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Whether you’re new to driving or you’ve just bought another car, keeping things quiet is also one of your main responsibilities behind the wheel.

If your car is too noisy, you could even be reported for creating vehicle nuisance, which is something that the police take extremely seriously. Even if you’re not taking part in street racing or performing noisy tricks, unknown mechanical issues can make your car sound much louder to passersby and residents.

No matter the age or condition of your car, it’s always worth knowing how to keep the noise to a minimum while you’re getting from A to B.

Why is reducing traffic noise pollution in the UK so important?

Traffic noise pollution has a profoundly negative effect on natural environments and local communities. Along with the harm they cause to delicate ecosystems and the wildlife within them, traffic noise is unpleasant and burdensome for people living in polluted areas.

According to a recent study by the UK Health Security Agency, at least 40% of all adults in England have been exposed to long-term road traffic noise at levels exceeding 50 decibels on average. In addition to general annoyance and sleep disturbance, repeated exposure to road noise has been linked to an increased risk of health conditions like stroke, depression, and anxiety.

For the health of the public and the safety of those travelling in cars, we should all work towards lower noise pollution levels.

Five simple ways to reduce noise pollution

#1 - Choose quieter tyres

All tyres sold in the EU and UK are supplied with noise ratings. The UK government sets limits on the noise levels a set of tyres can produce, so all models must comply. Some tyres are still louder than others, though, so it’s a good idea to choose those that fit into a lower noise category.

All tyres normally make a gentle humming sound. Several factors can contribute to a louder experience though: these include aggressive driving styles, tyre damage, uneven tread wear, and unbalanced tread depths and patterns.

It’s still important to choose a tyre that suits your driving style and budget, though. If you’re looking for an all-rounder, Yokohama tyres suit any car and can be used through all four seasons, making them a solid mid-range contender.

#2 - Maintain your car

Looking after your car could help deliver a quieter driving experience. Excess dirt and debris can create noise at speed. Additionally, regular tyre checks naturally ensure that your tyre pressure and tread depth remain at safe and quiet levels for every drive.

#3 - Use soundproofing materials

Did you know that the way you furnish your car could lead to a quieter experience behind the wheel? If you’ve noticed that your car seems unexpectedly louder, it’s certainly worth identifying which interior and exterior materials are creating the noise.

You could upgrade the insulation and soft furnishings, opting for noise-absorbing materials and soundproofing options where possible. Modifications to the vehicle itself like quieter exhausts could help, but you need to make sure that any changes you make are safe and legal.

#4 - Drive as smoothly as possible

The way you drive your car will influence the noise levels and its environmental impact too. If you’re driving an older car with a typically noisy engine like a large, turbocharged diesel, it’s more likely to be noisier than other models to start with.

It’s worth getting familiar with the quietest cars on the market. If possible, choosing an electric vehicle will guarantee smoother, quieter driving inside and outside the cabin.

#5 - Plan your routes and travel times carefully

Lastly, getting organised before you drive could help you to reduce your noise pollution output. Try to avoid congested and typically busy routes, especially at peak periods or during the usual rush hour. And when you can, try to use public transport or commute on your bike instead!

 

Your car is probably one of the most valuable possessions you own and one of the most expensive. And sometimes, you just need a little extra cash. Taking out a logbook loan on your car is a great way to free up your finances. 

What Is A Logbook Loan? 

A logbook loan is a new way of releasing finance on your car. Just like a mortgage, a logbook loan means that your vehicle is used as a form of collateral for your chosen loan amount. If you’re strapped for cash and you need to free up your finances, you can use a logbook loan to release money from your car without having to surrender your keys. 

How Do Logbook Loans Work? 

If you have been struggling to find and take out a loan in other ways, a logbook loan could be the answer you have been looking for. According to LoanOnYourCar.com, “The trade value of your car will determine the maximum value of the loan, therefore the more your car is worth, the more you can borrow against it.”

Once you have your loan, you can repay it back in monthly instalments that are manageable for you. Repayments can be made anywhere from 1 month to 3 years. What’s more, you can keep driving the kids to school, taking your car to work, and picking up the groceries. Basically, you can use your car in the same way you always did while enjoying the freedom of more finance. 

