Flexible Loans - anyone but Egg?

snoopstah

Hey guys,

Trying to find a comparison site that'll show me different flexible loans, but at the moment I'm not coming up with anything at all!

The only company I've been able to find that do flexible loans are Egg, and they seem to be charging 11.9% APR these days, which is a little optimistic to say the least!

Any suggestions?

_Andy_

HSBC Flexiloan, if they still offer it.
Unfortunately any loan product that is flexible will have a higher interest rate to compensate.

Kavanne

Natwest offer flexiloans too.. i imagine most banks do you just have to dig around the website a bit?

snoopstah

Thanks - both of those need you to have a current account with the bank in question, but as I bank with Natwest that gives me at least one more option. Hopefully they'll be willing to beat Egg...

I realise, of course, that I'm not going to get a rate as competitive as with a fixed-term loan...

Kavanne

May I ask what flexibility you need?

snoopstah

I'm planning on buying a new (to me) car, and a potential candidate has come up that checks all my tickboxes. Unfortunately, due to my procrastination, I have not yet sold my old car!

The car I want is £18k, my car is worth £6k. Therefore I ideally want a £18k loan that I can turn into a £12k loan (keeping the duration the same, i.e. reducing the monthly payments) when I sell my existing car.

A couple of other points - the car in question is being privately sold, so no finance options. I'm a tenant, so no secured loans (not that I'd want one in this case). The car in question is very rare so it's not feasible to sell my car and wait for another to come along.

Other suggestions gratefully considered! I had thought about getting a £12k and £6k loan independantly, but suspect that it would be seen as trying to get too much credit too quickly, and hence the second application would be refused.

dhassen

Just a word of warning.....'m not sure about Egg, but I've still got a cahoot flexi loan (they don't do them any more though) but the interest rate is variable...... which means they put the rate up as an when they want. If your flexi loan is the same, you could get really stung by the interest if it goes up on a 12k loan

Neillgb

dhassen wrote: »

Just a word of warning.....'m not sure about Egg, but I've still got a cahoot flexi loan (they don't do them any more though) but the interest rate is variable...... which means they put the rate up as an when they want. If your flexi loan is the same, you could get really stung by the interest if it goes up on a 12k loan

A very loud warning. Cahoot have put flexi loan interest rates up to 17.9%-19.9% . If they offer attractive interest rates initially be very aware of this.

dhassen

they put my rate up to 21.9..... lol

I'm soooo never using any abbey products again