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Loans.... Best people?

A3_Turbo Feb 8, 2007

  1. A3_Turbo

    A3_Turbo Swaying towards IHI....

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    Only looking to borrow about £4000 could some-one point me in the right direction of some-one decent please?

    Thanks

    Jason
     
  2. smitch

    smitch Active Member

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    On a small amount you're probably better off going to your bank.

    Getting on google usually comes up trumps though if all else fails!!!
     
  3. Les 51

    Les 51 A pint of Diesel please!

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    Try the post office online
     
  4. silver75

    silver75 Big Ron

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    I have one with northern rock
     
  5. nivagh

    nivagh Member

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    Credit card with 0% for nine months?
     
  6. silver75

    silver75 Big Ron

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    As long as you pay it back in 9 months your sweet
     
  7. Stringster

    Stringster Missed gear

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    Check thisismoney.co.uk for the best rates and advice.
     
  8. smitch

    smitch Active Member

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    You've just got to be carefull with all this typical apr rubbish, compare payments NOT rates.
     
  9. filipharvey

    filipharvey Amusing Tagline

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    Indeed, the Interest rate is a whole different thing to the Annual Percentage Rate.

    The interest rate (along with PPI and other charges) is what makes the difference!
     
  10. dbm

    dbm Active Member

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  11. claudefrog

    claudefrog Member

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    id try my bank first off :)
     
  12. jcs356

    jcs356 Brum brum

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    Yep, moneysupermarket will show you who has got the best offers at the moment.

    Also be wary of the 'payment protection' insurance that they will try to flog you. Complete rip off. Watchdog recently did a feature where they showed that if you really want payment protection, you can get it from anyone you want, you don't have to get it from the place you get the loan from.
     
  13. rickparmar

    rickparmar va va voom

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    if your looking to borrow 4k, its best to borrow 5k,

    as soon as you hit 5k with most banks the interest rate will drop and payments will be similar to a 4k loan

    (i do loans at work)
     
  14. smitch

    smitch Active Member

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    You've still got to pay it back though!!!

    That's the sort of thing a bank will get you to do.

    Borrowing more to get a better rate doesn't really help.
     
  15. marriedblonde

    marriedblonde Active Member

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    I think he means that borrowing £4K will incure a bigger interest rate. Looking at A&L's site the difference between rates is 13.9% for £4K and 6.9% for £5K
     
  16. smitch

    smitch Active Member

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    Yes but they just do that to get you to borrow more money.

    As i said before, apr's mean nothing. That 13.9% could be on a 3 year typical loan period and the 6.9% could be over a 10 year typical loan period. So over a longer period the apr is obciously lower but you pay more back in interest.

    You need to know the flat rate of interest then the apr is worked out over the term (time period).

    I have sold finance for 10 years.
     
  17. jdp1962

    jdp1962 Grumpy Old Moderator Staff Member Moderator TFSI Owners Group Team V6 Gold Supporter Team Tornado Audi S4 quattro Black Edition s tronic

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    Not if you keep the extra money (instead of spending it) and earn credit interest on it.
     
  18. smitch

    smitch Active Member

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    Even with interest rates going up as they are i don't think it would really offset the interest that much on the loan that you've already taken out.

    Ubfortunately when it come to decisions like these there is no real right or wrong. Some people like to have a bit of money in the bank as a buffer so if the loan was for a a car for example it would certainly be wise to keep a grand in the bank for possible repairs.

    If you go to a dealer they generally will lend you money working off the same base rate if you were to borrow £2000 or £10000, we certainly do.
     
  19. rickparmar

    rickparmar va va voom

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    What i mean, example taken from natwest website

    Without loan protector

    4k loan = 13.4% = £90.33 over 5 years
    5k loan = 7.9% = £100.58 over 5 years

    so for a extra £1000 its only costing you £615 ( 100.58-90.33 = 10.25 * 60 months = £615)


    so you see what i mean !!!!!!!
     
  20. marriedblonde

    marriedblonde Active Member

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    Good for you! I've been tieing my own shoe laces since I was tiny.

    The fact I knew the APR's kinda implied I had looked at the figures involved...

    You can borrow an additional £1K for around £650 over 3 years with them because of the lower interest rate!
     

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