Flat Loanlump-sum credit
Accrued APR and flat-rate interest
It can be difficult to stumble across confusion when it comes to obtaining auto financing, especially when it comes to understand the gap between annual interest and flat-rate interest. To discuss your auto financing solution, call us at 0800 066 2888 or use our auto loan calculator to get an estimation of how much you can use.
As a general rule, the flat-rate interest is the percentage of interest levied on the amount of the loan initially granted for each year in which the loan is granted. Notice: This means that you will be billed interest on the amount of the loan, regardless of how much you made. So, with our 1,000 loan over 4 years, even last year, you still pay interest on 1,000 - despite the fact that you have most of it off to you.
The APR is the APR calculated as the interest per annum on the borrowed amount calculated as a proportion of the real costs per annum of the resources over the life of a loan. Interest charges may differ according to the amount of the loan and your specific situation.
Offer of the week: ZAGA introduces flat-rate credit for persons aged 50 and over
People over 50 who have difficulty meeting the lender requirements in the main streets can now take out a lump sum loan with ZAGA MOYE. ZAGA offers all prospective candidates a loan between 1,000 and 25,000 at a flat fee of 7.9% annual interest. Private credits are available from all large savings and loan institutions.
Loan cooperatives are another viable alternative for those who are fighting to get a loan from major creditors. However, it is added that some will calculate no more than 1% per months on the reduced account balances - 12.7% APR - or less. Detailed information and claim form can be found on the website of SAGA MONey or by phone 0800 121 4240.