Apart from your house, your car is likely to be the biggest investment you make. As with mortgages, the high cost of the purchase will often require you to take out a loan to pay the vehicle off. But where did the car loan begin? Even a little knowledge on the history of car loans will help you understand where they came from, and how that affects your purchase.
Billy Durant
After the first automobile was invented by the McLaughlin-Buick company, and more famously mass produced by Henry Ford, car registration grew in popularity during the early 20th century. But by 1910, there were still only 6,000 cars on the roads of America, and horses remained the most popular mode of transport.
Enter William Durant, salesman, entrepreneur, visionary. Durant founded General Motors and united the fledgling and disparate industry under common management - even launching a failed attempt to buy Ford. Despite not being a huge fan of cars - deeming them noisy, smelly, and frightening to animals - Billy Durant went on to become a true legend in the automotive industry. And he was the first to introduce car loans as a way of financing purchases. But how did the concept come about?
In the early days of the industry dealers had to pay cash for their stock, which meant they could only buy a few cars at a time. As mass production took hold, the assembly line was capable of producing more cars than dealers could afford. The only way round this was for the manufacturers to offer finance to dealers, who in turn could offer finance to their customers. This was the beginning of the hire purchase age, and everything from property to clothes could be paid off in instalments to suit the consumer. However, Billy Durant's finance system was not without it's detractors - including Henry Ford, who believed that financing car purchases would spell the end for America's economy. Durant knew they were wrong, and his vision reached fruition with the founding of General Motors Acceptance Corporation (GMAC), the first automobile-specific loans company. In 1919, GMAC branches opened in Detroit, Chicago, New York, San Francisco and Toronto. In 1920 they expanded to Britain, and by 1928, they had 4 million contracts under their belt. By the mid-eighties, GMAC were achieving annual earnings in excess of $1billion, and they now operate in 41 countries.
Such is the profitability of the car loan industry, that now all car manufacturers offer some kind of financing, and even banks have a piece of this fiercely competitive market.
Today you can get car loans from companies such as Alliance & Leicester or join the growing number of people applying for loans online.
As for paying off that loan, we'll leave the last word to Billy himself: 'Forget past mistakes. Forget failures. Forget everything except what you're going to do now and do it.'
A Brief History Of Chinese Civilization
After all there doesn't seem to be any physical evidence of Crochet for example in the form of a Crochet hook. The historians try to explain this away by saying that early forms of Crochet were fashioned using just a bent finger! I'm not sure you could keep that up for any length of time.
Crochet became more popular in 1800 in countries like America and Britain. This was due to the fact that cotton prices were dropping and it was easier to produce crochet products as opposed to their lace counterparts.
Obviously with prices dropping, factory owners looked at other ways to make money and this would result in the crochet workers earning very little. This in turn led some of the workers to a life of prostitution.
In Ireland and France the crochet industry was thriving. Families made and sold products for money, mainly to the more affluent middle class. Unfortunately a crochet product became synonymous with common folk as it was viewed as a cheap cousin compared to lace. However some members of the higher classes bucked this idea. Even Queen Victoria learnt how to crochet.
Now we fast forward to the 1900s where the hooks were now being made of more durable materials and arts and crafts were becoming more main stream. Mothers and daughters would spend their free time designing and making a whole array of crochet items. From blankets to place mats.
Nowadays there exists a whole range of different coloured threads, cottons and hooks to help any would-be crochet expert learn how to do it.
It is generally agreed that the first technique anyone should learn is how to make a pattern row and to be able to perform single stitch crocheting.
1) The equipment you need to start with may consist of:
a. Size G Crochet Hook
b. Small scissors
c. Worsted-weight yarn in what colour you choose
d. Large eyed yarn needle
2) Create a slipped knot on the hook.
3) Now slide the hooked yarn to the slipknot of the hook. This will create a chain of stitches. Now bring back the yarn to the top of the hook and make the thread go into the hook and then grab the slip knot of the hook.
4) By passing on the first chain stitch allows the knot to be hooked securely on the knot of the thread. By doing this will hold the thread in place and it will not become loose. The tighter the knot the easier it is to create a chain stitch.
5) Insert the hook in the hole of the next chain stitch and pass the yarn through the centre of the 2nd chain stitch going to the upper part of the hook. You should have created 2 loops on the hook now.
6) Bring the yarn from back to front and slide the knot between the loops.
7) From the second loop create another chain stitch to make an anti clockwise loop. This keeps the hook in the chain stitches and allows you to create rows using the loops from previous rows.
8) You have to create a single crochet stitch in the first loop. Make sure it is tight before moving to the following loop and it is imperative to create the hook on the last stitch or the stitches won't hold their places.
Your job is nearly finished. Now cut off the excess but make sure you have 6 inches of thread on the last chain stitch. This allows you to slide the hook up to the upper parts of the loops to bring it down to the last loops.
This may seem really hard when you first try, but as they say; practice makes perfect!
Both Alex Rodriquez & Andy Palmer are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Alex Rodriquez has sinced written about articles on various topics from Insurance, Finances and Personal Finance. About the Author: Find out how much you can save on a range of financial products including and. Alex Rodriquez's top article generates over 2400 views. to your Favourites.
Andy Palmer has sinced written about articles on various topics from Insurance, Arts and Business and Finance. Have fun with crochet and if you need help learning this skill go to
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