Auto loans can be seen as riskiest of loans from lender's point of view. This is because an auto loan is for an asset that depreciates very quickly. Thus you will find that auto loans have generally a higher rate of interest than any other type of loan.

One of advantages of getting an auto loan is that when you get it before you go to dealer, you can negotiate as a cash buyer. Often you will save money when you negotiate from a cash buying position.

The main disadvantage of an auto loan is that, like any other loan, it must be paid back. Before you get a loan, make sure you are capable of making monthly payments. You can seriously damage your credit if you default on an auto loan.

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There are two types of bridging loan are available:

Open Bridging loan

This type of bridging loan is available when you have not yet finalised terms on which you are selling your own home, but are going ahead with one you are buying.

Closed Bridging loan

This type of bridging loan is available when you have agreed terms on home that you are buying and one that you are selling, but there is a delay in moving.

Bridging loans are available for all types of clients, from limited companies to individuals; from those with excellent credit status to those who have found it difficult to obtain mortgages and loans, including businesses, self-employed and those with a poor credit history.

Many different types of assets can be considered as security for a bridging loan, from residential, semi-commercial and commercial properties or land. Properties can be fully or partially developed, in perfect condition or need of renovation, or be of standard or non-standard construction.

Generally, you can borrow between £25,000 and £500,000 as standard. Larger loans are possible but may take slightly longer to arrange.

Lenders will usually allow bridging loans of up to 65% of value of properties - less any existing mortgage. But this will depend on lender so shop around for best deal.

As they are more risky for lender than usual homeowner loans, bridging loans are more expensive and should only be used where you are fairly certain to repay them within a short period of time.

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