Halifax Loan?

splicecom

Hello All,

Just looking for a little help and guidance from you experts :A

My boyfriend and I are 21, live together and are both in full time employment. We both bank with Halifax, seperate current accounts and one joint account.

We are looking to purchase my partners mother's car. They are looking to sell it as the boot isnt big enough for her. The car would be perfect for us. We have some saved up which is a start but we need an extra 1k from somewhere. We both have steady jobs (3 years +) and what I would like is whether Halifax are the best people to go to.


We would be looking to lend £1000. Below is Halifax's charges.

Monthly Repayment : £94.94
Total Amount Payable : £1,139.24
APR : 20.4%


Is there any other charges they may try to charge us?
Should we stay away from PPI?

Thoughts please

Thanks in advance xxx:o

Gillianh2

Rather than paying interest on a loan, have you approached your Partners Mum and asked her if she is able to let you have the car and you arrange to repay her the £1000 outstanding by DD of £100 per month. This would be repaid in 10 months and save the interest you would have to pay the bank.

This might be worth a shot.

ILW

Your bank may agree to a £1000 overdraft, worth a try for a relatively small amount.

splicecom

Our salaries are 17,500 and 13,500 basic. We have no debt, no other loans and no overfdrafts with them at present. Do you think we would be accepted if we did want the loan?

Gillianh2

You could always ring or call into branch and ask them if they think this would be possible. There are usually markers that the Cashier can see which tells him/her what you are likely to be accepted for.:beer:

Good Luck

knowledgepower1

You could request for an O/D with them.I dont have my salary with them and they kept in increasing my O/D from £500 to £2500 within a year.

thriftymomma

20.4 is quite high apr wise. I think you'd be better with an overdraft or a fee free superbalance transfer credit card like Virgin

danny1978uk

Or, if you bank online with Halifax, they have a facility to show you what your Available OD would be and it's also instant.

Give it a try if you bank online with them.

Hope this helps.

Dan

BigDave81

Gillianh2 wrote: »

Rather than paying interest on a loan, have you approached your Partners Mum and asked her if she is able to let you have the car and you arrange to repay her the £1000 outstanding by DD of £100 per month. This would be repaid in 10 months and save the interest you would have to pay the bank.

This might be worth a shot.

I would say that this is an excellent idea :money:
Failing that grab a 0% credit card offer and transfer £1000 in to your current account and pay it off monthly within the interest free period, will only cost about £30-40 that way

QueensferryRoss

0% credit card and set up a standing order to repay the amount borrowed divided by 0% term every month - will cost you nothing if you keep to it.

Alternatively you can click "add/change overdraft" tab on your online banking and that will tell you how much of an overdraft you can have instantly. You can then call the bank and ask them to arrange the overdraft by £xxx on your payday, ensuring you pay it off.

splicecom

BigDave81 wrote: »

I would say that this is an excellent idea :money:
Failing that grab a 0% credit card offer and transfer £1000 in to your current account and pay it off monthly within the interest free period, will only cost about £30-40 that way

If I am being honest, I have no experience with credit cards, do you mind me asking, typically, what the interest free period be?

Which companies are best to look in to?

Thanks for all your help so far everyone