19.9% APR Loan from Abbey/Santander

opinions4u

Troll time.

Th1984

Just in case this is a real OP question and as it is similar to my experience I will post...

I had a Santander loan at 14.9% and after a year of paying it off (and maintaining a perfect credit record in the mean time) thought it was a bit high as obviously I was in a riskier situation 12 months ago financially but it has stabilised and is being paid off now. I went through nationwide and applied for a personal loan there to see what rate they would offer.

Nationwide use a soft quote system which won't record a search unless you formally apply for the loan after being given an indicative interest rate. In my case they indicated 7.9% which I accepted and 'moved' my loan to them saving me nearly £80 per month with exactly the same loan amount and period.

Worth a shot....

Mickey55

Th1984 wrote: »

Just in case this is a real OP question and as it is similar to my experience I will post...

I had a Santander loan at 14.9% and after a year of paying it off (and maintaining a perfect credit record in the mean time) thought it was a bit high as obviously I was in a riskier situation 12 months ago financially but it has stabilised and is being paid off now. I went through nationwide and applied for a personal loan there to see what rate they would offer.

Nationwide use a soft quote system which won't record a search unless you formally apply for the loan after being given an indicative interest rate. In my case they indicated 7.9% which I accepted and 'moved' my loan to them saving me nearly £80 per month with exactly the same loan amount and period.

Worth a shot....

Sound advice thank you, I would also like to thank everyone else who posted helpful comments here, Not sure exactly where I read it, must have misread it or misunderstood it, but the main point is I would like to know if I can move my loan to someone offering better APR and if it would be worth doing? I will certainly have a look around and see what I can get now. As I now have a perfect credit score and have had no problems on my credit file whatsoever I feel like I might have a better chance of a good APR.. what do you think?

Cheers again

BugsyBrowne

Mickey55 wrote: »

Sound advice thank you, I would also like to thank everyone else who posted helpful comments here, Not sure exactly where I read it, must have misread it or misunderstood it, but the main point is I would like to know if I can move my loan to someone offering better APR and if it would be worth doing? I will certainly have a look around and see what I can get now. As I now have a perfect credit score and have had no problems on my credit file whatsoever I feel like I might have a better chance of a good APR.. what do you think?

Cheers again

You don't know your credit score as this is private only to a lender when making credit applications.

Ignore the silly scores from CRAs.

YorkshireBoy

Mickey55 wrote: »

what do you think?

You need to put yourself in the lender's shoes.

You were given a terrible rate back in 2007...and that was before the credit crunch!

So what's changed since then? You have a large loan on your credit report now. What else is on there now. And what was on your report 5 years ago?

How much were you earning back then?...and now?

But unless you're in a complete mess with money and debt now, I'd say it was entirely possible to reduce your rate significantly.

opinions4u

Mickey55 wrote: »

Sound advice thank you, I would also like to thank everyone else who posted helpful comments here,

I think this somewhat optimistic request may have something to do with some thinking you were extracting the urine.

can I get anything back from this high APR

tyllwyd

Mickey55 wrote: »

... but the main point is I would like to know if I can move my loan to someone offering better APR and if it would be worth doing? ...

You won't be able to move your loan as such, but if you can find a lender who will offer you a better deal you should be able to take out a new loan and use this to pay off the old one. The first step is to find out what it would cost to pay off the existing loan now (dig out the original paperwork because there may be an early repayment fee to add on).

If you can't move to a better apr, is it possible to start overpaying the loan you currently have?