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Housing, car loans on easier terms’

The Union Finance Minister, P. Chidambaram, on Tuesday advised the chief executives of public sector banks (PSBs) to focus attention on delivering adequate credit for home loans and consumer durable sectors, stating that these two sectors were drivers of economic growth.” There is some slowing down for home loans and consumer durables. I have asked them to look at these sectors to ensure that adequate credit is delivered there too. Productive sectors have not been starved of credit,” Chidambaram told presspersons after his meeting with chief executives here on Tuesday.

Official data show that personal loan advances of public sector banks decelerated to 20 per cent growth during April-November 2007 against 35 per cent growth in the corresponding period of the previous financial year. In the personal loans category, growth in credit for housing and consumer durables decelerated considerably. The year-on-year increase in home loans as on November 23, 2007 stood at about Rs 32,424 crore, lower than the similar year-on-year variation of Rs 53,198 crore as on November 23, 2006.

Posted in Uncategorized, loan, loan calculator, loan rate, car loan calculator, bank loan, car finance, banking finance, car finance used, car finance loan, loan finance, car finance calculator | Comments(0) February 2008

Loans for Tata Nano may be riskier for banks

The people’s car from Tata, called Nano has created a new opportunity, which the banks definitely don’t want to miss. However, the customer profile that is expected to go for Nano is mostly middle class and lower middle class, and banks are worried that these segments have a higher risk profile as compared to other car loan borrowers. Tata Nano is expected to create a huge dent in the two-wheeler segment and many two-wheeler owners have already expressed interest in owning a Nano.

They are even willing to defer their decision to buy another or a new vehicle till the car is available in the market. The two-wheeler loan segment has one of the highest default rates among various retail loans and hence carries a higher rate of interest. At present the car loan are available from lenders at interest rates ranging between 12-16 percent, while the two-wheeler loan segment have higher interest rates ranging between 18 -22 percent.

In addition to the high interest rates, two-wheeler loans have low tenures generally around two years, while car loans are available for around 7 years. This loan tenure and interest rate scenario of two-wheeler loan segment can come into picture since the entry level model of Nano is expected to cost around 1.25 lakhs. Keeping in mind the income profiles of this segment of borrowers, banks are contemplating on adding a ‘running cost’ component to the loan for Tata Nano. This could effectively increase the loan amount and hence enable banks to offer loans of longer tenure with lower EMI’s, which could be easily afforded by borrowers of this segment.

Posted in Uncategorized, loan, loan calculator, loan rate, car loan calculator, bank loan, car title loan, car finance, banking finance, car finance used, car finance loan, loan finance, car max auto finance, car finance calculator | Comments(0) February 2008

Chinese banks warned of risks in car loans

China’s banking regulator on Tuesday warned banks of big risks in lending to car buyers and issued them with new instructions on how to manage such credit. Banks were told to sign loan contracts directly with car buyers instead of automobile sellers, as has often been the practice until now in a system rife with abuse. “Due to China’s under-developed credit system, disordered market competition and changing automobile prices, the car loan business entails large risks,” the China Banking Regulatory Commission (CBRC) said in a notice. The CBRC also required lenders to improve their due diligence when checking on collateral offered by borrowers.

China’s car loan business has expanded dramatically from basically nil in the late 1990s as sales of automobiles have surged, but the growth has also translated into a pile of bad debt. According to Chinese media reports, by the end of June of 2004, more than half of China’s 183.3 billion Yuan ($25.30 billion) in outstanding car loans were non-performing. Key regulators, including the CBRC, the central bank and the insurance regulator, have since stepped in, helping to halve outstanding car loans in China to 96 billion Yuan by the end of July 2006, Chinese press reported.

Car loan holders seek compensation from dog owners

Dog owners are increasingly being sued by car drivers and car loan holders, who knock over their pets, according to a survey by Direct Line Pet Insurance.Costs of around £100 million have been exacted from pet owners who, under the 1971 Animals Act, are legally responsible for any damages caused.