The 3 Benefits Of A Logbook Loan 

So, now that you know what a logbook loan is and how it works, what are the benefits? Not all loans are created equal and the type of loan you take out will depend on your individual circumstances and what you deem the best decision for your family. To help inform your decision, we have listed the benefits of logbook loans below. 

1. Bad Credit History Doesn’t Matter

For many people looking to take out a loan, there is the worry about bad credit history. So many people are rejected for loans due to the state of their credit history. However, when it comes to logbook loans, bad credit history doesn’t matter. All you need to take out a logbook loan is proof that you are the legal owner of the vehicle. Having a bad credit history doesn’t stop you from taking out a loan in this case, making it a great way to raise funds when you need them. Of course, it is important to be realistic about whether or not you can keep up with the loan repayments. However, if you feel confident this is something you can manage, logbook loans could be the answer to your financial difficulties. 

2. Raise Funds Fast 

Depending on the value of your car, with a logbook loan, you could borrow up to £50,000 in cash. Just imagine what a difference that could make to your financial situation. Whether you need a new washing machine or you need funds to finish your extension or pay your kids way through university, a logbook loan lets you take out money on the value of your car and make monthly repayments that are manageable for you. 

3. You Can Choose A Reputable Company

Loan companies tend to have a bad reputation. And sometimes, when you’re desperate for cash, it can be tempting to go for whichever company will accept you (despite their reputation or the extortionate interest rates they charge). Sadly, hasty and panicked decisions like these can often result in worsening financial situations. With logbook loan companies, your credit score doesn’t matter so you have the pick of the crop. As the choice is yours, you should always choose a company that is reputable and sets out its terms and conditions clearly. After all, you don’t want to get caught out making extortionate monthly repayments just because you didn’t read the small print. Reputable logbook loan companies share all of their information on their website and are upfront about the credit arrangement, repayments, interest rates, and more. 

Is A Logbook Loan Right For Me? 

You may be asking yourself whether a logbook loan is right for you. And that’s a good question to ask yourself. Freeing up your finances is a wonderful thing to do, but not at the expense of your financial security. That’s why, before entering into a loan of any kind, it is important to do your research and seek advice from an expert. 

If you are still unsure whether a logbook loan is right for you, we have listed a couple of questions you can ask yourself to help shed some light on the decision. 

If You Can’t Make The Repayments

In the UK, around 12 million people struggle with loan repayments. If repayments can’t be made collateral must be claimed and in the case of a logbook loan, that collateral is your car. Missing a repayment is a risk that anyone takes on when they take out a loan, whether it be a loan on their property or their car. 

That’s why it is so important to consider whether a logbook loan is the right option for you and carefully work out your finances and whether you can afford the monthly repayments over a set period of time. Taking the time to work these things out will ensure you make the most of your loan and don’t get yourself in further financial trouble. 

Top tip: be reassured that most companies will only do this if you have fallen behind on several repayments over a set period of time. A default notice must be provided to you by law, allowing you a 14 day notice period during which you can make up any missed payments. 

Final Words 

I hope you have found this article useful. If you are looking to free up your finances, releasing cash from your car in the form of a logbook loan is one of the best ways to do so.

With the market for both new cars and used cars ever growing, we are spoilt for choice. Many people, however, have their eyes set on a particular model. Going after your dream car can be an expensive endeavour, but the feeling of driving off the forecourt in your dream car is like no other. Join us to find out how you can afford the car of your dreams without breaking the bank.

Option 1: Credit card

Before going down this route, make sure you speak to your car dealer first as some dealerships do not accept credit card payments.

A benefit of credit card purchases is that your credit card company can give you added protection on the full purchase cost (often as long as the value of the vehicle is over £100 and less than £30,000). Of course, you have to be able to meet your monthly payments too.

If you buy a car in this way, you’ll be allowed to put down an even lower deposit than 10% and pay the remaining money off using a debit card. It’s best to consider all options here, as often the interest that you pay on a credit card could be significantly higher than that of a finance agreement.

Option 2: Hire purchase agreement

This method involves monthly payments with the option to purchase the car at the end of your agreement based on its new value.

The standard deposit to pay when purchasing in this way is 10%, but it is always an option to pay more and have less to pay off later. The rest of the car is then payed off in instalments over a period of one to five years. The longer this period, the less you have to pay each month but due to interest charges, the total cost of the car becomes higher.

