Ratesetter smartqoute -a few questions please

ferry

A few questions before I commit please regrding my Ratesetter loan enquiry.

Just curious but was quoted 11% APR on a 2k loan over 24 months-is this any good?

How likely am I to be accepted based on this?

How long does the offer last at that quoted APR?

Cheers as usual
F x

DCFC79

ferry wrote: »

A few questions before I commit please regrding my Ratesetter loan enquiry.

Just curious but was quoted 11% APR on a 2k loan over 24 months-is this any good?

How likely am I to be accepted based on this?

How long does the offer last at that quoted APR?

Cheers as usual
F x

Have you tried your own bank ?

ferry

Not yet be honest but just wanted to throw this out to get a feel for how good(or bad)this deal is

bigadaj

I'd suggest its an ok rate, it's a small loan for a relatively short period, and whilst rates of 6% or so are quoted then these are likely to be for larger amounts over longer periods.

With a good credit rating then a 0% or low life of balance credit card could be a cheaper option if you have the discipline to pay it off.

ferry

Following your suggestion I have also been offered a 0% card by my bank for 2 years.

The cash is required for the purchase of a used car and it would be through a private sale

Wondering if the loan would be best and cheapest bet as the CC would involve having to do a money transfer at big cost?

Thanks

DCFC79

The rate might be high as its a small amount, maybe its the best you can get as ratesetter are a p2p lender so are strict who they lend to. Yes the loan seems best option but why would you need to do a balance transfer with the cc, surely just pay for the car like you would for goods in a shop.

ferry

DCFC79 wrote: »

The rate might be high as its a small amount, maybe its the best you can get as ratesetter are a p2p lender so are strict who they lend to. Yes the loan seems best option but why would you need to do a balance transfer with the cc, surely just pay for the car like you would for goods in a shop.

Quite right if i purchase through a dealer who can take cc payment
But the probability is that i will purchase privately so will need to be a cash deal

bigadaj

ferry wrote: »

Following your suggestion I have also been offered a 0% card by my bank for 2 years.

The cash is required for the purchase of a used car and it would be through a private sale

Wondering if the loan would be best and cheapest bet as the CC would involve having to do a money transfer at big cost?

Thanks

If you gp have a card that you can trspansfer to your bank account, like mbna, then that could, be a good option. A fee of 4% over 2 years is pretty cheap credit by anyone's reckoning.

DCFC79

ferry wrote: »

Quite right if i purchase through a dealer who can take cc payment
But the probability is that i will purchase privately so will need to be a cash deal

Yes of course forgot about buying privately,