Natwest Loan

xsupercarlx

Im with natwest from when I was a student, I have a 1.25k O/D and have been paying the interest (on time) for a few years.

now that I'm working I would like to purchase a car, Natwest seem to drop their interest rates when I loan at least 7.5k.

so rather than trying to loan 5k, is it wise to get 7.5k, and put the extra aside for the repayments (3 years).

Also would it be harder for me to get the 7.5k loan over the 5k loan, my wage and outgoings leaves with with quite a lot left over so income wont be an issue (if it did, i would be surprised)

Also is it best i pay off my 1.25k student o/d before applying? would that make it better?

Any other tips you would like to throw in would be appreciated.

Thanks guys.

Apples2

How can you have a lot left over each month if you have a £1.25k overdraft?

Impossible to advise on the loan, we don't even know your salary or credit file outlook.

xsupercarlx

Apples2 wrote: »

How can you have a lot left over each month if you have a £1.25k overdraft?

Impossible to advise on the loan, we don't even know your salary or credit file outlook.

Oh im going to pay off the O/D by the end of Jan (half this month, half next month), fortunately my only monthly expenses is £325 rent and . Ill be making an app for my loan in feb, my maa says I cant get a car till the snow has come and gone....:money:


i dont know my credit file, i do know im not in arrears with anything, the only credit i have is my o/d and about £100 on a next catalogue. but ive been paying the interest on my O/D for years and years now so hopefully Natwest will be nice.

After my monthly outgoings (rent, tel+BB, food, spending money) I have about £700 left over but that will change when I have a car.

xsupercarlx

Also, the Natwest site says:

You have a regular income and finances in good health


When it says finances in good health, does it mean, "And don't be having 1.25k in student O/D before you apply"?

sistafromanothermista

I guess ;in good health' means no missed payments etc...

lea_t88

I got the Natwest personal loan in May this year. I only needed £6k for my car but also noticed it was cheaper to get £7.5k. They asked me why I wanted the extra £1.5k and I said to also pay off my overdraft at the same time, and the guy was more than happy with that.

Why don't you do the same. Get £7.5k, and use half of the extra to actually pay off your overdraft.

I had about £1k left over too after the car and paying off my OD, so I made a lump sum payment off the loan a month later.

xsupercarlx

lea_t88 wrote: »

I got the Natwest personal loan in May this year. I only needed £6k for my car but also noticed it was cheaper to get £7.5k. They asked me why I wanted the extra £1.5k and I said to also pay off my overdraft at the same time, and the guy was more than happy with that.

Why don't you do the same. Get £7.5k, and use half of the extra to actually pay off your overdraft.

I had about £1k left over too after the car and paying off my OD, so I made a lump sum payment off the loan a month later.

EXCELLENT Idea, I didn't think of that.

You was in the EXACT same situation I'm in now, thanks a lot.:money:

Anthony_Fritts

sistafromanothermista wrote: »

I guess ;in good health' means no missed payments etc...

You are right. They are meaning your dealing with them is very good till now and you are going well with your credit.