Option 3: Personal Contract Purchase agreement

This option is quite similar to opting for a hire purchase agreement. In this scenario, the end value of the car is agreed at the start of the contract, so you can plan your payments accordingly. Payments are often less than what you’d pay in a hire purchase agreement as you pay the full price of the car, plus interest but minus the guaranteed future value of the car. You must pass credit checks before you’re eligible for a PCP agreement.

If you can afford it, it’s a good idea to put down a larger deposit, therefore lessening the amount you have to pay back monthly. Saving a lump sum for a large deposit is easier than saving up for a car, while reduced monthly payments can really help out too. Always evaluate your current monthly payments before you agree to a finance agreement, as being behind on your payments can lead to financial issues.

At the conclusion of your PCP agreement you have two options. You can either pay off the future value of the car to become the full owner, hand back the keys or trade the car in as a deposit for a new finance agreement.

One thing you must be aware of with this agreement is the danger of exceeding the forecasted mileage. If you exceed the mileage on the car, there will be further charges to pay. This is because more miles decrease the value of the car. Also, any damage to the car will be charged to you, so you must be prepared to take good care of the vehicle.

Considering all the options, your dream car isn’t as far out of your grasp as you might have thought. As we can see, there are a range of finance options available to you for purchasing new cars — allowing you to drive that dream car you’ve always wanted without forking out loads of cash. Save up what you can for a significant deposit and always make sure that you can cover the payments before signing any agreements.

There are many reasons why people take out title loans. Sometimes a person has an unexpected expense, such as medical bills, that need to be paid for. Other times, people just want some extra cash to get through the week.

Title loans are loans for small amounts of money. Your car title is put up for collateral. These loans usually have high interest rates and are for shorter periods of time than most conventional loans.

There are many companies that offer title loans. Many of them are conveniently located in your city and other neighboring towns. Some businesses offer online title loans with no store visit. They may require you to set up a user account to log in by providing some basic contact information.

Here are a few facts to keep in mind about title loans:

  1. Title loans can be taken out regardless of your credit score. Because title loans are short-term loans, they are not dependent on your credit score. You don't even need to have any established credit in many instances. Title loans also have no impact on your credit score. If you don't pay off the loan on time, the lender has legal right to your car. That's why it's important to pay off these loans on time, or even ahead of time if possible.
  2. The turnaround time for title loans is quick. Title loans are a relatively hassle-free experience. You can usually get the money you need the same day. There's no background check or waiting period to worry about. You have access to your cash right away, and you can start spending it the same day if you'd like.
  3. You don't need to fill out a lot of complicated forms. Most companies will just ask for a simple form to be filled out. There are no complicated forms that have to be filed out in triplicate. They will ask for proof that you own the car, and may inspect the car's condition in some cases. If you're applying online, the lender may ask for you to take your car to a local dealer to have it inspected.
  4. Title loans are based on the approximate worth of your car. The amount of the loan you will receive depends on the approximate value of your car. Don't expect to get a loan for the full market value. In many cases, title loans are offered at about 20-50% of the car's total value right now. This makes it easier for the lender to make their money back. It's probably best not to get a title loan that's at 50% of your car's value or higher, because that can increase your risk of losing your car if the loan is not paid on time.
  5. Beware of higher interest rates and fees. A typical title loan will have an interest rate of 25% or more. There may also be additional fees or interest charged if you are late on your loan payments or the loan is not paid on time. Some lenders will allow you to roll your existing loan into a new loan. Just keep in mind that this new loan may also have additional fees and an even higher interest rate than your previous loan.
  6. Title loans can be beneficial in the short term. Most title loan terms are for 30 to 60 days. If you're waiting on a paycheck to pay the loan off, then a title loan can be a good way to get some extra cash in a hurry. If you're unemployed or are having a tough time making ends meet, a title loan may not be in your best interest. Missing a payment or defaulting on the loan can cause additional fees and interest to be assessed. You could also risk losing your car in the process.
  7. Title loans are a win-win for lenders. Title loans are a relatively low risk for banks, credit unions and other lending institutions. The loan terms are short, and they often recoup the initial investment plus any additional interest or fees in the process. If their customer pays late or defaults on the loan, the lender can legally take their vehicle that was offered as collateral on the loan. The lender can turn around and sell the vehicle for a quick profit if they so choose.

