loan rate - can you ask to better rate

jjdr108

have applied for cahoot p loan - offered one at 12%!!!!!!
Has anybody gone to other lenders and asked to see if can get a better deal and manged it without the need for the banks to again register a search etc etc?

psykik

dont know if this helps but i went into lloyds yesterday, threatened to move my o/d and refinance my loan @ 7.9 % to 5.9% with Bradford and Bingley across the road, the account manager duly reduced the loan rate to 6.4%, his best available rate from the date of my next payment.

FAST RULE:
Nothing happens unless u confront and show youre serious about taking your business elsewhere.

Good luck

zeddy_2

I would have thought that the bank (etc) would need to do a search unfortunately. Because every lender seems to be different. For example we were offered a loan at 12% too which we took, becuase we had been turned down with another lender.

I intend to get a better rate in about a years time, if possible and try and save to get a smaller loan and pay off in a couple of years instead of the five year term we currently have the loan for.

Maybe it is worth you asking another place, but I think they will search your credit history - well I would have thought so anyway.

Avogirly

I have got my first years assessment coming up with Lloyds TSB. My rate ix extremely high so should I try to get a better rate by saying that i'll move away from them? I spoke to an advisor from the bank a little while ago and she said they will match the rate I get offered on another loan should it be accpeted. I'm worried that I will not get accepted elsewhere, so should I try and blag it?!

Sorry to steal your thread jjdr108.