DLPI business manager Chris Price commented: “These are litigious times and as our survey shows people today are more likely to pursue a liability claim against a dog owner, so not only are owners faced with significant veterinary bills for treating their dog, but they may have to pay to repair the damage sustained on the car which can often be extensive.”On average pet owners can expect to shell out £500 in damages and around £450 in vets’ bills if their pet is fortunate to escape from the confrontation alive.The insurance firm warns that while 97 per cent of dog owners are aware that they would be held legally responsible for any damage, only 16 per cent take out pet insurance.

Posted in Uncategorized, loan, loan calculator, loan rate, car loan calculator, car finance loan, loan finance | Comments(0) November 2007

Consumers more cautions over house and car loans

One in two UK homeowners now expect the price of their property to either stagnate or fall over the next six months, new figures reveal.A survey by the Nationwide building society found that five interest rate hikes by the Bank of England since November are starting to take effect on Britain’s overheated housing market.Only a third of Britons predicted no price gains or falls just three months ago, showing a sharp rise in pessimism among British homeowners between mid-July and mid-August.Forty per cent of respondents predicted prices would be the same in six months, up from 27 per cent in June, while nine per cent predicted a slight dip and one per cent forecast that prices would be much lower.The Nationwide survey found that the most optimistic homeowners were in Northern Ireland, where 67 per cent said they expect prices to rise, followed by owners in Scotland (65 per cent) and the North West (63 per cent). In the East of England 14 per cent said they expected their homes to fall in value over the next six months and 13 per cent of homeowners in the West Midlands predicted price falls.

Posted in Uncategorized, auto loan, home loan, loan, loan calculator, auto loan calculator, loan rate, car loan calculator, home loan lender, car finance, car finance used, car finance loan, auto fargo finance well, loan finance, car finance calculator | Comments(0) October 2007

How to Get a Cheap Car Loan

Moneyextra.com has come out with a guide to try and make the process of finding a car loan just a little easier. The financial service experts over at Moneyextra.com say that the most popular kind of auto loans are those that come from the dealerships in the form of forecourt finance called hire purchase.They say that the hire purchase car loan, where the loan is a secured loan because it is against the car that you are buying, is the one most people go for because it is readily available where you buy your car. They say that the experts predict that somewhere around 400,000 cars will be sold this month, and most of those will end up in a hire purchase forecourt situation.This is also the most expensive type of car loan because the average interest rates are higher than most other places. Sometimes they may offer you a deal of 0% financing, but there is always a catch. You will find that you need up to 40% of the car down, or it is for a limited number of months whereas after that the interest rate skyrockets, it depends on the deal. You can also do a contract purchase or lease deal, where at the end of the lease you pay for the car, swap it out for another, or simply walk away. These are fine if you don�t mind having spent the last three years or so paying for a car that you now have no equity in, but your payments will be less than if you outright finance it. The best thing you can do is get a personal loan from your bank or credit union to purchase the car before you go to the dealership. The interest rates are usually lower, in fact, they can be as low as under 6% while dealership rates are running over 7% or more. You are also considered a cash buyer which gives you more bargaining room than if you go in looking for financing as well, so you usually get a better deal on the car.

Posted in Uncategorized, auto loan, loan, loan calculator, auto loan calculator, loan rate, car loan calculator, car title loan, car finance, auto capital finance one, auto chase finance, auto calculator finance, car finance used, car finance loan, auto fargo finance well, auto car finance max | Comments(0) September 2007

Lower Interest Rates on Auto Loans

It has become painfully apparent throughout the last few weeks that the auto loan industry is starting to get itself into a bit of trouble. With interest rates running as high as they have been, many people are opting to either not purchase a car or wait until they can pay cash for it so as to not have to take out a car loan. However, the vehicle manufacturers and dealers, as well as direct selling agents and car loan financiers, have come together to try and work out a deal that will be beneficial to all involved. They have decided to lower auto loan interest rates. Special deals and discounts, as well as lower interest rates have been drawing clients in, and it is starting to spread throughout the car loan industry. It started with Hyundai who listed loans at 8.99%, then HDFC started offering rates at 7.99% and it snowballed from there. Some places have dropped auto loan rates by as much as 4.5%.This is only something that is being done at the local level however, and is not a national plan with auto loan financiers. Many places you go it will still cost you the same in interest, but many are seeing that it is worth their time and their money, to try and drop the rates and help out the people � and in doing so will help out their industry drastically.

