Loans.... Best people?

[A3_Turbo]

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

Thanks

Jason

 

[smitch]

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!!!

 

[Les 51]

Try the post office online

 

[silver75]

I have one with northern rock

 

[nivagh]

Credit card with 0% for nine months?

 

[silver75]

Credit card with 0% for nine months?

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

 

[Stringster]

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

 

[smitch]

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

 

[filipharvey]

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!

 

[dbm]

Check out www.moneysupermarket.com - I've gotten several competative loans through their comparison site.

Dan

 

[claudefrog]

id try my bank first off

 

[jcs356]

Check out www.moneysupermarket.com - I've gotten several competative loans through their comparison site.

Dan

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.

 

[rickparmar]

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)

 

[smitch]

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.

 

[marriedblonde]

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

 

[smitch]

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.

 

[jdp1962]

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.

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

 

[smitch]

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.

 

[rickparmar]

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 !!!!!!!

 

[marriedblonde]

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.

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!