Loan advice - up to 10k

magentacafc

Hi everyone :wave:

OH & myself are buying a boat shortly (not found the perfect one yet but looking very hard), and I need to find approx 10k, hoping it will be slightly less, to pay for it.

Now at present, I have one loan already from Nationwide, for 6500, with about 21 more payments of £289 p/m to make. Rate is about 6.7%.

I can access 10k on 2 credit cards, so if I needed the money immediately and didn't have time to sort the loan, I could transfer this across into bank account, however if I did this would it then affect me when I was looking for a loan?

Am I best to be sorting out the loan now as a matter of urgency so that I have the finance available as soon as I need it. I'm not sure how difficult it is going to be with the 6.5k loan already, would I be best to ask Nationwide (they have also been my bank for several years) for a extension/increase of the loan I already have with them?

I don't really want to pay back more than an extra 2/300 a month, so will be looking at a 5 year loan I'd imagine. The only thing is, I'd like to pay off early if possible should we sell the boat or I find myself with more money than before, and Nationwide penalise for paying off early, so maybe better to get a loan with a different company...

Really not sure what the best option is in terms of actually being accepted for a loan, paying the best interest, not affecting my credit rating too much and so on!

Any advice?? :mad: