Nationwide - Loan rate good?

Moneysaverchris

This morning i found that my credit file was amended and was now in the excellent "999" zone again, i know the score is irrelevant!

So i applied for a loan with nationwide to buy my new car i was a bit short -for it was

£7500 over 60 months @ 7.4% is that decent i appllied and was approved in principle anyway and had to sign the agreement online.

Also i am going to pay this back within 12 months they are obliged to allow this are they not ?

many thanks

Tixy

It is not a bad rate.

Lenders are now legally obliged to allow you to make partial overpayments, although they are allowed to make a small charge for this.
I don't think that nationwide do charge but it will be detailed in the agreement you have signed.

ch3101

Considering the likes of Tesco are offering 5.1% then no, it's not. But then again, you might not get a rate as good as that and considering you're paying it off in a year, the difference will be minimal.

7.4% is by no means a poor rate though

R_P_W

It is a decent rate in my opinion