Auto Loan Company Shows Increase

According to their financial records, Sovereign Bancorp, Inc. which is the parent company of Sovereign Bank had a net income for the first quarter of this year. They are showing an income of $48.1 million, and included net charges related to their restructuring.Their operating earnings for EPS were $180 million, which is an increase from the $155 million that they were a year ago. The company’s CEO and President, Joseph Campanelli, said that they have made changes that were beneficial to the company, and that they were right on track for where they thought they would be for their cost cutting goals. Capanelli said that although they are looking to increase the level of service that they have been showing their auto loan customers, they will do so in a way that will continue to help the company grow and prosper. He said that credit quality remained within the expected tolerance and that their consumer loan increase in growth was holding strong. Sovereign Bank handles residential mortgage loans, multi family loans, home equity loans, auto loans, and commercial loans. Their auto loan growth was substantial this year, and they plan on having it increase each year from where it was the year before. They also had quite a bit of non-interest income which increased as well, things like consumer banking fees and portfolios.

Posted in Uncategorized, auto loan, loan, loan calculator, auto loan calculator, loan rate, car loan calculator, car title loan, car finance, auto capital finance one, auto chase finance, auto calculator finance, banking finance, car finance used, car finance loan, auto fargo finance well, auto car finance max | Comments(0) September 2007

Car Loans Legislation

Iowans have been the victims of car loan lenders that have been trying to take advantage of those seeking auto loans. Legislation is now on the table that will put an end to those who would prey on those with bad credit, but many say that the bill will only succeed in hurting people.The Senate passed a law on Monday � 32 to 16 � that says that car loan rates can not be higher than 21%. They say it is necessary because at this moment some auto loan lenders are charging as much as 300% interest on car loans. Senator Mark Zieman, however, is one of those against the new legislation as he says it will put auto loan lenders out of business. He says that although they are trying to protect those with bad credit from being taken advantage of - that is the only kind of credit they will get.
He says that they will now be unable to get car loans as those companies that would have provided for them will not be able to survive. He says that there was a need for these types of auto loan lenders or they would not be out there. He and other Senators say that these people are working hard to get a start, and get credit, and that this is the only way they can currently do it.However, others say that people who can�t get auto loans due to credit issues are better off without the loan, or borrowing from someone they know. They say that they are passing the law to protect these people who are getting auto loans at interest rates so high that they cannot afford to pay the auto loan back; hence continuing the cycle of bad credit. Senator Joe Bolkcom says that these unscrupulous auto loan people are simply �wrecking someone�s credit� and giving them loans that they will not be able to pay back. He says more than 1,000 Iowans lost their cars in 2005 due to high interest rate car loans that they could not pay back.

Posted in Uncategorized, auto loan, loan, loan calculator, auto loan calculator, loan rate, car loan calculator, car title loan, car finance, auto capital finance one, auto calculator finance, car finance used, car finance loan, auto car finance max | Comments(0) September 2007

Get a Good Bargain on Your Auto Loan

Some drivers get the itch after having driven the same car for so long and think that perhaps it might be time for a change. However, a change in car usually means a new auto loan, something that people might not be thinking about. But very few people can afford to put down cash for a car, so an auto loan becomes a necessity.With that in mind, it is imperative that you get the best deal on your car that you can, which involves getting a good deal on your auto loan also. More than 2 million new cars were purchased last year, with more than three quarters of them taking on an auto loan of some sort to finance that purchase. Where you buy your car is just as important as what kind of car you buy. Dealers are usually more expensive than a lot of other places, bt with a dealer comes warranties and peace of mind. Some car supermarkets will also offer you warranties, and they are usually cheaper than the regular dealers so that is always a good place to look as well. They also usually have a nice selection to choose from.Whatever car you choose, be sure to haggle for the price, for most of the sticker prices have wiggle room. Most dealerships offer hire purchase which means that the auto loan is secured against the car itself, and you can usually get a lower interest rate on your car loan with that.Some dealers will give you 0% financing on your car loan, but they usually want a pretty good deposit somewhere around 40%. But other than that low of financing, usually on a car loan you can get away with either no money down or as little as 10%.

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