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18.4apr loan with barclays

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muchib
muchib Posts: 8 Forumite
in Loans
Barclays are finacing my loan for my car at 18.5 apr on a £5000 loan. i have just been told by a friend that that is too much please advise . Is there any way of reducing this. The loan is on HP. any suggestions to help

Comments

  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    How long have you had the agreement?
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
     The Lord Giveth and the Government Taketh Away.
     I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • ILW
    ILW Posts: 18,333 Forumite
    muchib wrote: »
    Barclays are finacing my loan for my car at 18.5 apr on a £5000 loan. i have just been told by a friend that that is too much please advise . Is there any way of reducing this. The loan is on HP. any suggestions to help

    What does your friend mean by "too much"?
  • muchib
    muchib Posts: 8 Forumite
    inmypocketnottheirs wrote: »
    How long have you had the agreement?

    I have had it for one year. I have never taken a loan before so dont really understand what APR rates very well.
  • muchib
    muchib Posts: 8 Forumite
    edited 29 March 2010 at 11:17AM
    inmypocketnottheirs wrote: »
    How long have you had the agreement?
    AND WHAT DO YOU MEAN ABOUT THE GOVNMENT GIVETH AND TAKETH .NO CHEATING LIE BRA BRA BRAAAAAAA. I NEED HELP if you ve knowledge better than me lets hear it mate that will be most welcomeeeeeeeeeeeeeeee
  • muchib
    muchib Posts: 8 Forumite
    ILW wrote: »
    What does your friend mean by "too much"?

    just that thats why am asking if its too much or thats the norm i dont know. Call me thick but help me if you can . I dont understand the APR rates very well. :o
  • ILW
    ILW Posts: 18,333 Forumite
    muchib wrote: »
    just that thats why am asking if its too much or thats the norm i dont know. Call me thick but help me if you can . I dont understand the APR rates very well. :o

    It is not one of the cheapest deals around, nor one of the dearest, but it is what you agreed to. Doubt if there is much you can do except keep up the payments.
    What were you hoping for?
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    18.5% is high for a car loan but not that unusual. Some people will pay even more than that. Do you have a poor credit history? If so 18.5% is about right, if not then you are being charged over the odds. Your really need to educate yourself about APRs and so on before signing up to expensive credit agreements.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • muchib
    muchib Posts: 8 Forumite
    ILW wrote: »
    It is not one of the cheapest deals around, nor one of the dearest, but it is what you agreed to. Doubt if there is much you can do except keep up the payments.
    What were you hoping for?

    I want to pay up the loan or maybe terminate the agreement after 1 and half years from now. would that work?
  • muchib
    muchib Posts: 8 Forumite
    muchib wrote: »
    i want to pay up the loan or maybe terminate the agreement after 1 and half years from now. Would that work?

    an update....... I just phoned barclays. They said i should contact the car dealer. Alternatively they said i can get another loan with lower apr and settle their loan. Any suggestions about this and posibble loan companies with lower apr please
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