£15k loan

lee2k5

Hi

My husband has just been approved for a £15k sainsburys loan at a rate of 5.1%. Is that a decent deal or could he get a better deal elsewhere?

F_Bear

thats pretty good. how long is it over? best thing to do is see what the total repayment is and see if your happy with it?

we've just lent 10k over 2 years at 4.4% so its costing £440 to lend 10k for 2 years.

lee2k5

It's over 5 years and the repayments are around £280. Easily affordable but just trying to be as savvy as possible to get the best deal. Thanks

somethingcorporate

F_Bear wrote: »

thats pretty good. how long is it over? best thing to do is see what the total repayment is and see if your happy with it?

we've just lent 10k over 2 years at 4.4% so its costing £440 to lend 10k for 2 years.

Are you a bank? who did you lend it to?

OP, there are marginally cheaper deals, have a look at the loans tab above you may be able to shave a % off.

Edi81

5.1% is very good. You might be able to get a little bit of a better rate but the recent search in your credit file may go against you.

Remember, rates are likely to increase in the next year so 5.1% over 5 years will be very cheap in 18 months or so.

iolanthe07

somethingcorporate wrote: »

Are you a bank? who did you lend it to?

OP, there are marginally cheaper deals, have a look at the loans tab above you may be able to shave a % off.

Quite a few posters here confuse lending with borrowing.

27col

F_Bear wrote: »

thats pretty good. how long is it over? best thing to do is see what the total repayment is and see if your happy with it?

we've just lent 10k over 2 years at 4.4% so its costing £440 to lend 10k for 2 years.

Quick correction. You have not just lent 10k, you have just borrowed 10k.

27col

iolanthe07 wrote: »

Quite a few posters here confuse lending with borrowing.

You can say that again!!!

dealer_wins

lee2k5 wrote: »

It's over 5 years and the repayments are around £280. Easily affordable but just trying to be as savvy as possible to get the best deal. Thanks

Thats the two words we always see on here before it goes belly up!!

If it were that easily affordable shouldnt you and your husband have £15000 saved up rather than borrow it and cost yourselves £6800 in interest :shocked:

InsideInsurance

iolanthe07 wrote: »

Quite a few posters here confuse lending with borrowing.

In many other languages you dont have the two separate words, my wife (spanish speaker) and most of her friends all have trouble with it too... get a lots of "can you borrow me your XX"

lee2k5

dealer_wins wrote: »

Thats the two words we always see on here before it goes belly up!!

If it were that easily affordable shouldnt you and your husband have £15000 saved up rather than borrow it and cost yourselves £6800 in interest :shocked:

Instead of the smart and patronising comments I would suggest that you visit the link below and after inputting the amount, term and rate you will in fact find that the interest is actually £2,025.37

Did you make up that figure? :rotfl:

http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html