loans Archives - Tammie's Take~

Choosing a Caravan for Your Family

Reviews · October 9, 2019

Staycationing has never been more popular in the UK with over half of Brits planning holidays in their home country each year. This desire to get to know our own backyards has gone hand-in-hand with the rebirth of caravanning. And it’s easy to see why. It’s the joy of retreating to rural settings with the luxury of home comforts.

It’s the pleasure of getting the family together in one place. It’s the sense of freedom you don’t get with other holidays.

NCC approval

The majority of caravans sold in the UK will be approved by the National Caravan Council (NCC), which is the official industry trade body. The NCC also operates certification schemes for other potentially dangerous components of the caravan: gas installations, water systems, emergency exits and tyres. It’s always worth conducting your own independent checks but any vehicle that carries an NCC badge will have been subjected to rigorous examination to ensure all of these aspects are up to spec.

Size and weight

How many people does your caravan need to sleep? You might think you need four berths for a family of four but there are other ways to create enough space for everyone.

Your caravan choice will naturally be influenced by the towing capacity of your current vehicle. You can divide your car’s kerbweight by 100 and multiply it by 85 to find the upper limit of its comfortable towing weight.

If it’s your first caravan, a lighter more compact model is generally a safe bet, offering you greater manoeuvrability, cheaper ferry fares and road tolls, and better fuel economy. Paired with a simple awning, you can easily house and sleep a small family in a two-berther with basic kitchen and bathroom facilities.

Amenities

Well-equipped caravans can look incredibly flash in the showroom ,and this can easily trick you into believing you need more amenities than you really do. Bathrooms take up a lot of space. Cooking units add serious weight onto any vehicle, and attractive carpets can easily become begrimed with mud.

It’s especially important to consider the practicalities of layout. If you’re likely to be staying in places with good on-site facilities, you can afford to cut back on interior vehicle space dedicated to bathroom and kitchen areas.

Cost and financing

Once you’ve chosen your vehicle, you have to work out how you’re going to pay for it. Bear in mind that as well as the initial outlay of purchasing the caravan itself, you’ll also have to shell out for additional running costs: insurance, road tax, MOTs, servicing. If you’re looking to buy, you can source generous financing packages from Auto Finance Online, who offer a range of options to suit every budget. Paying an initial lump sum towards your new caravan should help you to access more attractive interest rates.

Less is more

There’s something to be said for more compact options when it comes to choosing your first caravan. If you start small, you can always add space on later. The same is not true for a larger vehicle, however. You’ll also be looking at dropping less of your hard-earned cash if you choose a smaller option. Not to mention the fact that there’s less of a steep learning curve when it comes to hitting the road.

Tips for Financing Your Next Home Improvement Project

Reviews · April 13, 2019

With the average cost of a home improvement project exceeding $30,000, finding the best finance option is vital. Before you start looking at the different options, your first step is to determine how much you need. Whether you’re hiring a contractor or doing the work yourself, you need to sit down and plan the project in full. Once you’ve calculated how much it will cost, you should add extra for contingencies and any project upgrades you might need. With a final figure, you’re now able to narrow down your finance options.

Refinancing Your Mortgage

This option is the most common way to finance home improvements. As well as providing money for your project, it can also result in a lower mortgage interest rate. Start by asking your current mortgage lender whether they’re prepared to offer you a deal and then check out a few more lenders to compare with. Your aim should be to find an agreement with lower interest rates and monthly repayments.

Home Equity Loan/Home Equity Line of Credit

If you don’t want to refinance your mortgage, there is the option of taking out a second home loan. You’re given a lump sum upfront and have to pay it off in a certain amount of time, often 15 or 30 years. To choose the best loan, you need to look closely at the different interest rates being offered. You also need to be sure of the cost of your project. There is help available online. For example, if you want to install homeowner solar panels, Going Solar can provide information on the cost.

A home equity line of credit is a popular alternative to a loan. Rather than being given a lump sum, your lender gives you an active line of credit, up to a certain amount. Interest rates are variable, so you need to read the terms and conditions very carefully. There’s also the risk of overspending, so you need to keep a close eye on what you’re spending.

Personal Loan

A personal loan isn’t tied to the equity in your home, and you generally have two choices; a secured or an unsecured loan. Unsecured loans are more popular and, depending on your credit history, you could borrow anything between $1,000 and $50,000. If your credit score is good, you’ll be offered a preferential interest rate and a higher amount you can borrow. With a secured loan, you’ll have to offer collateral such as stocks, bonds, or your car.

Credit Cards

If your improvement project is on the small side, you could choose to cover the cost using your credit card. However, a word of caution is necessary. Remember that credit cards usually have a higher rate of interest than a loan, and late payments could cost extra money. If you decide to go with this option, aim to pay the full amount at the end of each month.

Construction/Renovation Loan

A few lenders only offer this type of loan, but it is designed specifically with home improvement projects in mind. It’s an option worth considering because funds can be released in full or in stages as your home improvement project progresses.

B/C Loan

This type of loan is designed for those with a poor credit rating. The downside, however, is that B/C loans generally have higher interest rates and costs. Before taking out this type of loan, make sure you’re able to meet the repayments, or you risk your credit score getting worse. You also need to read the terms and conditions very carefully and be sure of the amount of the monthly repayments.