These are a few important facts about title loans. They should be considered as a short-term option instead of a long-term financial solution. Read the contract carefully before signing it, so that you are aware of the terms and any potential penalties for late or missed payments. Title loans offer flexibility and freedom for many people every day.

 

This has stemmed from the fact that in recent years, diesel has come in for a lot of scrutiny recently due to the levels of Nitrogen Oxide our vehicles emit. So much so that the government in the UK proposed plans to ban any sales of new diesel and petrol vehicles by 2040 as they try to clean the nation’s air quality.

We are currently being encouraged to make the transition over to electric and hybrid vehicles, but just what effect will this have on traditional fuel sources? Lookers, who offer a variety of car servicing plans, explore what the future of fuel looks like for the UK.

Will the prices of fuel fluctuate?

The reported on the yo-yo affair of fuel prices in the UK and noted a number of influencing factors. Brexit and harmful emissions to UAE conflict, have meant that fuel prices haven’t been steady for some time now – and a plan to eliminate petrol and diesel cars will not help steady the cost of fuel either.

After witnessing a three-year high in how much petrol and diesel was costing on the UK’s forecourts, the RAC and other industry experts have encouraged supermarkets to reduce their fuel prices to make the public be able to afford the fuel type. At the start of 2018, three of the UK’s leading supermarkets had listened to the RAC’s call for lower fuel prices, and reduced fuel prices by up to 2p per litre as of February 2018.

RAC fuel spokesman, Simon Williams, stated: “Both petrol and diesel are now at their highest points for more than three years which is bound to be making a dent in household budgets.”

“Both petrol and diesel are now at their highest points for more than three years which is bound to be making a dent in household budgets.”

In 2014, the OPEC made a decision to increase the level of domestic fuel production in the UK, which led to a price drop to 98p in January 2016 — the lowest price of fuel per litre since the financial crisis in 2009. However, the UK still heavily relies on imported energy and fuel – around 38% of the UK’s total energy consumption is reliant on imported energy. Could our trading relationships be at risk after Brexit? And, of course, we must also consider how the uncertainty around the value of the pound could affect fuel costs following Brexit.

Immediately following the UK’s decision to leave the EU, the value of the pound experienced a fall of 20% against the dollar. This caused fuel prices to increase by around 10p per litre and experts to raise concern that Brexit could mark the end of cheap fuel in Britain. The combination of higher crude oil prices and the devaluation of the pound mean Britain should expect higher fuel prices become the norm.

Electric Charging Hubs

You may know that the market of electric vehicles has been criticised since the mobile was launched.  This has been due to a lack of EV charging points raising concern for many drivers, but could a transition towards electric and hybrid vehicles see us eventually wave goodbye to traditional fuel?

Following in the footsteps of other countries around the globe, like New Zealand who are rolling out easier-to-find charging stations, in the past 12 months, the UK’s electric car charging infrastructure has evolved substantially to suit the lifestyles of many drivers with many more EV charger installation points appearing. The UK also has over 20 companies and organisations installing and running nationwide or regional electric car charging networks.

The UK’s electric car charging infrastructure has evolved substantially to suit the lifestyles of many drivers with many more EV charger installation points appearing.

BP have also stated that they would be adding an increased number of charging points for electric vehicles into their UK fuel stations within the first few months of 2018. Oil firms are also recognising the potential for growth into the battery-powered vehicle market. A decision that follows in the footsteps of their rival, Shell, who have already invested money in several electric car infrastructure companies to install charging points at their service stations. According to The Guardian, the British oil firm, BP, is also investing $5 million (£3.5 million) in the US firm Freewire Technologies, which will provide motorbike-sized charging units at forecourts to top up cars in half an hour.

Tufan Erginbilgic, chief executive of BP Downstream, commented: “EV charging will undoubtedly become an important part of our business, but customer demand and the technologies available are still evolving.”

A multimillion-pound deal with ChargePoint saw InstaVolt installing at least another 3,000 rapid charging points across fuel station forecourts across the UK. Some researchers have also claimed they could have developed an ‘instantly rechargeable’ method that recharges an electric battery in the same time as it would take to fill a gas tank – a solution to one of the biggest headaches of electric vehicles.

