Soldato
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- 10 Sep 2003
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Pay the £2k back again asap so you don't get tempted to spend it
Loan question
- Thread starter mushtafa
- Start date
Normally you have the choice, you just need to let the company you're paying which way you'd like to go.
Deleted User 298457
Deleted User 298457
They ask whether you want to lower payments, defer the equivalent next few or reduce the term.
Thanks. Just had a quick look and it's cheaper than NatWest as well.
Check the T&C's with that particular loan company in case there is a penalty for early repayment. But I did this a while back. I took out a loan for a car but my plans changed and I decided to get a cheaper one. So I paid most of it back early. It meant I got a much cheaper rate. But obviously the monthly payments will be higher even if the overall amount repaid and the interest rate is lower.
No worries
Soldato
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- 5 Aug 2003
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- Essex
https://www.moneysavingexpert.com/loans/cheap-personal-loans/
There's a few here that are 2.8% if you get accepted.
I've personally got a Nationwide one at 3.1%, I have paid back lumps into this without penalty. For me I've kept the repayment amount the same but the term just shortens with each lump I pay back.
There's a few here that are 2.8% if you get accepted.
I've personally got a Nationwide one at 3.1%, I have paid back lumps into this without penalty. For me I've kept the repayment amount the same but the term just shortens with each lump I pay back.
depend on what your you buying for £6k
a £6k Maserati/Alpha/Ferrati (any italian "sports" car) would not last the trip to the garage to get MOT done.
Soldato
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Soldato
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- 30 Sep 2005
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sainsburys and tescos usually have quite low rates
Other than the fact they can often give you a more accurate pre-application quote (since they have a better view of your financial history), nope. You might get the money a bit faster, but otherwise no difference
Deleted User 298457
Deleted User 298457
Is there any reason in your mind why you wouldn't get accepted?
Do you have lots of other credit, missed payments, low income/self employed?
If not, 6k is a very low amount and shouldn't be an issue. Definitely pay less than 8% though... as above, you can get 6k on closer to 3%.
+1. Additionally, these supermarket banks are also willing to offer or beat any other lower interest rate loan offer, based on experience a couple or so years ago. Not sure if they still do that.
So I tried Sainsbury's as they had the lowest advertised APR. They said no for whatever reason.
I signed up to a credit check to see what was going on and that showed my credit to be good. Was something like 7/10.
They gave Sainsbury's a 30% chance of acceptance, but NatWest (who I bank with anyway) 95%.
(Should have checked first I suppose).
I ran through the calculator and they gave an APR of 3.9 I think it was. Ran through the quote and it's now gone to 15.9%. NatWest said they can't change that, but it won't affect my credit if I wanted to look elsewhere.
Is this normal for the advertised APR to change?
If I check elsewhere, does it affect my credit score every time I get a quote?
It seems like I need to get a quote to know the true repayment
I signed up to a credit check to see what was going on and that showed my credit to be good. Was something like 7/10.
They gave Sainsbury's a 30% chance of acceptance, but NatWest (who I bank with anyway) 95%.
(Should have checked first I suppose).
I ran through the calculator and they gave an APR of 3.9 I think it was. Ran through the quote and it's now gone to 15.9%. NatWest said they can't change that, but it won't affect my credit if I wanted to look elsewhere.
Is this normal for the advertised APR to change?
If I check elsewhere, does it affect my credit score every time I get a quote?
It seems like I need to get a quote to know the true repayment
Deleted User 298457
Deleted User 298457
More searches = bad. Whilst your score is "7/10" this doesn't really mean anything - are there any missed payments reported or are you already using a lot of credit?
15.9% is very high.
15.9% is very high.
The advertised APR only applies to 51% of people that apply, everyone else will get something higher.
Quotes should only run a soft check and therefore won't affect your credit score, but the only way to know exactly which apr you'll get it by applying and that will leave a hard search on your credit file and be visible to other lenders. Too many in a short space of time makes you look desperate for credit and therefore lowers your chances of getting a loan or getting a non eye watering apr.
Quotes should only run a soft check and therefore won't affect your credit score, but the only way to know exactly which apr you'll get it by applying and that will leave a hard search on your credit file and be visible to other lenders. Too many in a short space of time makes you look desperate for credit and therefore lowers your chances of getting a loan or getting a non eye watering apr.
Deleted User 298457
Deleted User 298457
Do you buy into the myth that it's best to hammer as many right now on the basis that credit reporting will not be real time
No because you can see it's real time using something like credit karma. That'll show soft searches I've done on comparison sites almost instantly.Do you buy into the myth that it's best to hammer as many right now on the basis that credit reporting will not be real time