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If you are looking to borrow money, for whatever you choose - whether to consolidate your debts or to purchase another car, or maybe even to cover the cost of your child's university fees - there are a few points that you need to think about prior to signing the contract.
The most significant aspect is whether you can afford it. While looking at the numbers a monthly payment may look as if it is within your means, you must evaluate all your financial commitments reasonably. Write down a monthly budget - calculate everything from your savings to your mortgage to car and home insurance, other money owed or responsibilities you have, as well as basics like food and 'going out' costs - and try to be realistic! For instance, if you usually spend £200 a month on food and going out, do not decide to say £100, anticipating that you'll be able to manage on less money - it won't happen!
When you have any money left after all this, then this really should be the maximum you are able to pay out for your month to month loan payment.
When you've confirmed that you can meet the cost of borrowing, it's important to examine the small print.
For example, many lenders have a clause in the contract between you and them that allows them to charge you a penalty in the event you pay off the whole amount of the loan before its term is up. This is known as ?early redemption?. The amount you will be charged will vary from lender to lender, though you can usually expect to be charged the equivalent of two months' worth of interest charges additional to the amount for settlement.
Furthermore, be aware of what the consequences are if you make a late monthly instalment - most loan providers will charge you a fee, so it is vital that you understand exactly how much they will charge you.
Shopping around is of great help to track down the most suitable loan offer for you. There is a large number of varying loan offers that you can get - some even offer payment breaks where you can skip a monthly instalment - so don't commit to the first offer that comes along.
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