Can I transfer car loan / change bank?

100rotor

I rushed into financing a car some six months ago and I`m paying 17% apr on a £8k loan over 5 years , the loan is secured on the vehicle , finance is with Barclays / Clydesdale.

Is it possible to transfer / get another loan with another bank to get a better apr ? can you recommend any bank/finance co?

[Deleted User]

If you can get a further loan, then you could pay off the first (subject to any early settlement fees).

However, you would be seen as asking for another 8k (total of 16k), so would need an income to support that, so it may not be an easy option.

100rotor

Deleted_User wrote: »

If you can get a further loan, then you could pay off the first (subject to any early settlement fees).

However, you would be seen as asking for another 8k (total of 16k), so would need an income to support that, so it may not be an easy option.

Effectively what I looking for is for a low apr bank to pay off my current finance company directly , as I mentioned the finance is not a personal loan but secured on the car.

[Deleted User]

They will still treat you as asking for a total of 16k.

Foxy-Stoat_3

Its still debt consolidation and with attract a higher interest rate. Apply for one and see what comes back, take a look at the offers before you apply as some dont like debt consolidation.