2017 turned out to be a record year worldwide. In November 2017, global figures hit three million for the number of electric vehicles collectively on the roads – with China proving to dominate the market. Whilst oil firms such as BP expect the electric market to continue to rise, they hope the oil demand is not seriously affected – by cutting themselves a slice of the electric vehicle charging cake though, firms are covering their back if traditional oil demand does take a dip in line with the government’s plans to reduce harmful emissions and cut back on crude oil prices.

While fuel’s cost looks like it’ll be uncertain for the foreseeable, it appears that both the high fuel prices and efforts to improve the UK’s air quality will cause the EV market to increase and success is forecast to continue to surge in the years leading up to 2040.

Sources:

https://visual.ons.gov.uk/uk-energy-how-much-what-type-and-where-from/
https://www.petrolprices.com/news/brexit-process-impact-fuel-prices/

http://www.theaa.com/about-us/newsroom/fuel-price-update-october-2017
http://home.nzcity.co.nz/news/article.aspx?id=263989
https://www.rac.co.uk/drive/news/motoring-news/higher-fuel-prices-could-be-new-norm-in-2018/
https://www.rac.co.uk/drive/news/motoring-news/rac-sparks-fuel-price-drop-on-supermarket-forecourts/
http://www.autoexpress.co.uk/car-tech/electric-cars/96638/electric-car-charging-in-the-uk-prices-networks-charger-types-and-top
https://www.theguardian.com/environment/2018/jan/30/bp-charging-points-electric-cars-uk-petrol-stations

Car manufacturer Tesla held a special event on Thursday evening in Los Angeles where they released 2 new electric vehicles to the market. Images of the new Tesla Roadster can be seen here.

As expected, the first of these vehicles was their new articulated lorry.  The second however was the more surprising given that there were no rumours leading up to the event of the supercar they unveiled; the new Tesla Roadster.

This new supercar has been deemed the fastest production car to date, which Elon Musk described as “a hardcore smackdown to gasoline cars”.

Everything about this car looks incredible, right down to the way they presented it. In a very nice touch they drove it out the back of one of their new lorry’s.

The statistics of the car matched the spectacular presentation as well. The baseline stats are as follows:

The good news isn’t limited to the looks and the stats, as pricing for the car is not that expensive considering it’s faster than any other car on the market today and looks stunning too. Sales will start in 2020 at £151,600 ($200,000) which is a great deal cheaper than a Bugatti Chiron coming in at £1.8 million ($2.5 million).

In the typical Elon Musk spirit, Tesla was offering rides to anyone who put down a $50,000 deposit on their new Roadster, and as you can imagine a number of fans have already taken him up on the offer.

As mentioned, the new Roadster was not the only electric vehicle they introduced at the event. A new articulated lorry was also unveiled, which sets an entirely new standard for the industry. The lorry has been dubbed the “Tesla semi”.

It features an array of awesome features that have never before been seen on a lorry, among these are the thermonuclear explosion proof glass, lane keeping technology, advanced autopilot and a design that makes jack-knifing “impossible”.

Although these features are advanced for technology seen in a lorry, the speed is not something that can go un-mentioned either. The statistics are as follows:

The production of the Tesla Semi will start in 2019, a year before the production for the Roadster begins.

With these 2 unveilings however, one major question arises; do they have the infrastructure to keep up with demand despite their previous production issues?

 

Two of the UK’s largest insurance companies, Axa and Aviva, recently disclosed increased profits and dividends at a time when drivers are paying out car insurance premiums at a record high average of £690 for comprehensive cover.

Aviva’s half year results for 2017 show that its overall operating profit rose by 11%, and that operating profit from UK motor insurance increased 9% (2017: £580m; 2016: £530m). The dividend paid out to shareholders went up by 13%.

Axa also reported strong half year performance: a 4% increase in underlying earnings, with 6% growth in revenue from UK motor insurance. Axa even concedes in their report to the stock market that the UK motor insurance market was a factor in their overall growth in the first half of the financial year.

“Axa and Aviva haven't missed a trick in blaming everything and everyone else for insurance premium rises – whiplash, fraud, insurance premium tax, the discount rate – but today we can see the real reason in black and white. Yet another boost in profits and yet more pay outs for their shareholders. They run a good line in shifting the blame but the facts speak for themselves - their whinging is to distract from what is really going on here, healthy profits and well feathered nests,” said Tom Jones, head of policy at campaign law firm Thompsons Solicitors.

