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oHUTCHYo

oHUTCHYo

oHUTCHYo

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Joined
7 Jun 2005
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North East
I'm currently searching for a car and plan on leaving a deposit and then visiting a second time to pay cash, by means of a loan. This in effect is so I can only borrow what I need down to the last pound.

With regards to loan comparison sites, how quick to applying until money in the bank? My credit rating is high and in very good standing so no problems there.

My main reason, is that as I widen my search radius, it may be beneficial to get the loan first if I feel the car I see is 'the one'. Dont much fancy the potential of several 200 mile trips!

Ive never applied for loans online, usually via my local bank. Theres good money to be saved though. Marks and spencers seems to be consistently low.
 
Have you looked into Derbyshire Building Society? A friend recently took a loan with them, had the money within the week and was at a fair rate (7.8%).
 
With in the week wow! so quick...

LLyods did can get it with in the hour 24 hours a day. (if your a customer)
It's proberbly easier to get the loadn first, you can always pay back the money you dont use strait away, therefore incuring no interest on the unused amount. Also if they refuse for some reason your not going to possibly loose you deposit if you cant come up with the rest of the money.

bullit
 
generally it seems to be approved a lot quicker if your an existing customer - for example, i just had a loan approved from nationwide through my internet banking portal, 6.3% and i didn't have to leave the comfort of my chair. they are just finalising their checks and the money should be in my account within 3-5 working days. all signatory stuff taken care of online, no need to wait for anything to come through the post, etc. dead easy.
 
If you go to your bank and see if they can match what other banks/lenders are offering, they will put the money into your account there and then after signing the relevant paperwork.
 
atomiser said:
generally it seems to be approved a lot quicker if your an existing customer - for example, i just had a loan approved from nationwide through my internet banking portal, 6.3% and i didn't have to leave the comfort of my chair. they are just finalising their checks and the money should be in my account within 3-5 working days. all signatory stuff taken care of online, no need to wait for anything to come through the post, etc. dead easy.
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I did exactly this two months ago - except I am not with Nationwide - I had the money in my account in 5 days.
 
You could always find a loan company who doesn't charge for early/extra repayments. Then just borrow the cash before hand and anything not used on the car just pay straight back on the loan.
 
i got a loan from my bank and it was in my account by the time i left the bank from the meeting.
 
[TW]Fox;21568175 said:
That would be any loan company then - provided it's an agreement regulated by the Consumer Credit Act, ie its under £25k.
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Wow, on the moneysupermarket comparison search, its still showing some companies as charging for early repayment.

Has this happened very recently?
 
The law was amended in February 2011 to allow partial repayment, though it always had a provision for full early repayment.

They can make a small charge but its a trivial amount.
 
[TW]Fox;21568239 said:
The law was amended in February 2011 to allow partial repayment, though it always had a provision for full early repayment.

They can make a small charge but its a trivial amount.
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Thats excellent news :) Stepping forward towards responsible banking.

right, now time for a 3k loan and and either a focus st/S2000 (I wish)
 
This might be an obvious point but for £3k would you not be better firing the money into the bank for a few months rather than take a loan? Just thinking you're unlikely to get any sort of reasonable interest rate on a loan at that amount - though I guess if you're paying it back over say a year it wont really matter.
 
Don't know if its been suggested, but depending on the amount why not just get a 0% credit card and use the credit? Pay that off when you can then just don't use the card again?
 
metbandit1 said:
Don't know if its been suggested, but depending on the amount why not just get a 0% credit card and use the credit? Pay that off when you can then just don't use the card again?
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Would completely depend on the size of the loan. Most companies detail that you must pay 10% of the purchase per month to comply with the 0% agreement.

Best rates out at the moment are 15 months 0%, and of course you can transfer balances to another card after those 15 months, so in effect a 30 month loan deal. Would be good for a sub 5k loan, but not the likes of 10k.

OT, I took out a loan in 2010, and it took at least 2 weeks from applying to having the money in my bank. This was with Tesco, I went to my bank too, and they would have took longer!! I think that was down to me having a student account though (even though I had finished university 15 months ago...)
 
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