There are all different types of secured loans and whether we are thinking about a car loan which uses the car itself as security, they all have one thing in common, and that is they must be secured against an asset.
Anothe type of secured loan is the secured commercial loan which is secured against a commercial property which can for example be a hotel, a bistro, a restaurant, a public house, a cafe, an office building, a car garage etc. etc. When we are talking about securing the loan on a commercial property we are meaning the bricks and mortar value and not the profits that the company generates.
It is possible to have for example an English pub in a grotty run down part of town that is frequented by lower class heavy drinking working men. The actual bricks and mortar value could be as little as 50,000 or so. The building may not be worth much, but due to the high turnover that creates a healthy profit, the income generated could be far in excess of 50,000, and could for example be as much as 150,000. It is only the 50,000 value of the actual building itself that can provide security for a secured loan.
Secured loans which are known as homeowner loans are obviously only available to homeowners. They can be used for almost any purpose which makes them a great way for homeowners to borrow.
For homeowners with clean credit files the rates of interest for secured loans commence at just in excess of 8%. If a homeowner has adverse credit registered against them a bad credit secured loan at a higher rate of interest can still be available.
Secured loans can be used for almost any purpose such as to buy a car, caravan, boat, motor home or motorbike, etc.
If a homeowner is considering carrying out home improvements of any kind whether it is a kitchen,a conservatory, a porch or a patio using a secured loan for this purpose provides you with available money to pay cash to get the best deal. Nothing makes a tradesman lower his charges more quickly than the mention of cash in hand.
Secured loans can be paid off between five and twenty five years, and this means that repayments can be made to suit most homeowner's pockets. If you for example take the secured loan out over twenty years or so to make the monthly payment less you can do this, and if later on you find yourself in a better of position financially you can pay the secured loan off at any time and only pay an early repayment penalty amounting to one month's interest.This is very different from the high early repayment charges relating to remortgages.
Everything considered it is no wonder that the secured homeowner loan is the choice of so many people.
The best way to go about arranging secured loans to contact a secured loan broker who can give you a free no obligation repayment figure for your secured loan. Anything you want to know he can tell you. You can find these secured loan broker's websites on the internet.
When looking for a secured loan broker go online and you will find their websites by typing in secured loan, homeowner loans, or loan broker. The secured loan broker will provide a quote for your secured loan, in addition to answering all your questions. He can see you at your home or arrange your secured loan by post if you want.
The secured loan broker arranges everything for you from beginning to end.
The first thing that happens is that you are given a copy of your credit agreement followed by an eight day cooling off period after which your credit agreement to sign is posted to you. The final secured loan agreement has also to be witnessed and this witness cannot be a relative. Therefore if you do not want any outsider to know your business the secured loan broker can be your witness. - 30462
Anothe type of secured loan is the secured commercial loan which is secured against a commercial property which can for example be a hotel, a bistro, a restaurant, a public house, a cafe, an office building, a car garage etc. etc. When we are talking about securing the loan on a commercial property we are meaning the bricks and mortar value and not the profits that the company generates.
It is possible to have for example an English pub in a grotty run down part of town that is frequented by lower class heavy drinking working men. The actual bricks and mortar value could be as little as 50,000 or so. The building may not be worth much, but due to the high turnover that creates a healthy profit, the income generated could be far in excess of 50,000, and could for example be as much as 150,000. It is only the 50,000 value of the actual building itself that can provide security for a secured loan.
Secured loans which are known as homeowner loans are obviously only available to homeowners. They can be used for almost any purpose which makes them a great way for homeowners to borrow.
For homeowners with clean credit files the rates of interest for secured loans commence at just in excess of 8%. If a homeowner has adverse credit registered against them a bad credit secured loan at a higher rate of interest can still be available.
Secured loans can be used for almost any purpose such as to buy a car, caravan, boat, motor home or motorbike, etc.
If a homeowner is considering carrying out home improvements of any kind whether it is a kitchen,a conservatory, a porch or a patio using a secured loan for this purpose provides you with available money to pay cash to get the best deal. Nothing makes a tradesman lower his charges more quickly than the mention of cash in hand.
Secured loans can be paid off between five and twenty five years, and this means that repayments can be made to suit most homeowner's pockets. If you for example take the secured loan out over twenty years or so to make the monthly payment less you can do this, and if later on you find yourself in a better of position financially you can pay the secured loan off at any time and only pay an early repayment penalty amounting to one month's interest.This is very different from the high early repayment charges relating to remortgages.
Everything considered it is no wonder that the secured homeowner loan is the choice of so many people.
The best way to go about arranging secured loans to contact a secured loan broker who can give you a free no obligation repayment figure for your secured loan. Anything you want to know he can tell you. You can find these secured loan broker's websites on the internet.
When looking for a secured loan broker go online and you will find their websites by typing in secured loan, homeowner loans, or loan broker. The secured loan broker will provide a quote for your secured loan, in addition to answering all your questions. He can see you at your home or arrange your secured loan by post if you want.
The secured loan broker arranges everything for you from beginning to end.
The first thing that happens is that you are given a copy of your credit agreement followed by an eight day cooling off period after which your credit agreement to sign is posted to you. The final secured loan agreement has also to be witnessed and this witness cannot be a relative. Therefore if you do not want any outsider to know your business the secured loan broker can be your witness. - 30462
About the Author:
Learn more about secured loans by visiting Champion Finance where you can also obtain the very best rates for whole of market mortgages and remortgages.
No comments:
Post a Comment