In the last week, insurers have again come under fire as an investigation found motorists were being charged as much as 100% over the odds for repair costs. The Telegraph published evidence of Axa ‘instructing a repairer to charge "not at fault" customers a labour rate 54% higher than the rate paid by other customers’.

There are concerns that a potential government U-turn on the discount rate which affects the damages paid out by insurers to those with long term, serious and life changing injuries as well as the government's willingness to increase the small claims limit against inflationary logic will only see further increases in profits and remuneration for insurer CEOs.

“The insurers are constantly crying wolf and the government needs to stop pandering to them. They claim their backs are against the wall but in reality, as Aviva and Axa’s figures prove, it's all looking pretty sunny for them and their investors,” continued Mr. Jones.

“Motor insurance is compulsory in the UK yet those who provide it and are making good profit from it are unabashed in punishing the consumer by continually bumping up premiums at the same time as lobbying for changes that will restrict access to justice.”

(Source: Thompsons Solicitors)

The UK Car Finance market has grown aggressively over the last few years, fuelled in part by innovation and a growing ability to serve the sub-prime market.

Car-buyers have a number of options now available to them if they’re unable to be a cash-buyer – including Hire Purchase, Personal Loan and the newer Personal Contract Plan.

But flexibility on purchase options is only part of the reason for the strong growth in the market.  Car Finance companies have also embraced technological innovation to help them broaden their market into the sub-prime sector – i.e. those customers who have an impaired credit history and won’t be able to access finance from the high street banks at their leading rates.

The sub-prime lending market has always been eyed with both desire and caution by finance providers – on the one hand the sub-prime market offers the ability to charge higher rates of interest, on the other hand, the sub-prime borrower market, by its very nature, carries with it a high risk of default. Get the model right and a lender can make handsome profits, get it wrong and the bad debt rates can force a lender out of business.

The car finance market is slightly different to the personal loan market in that during most of the finance arrangements available, the finance company technically retains ownership of the car so can repossess the vehicle if things go wrong with the loan repayments. Traditionally though that was easier said than done – finding the car when the borrower knows the loan has defaulted may be tricky.

The introduction of technological solutions have helped finance companies not only track and locate vehicles but also ‘encourage’ the borrower to keep up the payments under their finance plan.

Immobilisers are often fitted to vehicles, particularly those financed in the sub-prime sector – i.e. those that present the highest risk of the borrower not keeping up the repayments – and they’re clever pieces of kit. Every month when the finance payment is made the borrower will receive a unique pin code to enter into the immobiliser. Fail to make the payment and enter the correct code, the immobiliser will kick in and the car won’t start. What’s more, the Immobiliser will also act as a tracking device making it much easier for the finance company to repossess the vehicle.

So at a stroke the finance company has a) heavily incentivised the borrower to keep paying (or their car won’t start) and b) made it much easier to recover the security for the finance.

The sum of which means that defaults and write offs are down, so the finance companies can be a lot more confident opening up to the illusive sub-prime credit market. Allowing more people to finance a car purchase than would previously have been able to.

All well and good? Well, certainly from the point of view of the finance companies (who book more loans and keep defaults to a profitable level) and the dealers (who get to sell more cars). But what about from the customer’s point of view?

At face value it looks to be good news for the customer, particularly those in the sub-prime space, as more customers are able to access a finance product for their car purchase. But, if the default rates are lower and repossessions are lower (and therefore write offs) – are the interest rates also lower?

A quick look at the top ranking sites on Google for ‘Car Finance’ found a Representative APR of 49.6 for applicants with bad credit – for a £5,000 loan over 4 years that’s a total interest of £5,236.

The interest rates charged cover the costs of providing the finance, including off-setting the loans that ‘go bad’ and are not repaid, and providing the lender with a return for its investment. The rate charged can be roughly translated into the risk represented by the borrower. The lenders have found technological solutions to reduce the risk of defaults and write-offs but still point to a borrower’s credit history to determine a level of risk – which justifies the high interest rates.

There is no regulation forcing a direct correlation of profit levels and interest charged but as we know, a highly profitable sector in financial services quickly attracts profiteering companies eyeing a quick (or large) buck. To keep this growing market buoyant but sustainable the lenders will need an element of self-regulation (and self-control), perhaps forgoing some of the bigger short term gains and passing on some of the profit to borrowers in the form of reduced rates.

(Source: Talk Loans)

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