Egg Loan APR 7.9

deakn_

mrcow wrote:

Stop right there!!

£5k @ 7.9% apr over 36 months is £5609 total payable.

Are you also paying nearly £1k in PPI?
Are you aware of it and do you want this insurance?

If not, get them to requote without it before you sign up.

I am aware of the insurance and after alot of consideration, have decided it will be a wiser move. I think it works out to be an extra 24.75 per month (under £300 per year). A bad move? Thanks in advance. :beer:

mrcow

deakn_ wrote:

I am aware of the insurance and after alot of consideration, have decided it will be a wiser move. I think it works out to be an extra 24.75 per month (under £300 per year). A bad move? Thanks in advance. :beer:

£24.74 per month to protect only £5k? I personally think it's expensive, but you would be very wise to get some alternative quotes from the companies that Plutos listed further up this thread.

The trouble with PPI sold within a loan agreement is that you generally only get 14 days to change your mind. After that, you are generally stuffed, and a lot of the time, they actually add the PPI premium to your loan in the first instance so you're paying interest on it over the full term!

I'm not sure if Egg do this (have a feeling that they say you can cancel at any time), but for sure you should check with them first.

Take care.

loobs40

I have a loan with Egg to buy a new car. I had been offered loans elsewhere but at a much higher rate because I was self employed. I pay off more each month than I need to, and I intend paying it off fully in the next 6 months or so (The term is 4 years).

I do remember the very hard sell they gave me on PPI. You just have to remember to keep saying 'No'.