regardless of their
credit
ratings find borrowing
money far easier
than paying it back.
However, did you
know that one of
the cheapest ways
to borrow money
at the moment is
through a mortgage?
So if you are a
homeowner and have
built up some equity
in your property,
re-mortgaging could
be a very cost effective
way to raise some
extra cash to buy
a new car or anything
else for that matter.
It should be fairly
straightforward
and you may well
find that you could
be paying a far
better rate on your
borrowing than you
currently are and
almost certainly
a better rate than
many other types
of loan.
Always look into
redemption penalties
on your existing
mortgage and arrangement
and solicitors fees
for the new one.
However, even taking
these costs into
account, you could
be saving money
in the long term.
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If you would like to know more about releasing the equity in your home for a new car, or for any other reason, please complete an Equity Release Mortgage Enquiry Form above and we will arrange for one of our advisers to contact you. Or you could call us on 0845 108 0505. |
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