If you are feeling a little anxious as to how to afford a new car without having the cash saved to buy it, you will be pleasantly surprised to discover peer to peer (P2P) lending.
Saving on extra costs and fees
Applying for a bank loan will leave you feeling hopeless, with excessive banking fees on repayments. Discovering P2P lending as a platform where individuals and businesses can lend or invest money will change the way you view the whole financial landscape. As the whole process is done online, you can save on interest too as there are no added costs. These extra costs saved through peer to peer lending are due to no building rentals, added staff costs as everything is done online.
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The process of applying for the loan
You are able to do the entire application online using P2P lending companies such as Upstart. In a few simple steps you will be asked to select the reason for the loan, the amount you intend on lending, your income earnings and a few questions about your expenses. Once you are done, you submit your answers and will be contacted soon after with a low rate loan option and amount that you qualify for. The interest on the amount is considerably less than if you had done the loan through a bank. With such an easy and affordable way, you can probably afford the car you really want and not the one you have to settle for.
Fixed repayment schedules
Repayments also do not fluctuate as you would have a fixed low rate loan to repay. This would obviously benefit you as you would never need to be concerned about not being able to afford the repayments. As an added advantage is that if you fall behind on repayments, your new car cannot be repossessed. You will however hurt your credit rating for future borrowing. In a modern world, peer to peer lending is a revolutionizing concept which just makes sense and allows individuals more financial freedom and less of a feeling of entrapment.
This will change how you view investing and lending
The discovery of P2P lending will give you a new idea of how investing can be done. If you are in the position where you have extra money to invest, you could decide to get higher returns too by investing in peer to peer lending.
CompareLend.com is an online comparator allowing you to find the best peer to peer sites for your individual needs. Whether you are an individual or small business needing money to borrow or an investor wishing to invest, CompareLend.com is where you need to check.