Asset Finance Flat Rates - Don't get caught out!

Are you looking for Asset Finance? The rates are not what they seem.
There is a massive sting in the tail unless you know the risks.
1 - Huge costs to settle early
2 - The rates are higher than you might realise
3 - A minefield for the novice

https://www.promisemoney.co.uk/busine...
Call us - 01902 585020 or email [email protected]

Steve Walker from Promise Money explains the difference between flat rate loans and normal interest rates, crucial for anyone considering asset based lending or equipment finance. Understanding these nuances can save you from unexpected financial pitfalls, particularly when financing a business. Watch to make informed decisions about your business finance.

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#AssetFinance #finance #bestrates

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YOUR BANK MAY HAVE 100's OF PRODUCTS AND PLANS.........
PROMISE MONEY HAS OVER 10,000

1st charge, 2nd charge and even 3rd charge
Term loans, short term bridging, Interest only
Mainstream and specialist / complex products
Residential, BTL, HMO, Commercial, Development & Unsecured Business Loans.

Promise Money is a broker not a lender.
Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance
These loans are secured on property and subject to the borrowers status

More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Correct when this post / video was published

Mortgages and Remortgages
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender's current variable rate at the time.
The total charge for credit is £317807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

Secured / Second Charge Loans
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender's current variable rate at the time. The total charge for credit is £55.730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

Unsecured Loans
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments.
Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Promise Money is a trading style of Promise Solutions Ltd - Company number 04822774
Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority - Number 681423
The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk

TIMESTAMPS:
(00:00) - Intro
(00:12) - About flat rates
(01:30) - some deeper explanations
(07:20) - Summary
(08:33) - Outro
(08:44) - Representative examples

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