New Car

Marty21

Ok so my dads buying a new car, but doesnt really want to take finance with the garage as they are much higher than loans and other fiance.
So question is anyone know of the best place for finance or a loan for £8000 which are fairly simple and quick to apply to.
Has fairly good credit history etc.

Thanks:)

Tixy

Any of the high street banks should be simple and quick to apply to. You should be able to apply online or by phone.

If you want to look at interest rates you could look here - http://www.moneysavingexpert.com/loans/cheap-personal-loans

But what rate he would actually get (if he would get a loan at all) will depend on his credit history, any other debts he currently has, any other credit he has available to him (even if not used), how old he is, etc etc.

Sometimes a secured loan from the garage can work out cheaper if he can't get a decent APR on an unsecured loan (as its lower risk to the lender as they can repossess the car if needs be)

Apples2

Marty21 wrote: »

but doesnt really want to take finance with the garage as they are much higher than loans and other fiance.
)

There is no loan in existence which costs more than a fiance. :cool:

Marty21

Most of the good ones from the banks require you to be a current customer:(
Showed him the tesco loans so if dont find anything else think hes going to try them.
Any one had any experience with them?

Marty21

Apples2 wrote: »

There is no loan in existence which costs more than a fiance. :cool:

Lol very good spotting my spelling error :rotfl:

Tixy

Who does he bank with? has he tried them?

Marty21

Think it may be the royal bank of scotland but not 100% sure. Shall ask him and check out there deals:)

bouncydog1

Alternative might be to look at his credit card provider if he has one. We have had several offers recently with life of balance cc cheques at between 5.5 and 6.9% plus a cheque fee of 3%. Depending on how long he wants to pay the loan over this might work out a cheaper option.

On £8k he will have a cheque fee of £240 but then then interest will reduce each month depending on how much he pays off. He would have to be regimented on payment though because as the cc statements are likely to go for minimum then monthly payment might be 2% or less of the outstanding balance. This might be a good option if he thinks he will be able to pay off over a short term or pay off lump sums, because not all loans allow additional payments or shortening the term without penalty. Best to shop around and work out how much the full payment over the terms is going to cost.

Use the link to the snowball calculator site (somewhere on this site - search snowball or someone will post a link) because there are options on there for calculating how much you pay on a loan.