lower apr

continualdiamond

I have a loan with my bank, i do internet banking so right away i can see what apr im going to be offered.

Anyway i took out a loan beginning of the year at 12.9%.

Should i stick with this loan for a year or so before applying for lower apr loans? Of course im aware applying for 2 many is not good for the credit report.

Basically just trying to get the same loan amount for a cheaper monthly payment.

Luke

Go for a cheaper one.

What is the balance?

Will.Power_2

If you've not applied for any other credit recently, one more search shouldn't make much difference. Most scorecards look at the number of searches in the past 6 or 12 months, and 1 or 2 in that time is OK; it's usually when you get to 5 or more that your score will suffer.
Before you go applying though, check what the settlement figure is on the current loan, as this is the amount you'll need to borrow. If there's a charge for early settlement, a lower apr elsewhere may not reduce the monthly payment...