i want to by a car for £10,000. should i get hp, a secured loan or an unsecured loan? Which will best?

The decision must be yours but let me give you some pointers.

You must be a homeowner with what is called "equity" in your home in order to qualify for a secured loan. "Equity" means that the value of your home at current prices must be higher than the combined value of your outstanding morgtage and any other loans that may be secured on it. This type of loan may be the cheapest in terms of interest but if you fail to make all the repayments on time, you will put your home at risk.

An unsecured loan will be a lot more expensive in interest than a secured loan but your home will not necessarily be at risk. Be warned however, that in the current financial conditions, you will need to have a good credit history, othrwise you will stand no chance of getting a loan!

With Hire Purhase the money you borrow is in effect secured against your car. If you do not keep up the payments, your car will be repossessed and if it is sold by the HP company for less than you owe, you ill still be liable to repay the balance. This may be cheaper than a unsecured loan but again it depends on your credit history.

If it were me I'd get some quotes for HP. I would not want to put my house on the line especially in a falling housing market.

You should get a secured loan. The advise of Broker Boy is great

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