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loan for a car 17.5%
kittykate_2
Posts: 1,834 Forumite
in Loans
Hi Everyone,
I'm wanting to get a car and have just had a quote from my bank (HSBC) for £4000. They've offered me one at 17.5% - this seems high, I've seen figures that say peoples loans are like 8% and rates like that. I've never had a loan before so I don't know if this is actually good. Can anyone advise me?
thanks,
Katie
I'm wanting to get a car and have just had a quote from my bank (HSBC) for £4000. They've offered me one at 17.5% - this seems high, I've seen figures that say peoples loans are like 8% and rates like that. I've never had a loan before so I don't know if this is actually good. Can anyone advise me?
thanks,
Katie
:A I love MSE!!! :A
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Comments
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:eek: 17.5%?? thats bearable on a credit card debt of £500 or so but on £4k you will take years to pay it off!
I borrowed £5k from Natwest on 6.9% over 5 years and even then I will have to pay back a lot more than I borrowed.
Do you really need a £4k car?0 -
A couple of my friends have used AA loans in the past and found the rates to be good and they are quick to send out the money0
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I got my loan (for the car ) from Cahoot .I just checked on-line and the cahoot link send you to abbey ....Here is a link http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1127562783899&pagename=Abbey%2FGSProducto%2FGS_InfProducto
Looks like you could get one for about 7.9% thats a fair old saving over 4 or 5 years0 -
One more thing .I didn't go for the protection on my loan .As I thought If I was to lose my job or for some reason be unable to pay .I would sell the car and pay off my debt .
It Is up to you .I saw it as an extra monthly payment I could not afford .
Hope this stuff helps
****When you get the offer of a good rate ...Go back and see HSBC ..They may find they can match or better that rate (it's worth a try )0 -
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hi guys,
thanks, i will definately look around. i've been looking online at cars as well and i think i could get a pretty good one for about £1500-£2000. Muuuch better. Not as good as the one I want but I think I have to be sensible about this. Well definately shop around for a better rate. I have a hsbc credit card with about £600 on it and that's 15.8% or something like that so they are taking the micky with the loan I think!
Thanks,
KKxx:A I love MSE!!! :A0
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