Load Advice..

RTi

i need a load of £3,300

i currently have an account with lloyds tsb and done an online quote.. for £3,300 it came back with an apr of 19%! .. if i borrow £7,500 the apr is 6.4%.

my question is.. if i was to borrow £7,500 @ 6.4% after i taken out my 3,300 would i be able to pay the remainder back as a repayment? thus leaving only £3,300 left to pay at 6.4% ? or would any early payment charges not make it worthwhile?

i have also applied with Norther Rock 5.7% but was declined..
applied with moneybackbank and have to phone back tomorrow to get a reply..

thanks in advance..

jonesMUFCforever

Yes you could but you would be stuck with the repayments on the higher amount.
Your loan would of course end sooner and it is this way that you save on the interest charged.

oldnick

If it's coming up with a 19% apr they are classing you as a poor risk.

If you are going to buy something try applying for one of the credit cards that gives you an interest free period like the Halifax One Credit Card. 0% on purchases for 12 months. Big advantage is it gives much more flexible repayments.

RTi

well its for a car.. and i would get charged 2.5% for using credit cards.. so i thought a loan would be better for me..but i think its still cheaper to use a credit card.. only about £80 inerest.

so this is what im going to do:

1. Find a good 0% credit card
2. Pay for car using existing credit card..
3. Transfer balance over

onyl reason im paying by existing card is because i doubt i will have the new card by the end of the week.. which is when im meant to be picking up the car..

does this sound ok?