Can i get a better loan?

peemegee

hi
i have a £12000 loan with Barclays taken out last september to pay for a new car and to consolidate some debts (whether that actually worked is another matter!)
we currently pay about £206 a month at 15.9%
was wondering if i can switch my loan to maybe get a better deal with someone else (if i can) and if i can how long do i have to wait to do it?

any help gratefully received
thanks

BullyCornedBeef

If you have good credit then you could always try Northern Rock who's rates are about 6% - a massive saving.

There may be a penalty for paying off your Barclays loan off early, but you will
still make a huge saving.

http://www.moneysupermarket.com/Loans/PreApply2.asp?LoansId=1746&Route=bestbuys&BestBuy=1&d=1

Luke

There might be a small penalty in the first year so just wait another month and it should be OK.

Defently switch you should be able to get about 6% and try to get one which allows extra payments.

Watch out for doggy !!!!ers like Norther Rock who change the interest rate if you don't take PPI.

Luke

BTW on £12000 barclays are offering 6.7% so you may want to ask why you are paying 15.9%

chirpy007

Luke wrote:

There might be a small penalty in the first year so just wait another month and it should be OK.

Defently switch you should be able to get about 6% and try to get one which allows extra payments.

Watch out for doggy !!!!ers like Norther Rock who change the interest rate if you don't take PPI.

I was told by NR staff that the rate doesnt change because you dont take out PPI but its personal circumstances that dictate the rate (your credit score). I decided not to risk it and went with my mortgage company.

johnydeath

Looks like First Direct & HSBC are doing a loan with a 'cashback' deal if you leave for the full term and not payback early.

Just checked out an unsecured unprotected loan for 7k from First Direct.

Total payback £7375.79 @ £307.32 a month over 24 months so thats costing me under £16 a month for the loan.

Northern Rock were £309.60

Was told if I am considering paying back early they would calculate whether I would be better off by losing the cashback or leaving to run full term.

Seems like a good deal to me. Perhaps you could play Barclays off against them if you want to stick with Barclays?