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Can loans be transferered to another bank

suzy555

suzy555 Posts: 2 Newbie

14 March 2013 at 12:00PM in Loans

if you change banks can you transfer a bank loan,partner needs to reduce out goings and apr is high with his current bank.:mad:

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Comments

[Deleted User] Posts: 35,383 Forumite

14 March 2013 at 12:12PM

You would need to apply for a new loan and use that to pay off the first.

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nomoneytoday Posts: 4,871 Forumite

14 March 2013 at 12:25PM

Ask for existing lender for a settlement figure, then check if a new lender will offer a new loan with a lower APR and/or terms.

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_Andy_ Posts: 11,150 Forumite

14 March 2013 at 4:09PM

suzy555 wrote: »

if you change banks can you transfer a bank loan,partner needs to reduce out goings and apr is high with his current bank.:mad:

You don't 'transfer' a loan. You would apply for a new one, get funds from it, pay off old one.

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