post phd loan - switch banks?

fatbadger2

Hi

Hoping to get some advice on whether to abandon natwest ship. I have just become a doctor and my graduate loan taken out at the beginning of my studies 4 years ago is nearly paid (~£1000 left out of £8000, 8.4% in 2008).

I want to take out another loan of ~£10000 to buy a car to treat myself for 8 years of graft! Natwest originally told me that I would keep my "relationship manager" for my entire time with them.... they were all made redundant in 2010 apparently !! So much for Natwest, another way', sounds like the same way to me.

ANyway, to the point, what is the best way to arrange a loan? They offered my, don't laugh, a loan at 18% even tho my monthly income has gone up by £500 (new job post phd). They did eventually say that a normal personal loan for around 10% was doable.

I said I have spent 8 yrs with natwest, not making u any money, now I have money to deposit you should surely offer me a good rate to stay. They don't seem interested.

How does one get the best deal, just walk into the branches or is there better deals online, as with car insurance etc?

Thanks
Dr Badger :rotfl:

CLAPTON

what is your salary?

bargainbetty

Can I be a bit brutal? You don't need £10k for a car. You can buy an older classic motor for a few grand (I got a BMW convertible for under £3k), and save up for the big wheels when you make consultant.

If you insist upon it, then go into a bank and ask, giving details of your salary. You are unlikely to get more than 50% of your salary as credit, and they will include the outstanding loan as part of that, even if your intention is to use the new credit to clear the old one - they can't guarantee you will do it, so they can't assume it.

Good luck

DCFC79

As natwest are your own bank they know you best so i cant see you getting anything better though.

fatbadger2

CLAPTON wrote: »

what is your salary?

About 30K

NW also told me that if I take out a loan in the branch itself the inteerst they can offer may be up to 1% more than online.

Natwest another way my back side!

Any tips on how to play the banks off one another to get the best rate? Or is that old hat now and we all just use online searches?

Regarding not needing a car... I don't 'need' lots of things but I 'want' them and my particular thing is cars .

Cheers