APR rate

harding1985

Hello All,

Just had a £3500 loan accepted from Santander at 14.9% APR. My credit rating is pretty good and I got a excellent score with Equifax, is 14.9% the going rate these days for a loan or does it seem a tad high?

Loan is going towards a car BTW

Cheers

gilly1964

On first read it seemd high to me, but having looked at Moneysupermarket it is about average.

Loan rates only seem to go down once you go over £7500

Hope this helps

ShopaholicNoMore

I had the same issue trying to get a loan for £4000. That Santander rate was the best I could get. You could try zopa.com but I got rejected from there, despite me having a good record as far as I can see -the only possible problem is that I'd applied for the Santander one first and although I hadn't accepted it, I'd made too many applications in a short time.

[Deleted User]

14.9% for 3.5k is the going rate im afraid,console yourself with the knowledge that its 1)a fixed rate and 2)4%cheaper than a cc

harding1985

thanks for your replys I've had an offer with my existing bank for 10.4%, I did think 14.9% was abit higher than normal.

jamesd

Have you considered 0% credit card deals? Those and then perhaps a balance transfer if you need longer to fully repay than the deal period will be cheaper than any personal loan. Virgin is one of those that'll do a balance transfer into a current account so you can use the money for anything. But a car dealer might accept credit card payment for the whole price if you offer them a little money, less than the 4% a card payment into a bank account would cost.

If that's not possible, another cheap way of you have the time is to get a 0% for purchases card and put all of your normal spending on the card, saving the money you would have spent until you've accumulated the £3,500.