Need advice on what loan to go for

PhilNUK

Hi guys...

basically, I bought a motorbike on finance and wrote it off last month.. I now owe the finance company £1100 (the difference between the value at the point of the crash and what the settlement of the finance is). Anyway, I need a new bike and the one I want is £5000, and then I need to put the £1100 on top of that so altogether I am looking at getting £6100 loan..
I can afford monthly repayments of up to £180 a month...

basically I need a low interest loan, that lets me get my hands on the cash pretty quickly.

cheers for any help

Phoenix79_2

Hows your credit history?

Could look at Abbey or Northern Rock. Both offer (typical) low rates. Or your own bank.....

PhilNUK

credit history is good so far.
I took a look at Lloyds TSB at one of their loans.. and it was coming in £500 less than the finance would do if I got it from the dealer... but the one at teh dealer was adding payment insurance on top... I expected personal loans to be much better than finance.... I suppose it depends on the type of loan you go for? The Lloyds one was 6.4%

tomstickland

The cheapets loan is 0% credit card deals, but you need a good credit rating and discipline to make it work.
Wasn't the bike insured for accident damage?
After writing one bike off I'd suggest not buying another new one. I'd say buy 2nd hand and reduce the loan amount.

PhilNUK

tomstickland wrote:

The cheapets loan is 0% credit card deals, but you need a good credit rating and discipline to make it work.
Wasn't the bike insured for accident damage?
After writing one bike off I'd suggest not buying another new one. I'd say buy 2nd hand and reduce the loan amount.

this is a 2nd hand bike
The bike had fully comp.... I never got offered Gap cover that would have paid out the rest of the settlement on the crashed bikes finance...
Don't worry, I will be getting Gap next time though.

PhilNUK

just got a quote on the abbey national one.... looks like its the best one for me..
I am wondering, at any point can I extend the loan? say if I want to get a car too?
Also if I apply tomorrow online, when will I get the forms? and if I send the forms back straight away how long till the money goes into my account?

cheers

Phil