Loan help - 14k

christm_2

Hi

I'm looking at taking a Personal Loan of around 14k over 3 years to help fund a number of things (car being the main one).
I should be in a position to overpay/pay off at least part of the loan earlier than the 3 years.
Can someone please advise as to what the best loan product is?

Many thanks

Martin

vuvuzela

The best loan product varies for everyone's different circumstances. Do you have any defaults and how much do you earn per year ?

BugsyBrowne

Depends what your current debts and your salary is to wether you'll be accepted as 14k is a lot of cash for a bank to lend.

christm_2

Current salary is 34k per annum
No debts outwith Mortgage - 144k outstanding.
Never been refused credit or missed a payment.

Thanks

Martin

pheonixrising21

Spend less on the car/other items. Thats the usual advice from the loans board.

I like to play devil's advocate

christm_2

Yes I know! The car is a very good deal as it's a car I was on pcp with so it's valued at 14k but I can buy it outright at the end of my deal for 9k.
The other 5k really is needed.
I know I can get one from my bank First Direct but the rate of about 8% seems high so just keen to get other opinions.

Thanks

Martin

DCFC79

christm wrote: »

Yes I know! The car is a very good deal as it's a car I was on pcp with so it's valued at 14k but I can buy it outright at the end of my deal for 9k.
The other 5k really is needed.
I know I can get one from my bank First Direct but the rate of about 8% seems high so just keen to get other opinions.

Thanks

Martin

8% isnt too bad, think you need to be realistic though, your going to have to make a sacrifice, you either take the 8% loan or you put something off for another time.

XXSCOTSLASSXX

34K per annum with no other debt payments apart from mortgage..... thats around £2200 clear a month are you spending this each month or do you also have some savings... if so id forego the "much needed 5k" whatever thats for...

DCFC79

XXSCOTSLASSXX wrote: »

34K per annum with no other debt payments apart from mortgage..... thats around £2200 clear a month are you spending this each month or do you also have some savings... if so id forego the "much needed 5k" whatever thats for...

Forgot to say about this, you could save the 2.2k for 3 months and have enough to do what you want for 5k and just under 7 months you would have the 14k.

AMILLIONDOLLARS

DCFC79 wrote: »

Forgot to say about this, you could save the 2.2k for 3 months and have enough to do what you want for 5k and just under 7 months you would have the 14k.

But he wants it now now now!!!!:D


AMD

XXSCOTSLASSXX

have had a look at your other posts..... are u still the only wage earner in the home? I can see from that your mortgage is over £1000 each month, leaving around £1200 per month for all essential bills ie council tax, gas electric etc.. not to mention food..... using £450+ per month of this available £1200 for a £14k loan for a car seems a bit like madness to be honest .....