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If you are planning to take a loan out, for whatever purpose - whether it is for debt consolidation or to buy another car, or perhaps to pay your child's university fees - there are things that you should check before you commit yourself.
The most important consideration is whether you can afford it. While on paper a monthly amount may appear reasonable, you must take a look at all of your financial responsibilities reasonably. Make a monthly budget - calculate everything from your mortgage to savings to insurance for your home and car, other money owed or obligations you have, plus basics like food and 'going out' costs - and be as realistic as you can! For example, if you generally spend £200 monthly on food and entertainment, do not budget £100, thinking that you can get by with less money - you won't!
If you have any money left after you write down your budget, then this should be the maximum amount that you can afford to spend on your month to month loan payment.
When you've confirmed that you can meet the expense of borrowing, it's important to look at the small print.
As an example, many loan companies 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 loan before its term is over. This is commonly known as ?early redemption?. The penalty cost will be different from lender to lender, however, you can typically have to pay two months' worth of interest on top of the amount for paying off the loan.
Furthermore, be aware of what will happen in the event you make a late monthly loan payment - the majority of loan providers will charge you an extra fee, consequently, it is necessary that you know the exact amount that will be charged.
Shopping around and comparing puts you in a good position to find the most suitable loan available. There is a large number of different loan deals out there - a range of them even have loan repayment holidays where you can postpone a monthly instalment - so make sure you don't commit to the first deal that comes your way.
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