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If you want to have a loan, for whatever you choose - be it for debt consolidation or to purchase another car, or even to support your child at university - there are a few points that you need to think about before you commit yourself.
The main factor is your capacity to afford it. While at first glance a monthly sum may seem possible, you need to consider all of your financial commitments reasonably. Make a budget plan for the month - calculate everything from your home mortgage to your savings to insurance for your home and car, other money owed or commitments you have, as well as food and 'going out' expenses - and approach this realistically! For example, if you generally spend £200 per month on food and going out, don't plan for £100, thinking that you are able to manage on less money - you will not be able to!
In the event you have any money left when it's completed, then you should consider this the highest amount that is within your means to spend on your monthly loan repayment.
When you've made sure that you can afford the cost of borrowing, you must pay careful attention to the small print.
For instance, a lot of lenders have a clause in the loan agreement between you and them that enables them to charge you a financial penalty in the event you discharge the loan before its term is over. This is considered an ?early redemption?. What you will be charged will be different from loan company to loan company, though you can generally expect to be charged the equivalent of two months' worth of interest charges in addition to the settlement amount.
Also, take a look at what the consequences are when you make a late monthly instalment - most creditors will charge you an additional fee, so it is important that you are aware of the precise amount that you will be charged.
Shopping around and comparing is of great help to get the best loan product for you. There are hundreds of different loan deals out there - a range of them even have loan repayment breaks allowing you to skip a monthly repayment - so make sure you don't jump at the first opportunity available.
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