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SCM Sporting Classic Motors is a company based in north Hampshire close to the Berkshire border in Southern England specialising in classic car restoration, with an emphasis on historic motor vehicles with a sporting predisposition.


The restoration of pre-war vintage motor vehicles is incorporated with post war Classic Car restoration, classic car maintenance, classic car servicing and classic car repairs.


Much of the work involves British and German classics such as Mercedes Benz, Porsche, Austin Healey, Bentley and Daimler but not exclusively.

exactly just How is a short-term loan dissimilar to a loan that is longer-term?

Besides repaying over longer and smaller durations, you can find various expenses, limitations and conveniences that split brief and term that is long.

Since the names recommend, the biggest distinction between brief and longterm loans may be the time you must repay the funds and interest right back. There are various other variances too, like just how much you are able to borrow, the expenses included and just how fast you obtain your loan.

Borrowing amounts

Typically, with loans where repayments last less than the usual 12 months, you generally can’t borrow significantly more than ?1,000. Instead, loans put up become paid down over a years that are few like those from banking institutions, will possibly allow you to remove anything as much as ?25,000, if you meet with the lender’s requirements.


Note: repayment quantities is based on loan and affordability choices.

Bigger loans that you repay over a 12 months:

  • Repaid each month
  • Bigger repayments due to the fact loan is commonly bigger
  • Smaller APR prices
  • As repayments for bigger loans are produced month-to-month, they shall appear bigger in comparison with their short-term counterpart
  • Weekly repayments
  • Smaller repayments whilst the loan is a lesser amount of
  • Bigger APR prices
  • Repayments for short term installment loans will appear tiny compared to bigger loans, as repayments are built regular

Loans taken with online loan providers:

  • Repaid each or month week

Pay day loans:

  • Repaid all at once once you get your next pay cheque
  • APR rate is commonly bigger
  • As you repay the entire price of your loan in one single lump sum plus interest, the total amount you repay should be high set alongside the above

Rates of interest

The price of borrowing, also referred to as the interest rate, is generally higher on smaller loans.

We cover precisely how interest works somewhere else, however it’s a bit like a payment for obtaining the usage of cash that isn’t yours. Whenever that is placed on a whole year’s worth of borrowing, it is called APR (apr) also it’s shown on brief and long loans, regardless of the mortgage terms. The APR of that loan allows you to compare the costs of various loans and it is determined over a basis that is yearly. For short-term borrowing, the APR is determined more than a smaller term. Consequently repayment that is weekly like ours may look less favourable when compared with other loan providers’ credit services and products whenever simply using the APR as an evaluation.

The APR of all of the credit items is determined more than a annual foundation, whether they are paid back over per year. This will make the APR seem at the top of loans of the reduced term, that are paid back more than a true wide range of months, in comparison to other loans that are paid back over several years.

For longer-term loans designed to use a Guarantor or Credit Union, repayments are generally made over a years that are few the attention is usually reduced. Credit Unions are expected for legal reasons never to charge significantly more than 42.6per cent APR.


Whether a brief or longterm loan includes fees differs from product to item. But, as a whole, there’s an opportunity both loan choices comes with a few type of set-up charge along with extra fees, if you want to expand repayments after dark repayment date. Usually with long-lasting loans, like those from banking institutions, there might be fees it off early too if you want to pay. To see precisely the types of costs you could find having a short-term loans from loan providers, see our guide of concealed expenses.

Credit history

All loans are recorded in your credit report, as well as your repayments, and as a consequence need a visible impact on your credit score.

People who have good fico scores might find it is simpler to get long-lasting loans than people who have bad fico scores. That’s because having a great credit score implies an individual may be trusted to help keep repaying over many years. Conversely, loans of a faster term are for those who don’t wish to just just take that loan over a longer time.