Could a credit card be used for this? Normally the interest rate is very high with credit cards, and therefore is not a very feasible option, unless you have the ability to pay it off in a few months. In addition, very few people will have a high enough limit on any given credit card to be able to buy anything as expensive with their card.
What about an unsecured loan? It is, at present, very difficult to be granted an unsecured loan. Also most unsecured loan lenders have a maximum loan limit of £15,000.
Even if your anticipated purchase is £15,000 or less, apart from the lack of availability of unsecured loans, the maximum repayment period is in the region of sixty months which means you could overstretch yourself.
The minimum income required for some of these loan lenders is very high, for some strange reason.For a single applicant, the minimum income can be £60,000 and for joint applications it is sometimes £80,000.
By far the best option, if you are thinking about a large purchase, is a secured loan. Of course, as the name suggests, a secured loan is secured against your property, and therefore you have to be a homeowner.
A secured loan can be used as a car loan, a home improvement loan, a motorhome loan, a caravan loan, etc. etc.
A secured loan is an excellent way to buy a conservatory or build any kind of house extension.This means that by taking out a secured loan, you can extend the size of a house that you love in a neighborhood in which you are extremely happy, instead of having to move house. because of a growing family .
If you want to get married for example,but really do not think you can afford the wedding you want, taking out a secured can enable you to marry your Miss/ Mr Right much sooner than you think.
The cost of an average wedding these days is over £20,000, and not many people have this amount of money readily available.
A secured loan will pay for your wedding, and with repayment periods being available up to twenty five years, you should not be overstretched.
Courtesy of your secured loan, you could even go on your dream honeymoon to a romantic far away island in the sun. Imagine sunbathing on a perfect golden beach with the waves lapping gently.
To cut to the chase, a secured loan can help you buy from a large practical purchase to helping you realize your dreams.
It really can alter your whole lifestyle by releasing some of the equity tied up in your property by taking out a secured loan.
Liz_Moir
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