Cheaper Loan Rates

MrMcBear

So I have a personal loan with quite a high interest rate through my bank. I wondered whether I should see if I can get a loan at one of the much cheaper rates to pay off my current loan, so at least I'm paying it back quicker or more cheaply?

I just wondered if there was any opinion on doing this or if anyone had done it before?

For info it's a long term fairly high value loan rather than pay day etc.

[Deleted User]

Whether you can achieve a cheaper rate, will depend on your credit history, and more so than ever as you are already carrying a large loan, afffordability.

But if you can do it, then obviously it wil save you money.

andyfromotley

Use the eligibility checker on the MSE site, it doesn't guarantee you will get the advertised rate, they often offer a higher rate, but it will give you an idea.

What is your current APR?

jonesMUFCforever

MrMcBear wrote: »

So I have a personal loan with quite a high interest rate through my bank. I wondered whether I should see if I can get a loan at one of the much cheaper rates to pay off my current loan, so at least I'm paying it back quicker or more cheaply?

I just wondered if there was any opinion on doing this or if anyone had done it before?

For info it's a long term fairly high value loan rather than pay day etc.

How much do you need to borrow?
What is current APR?
Could you not overpay existing loan to reduce interest and number of repayments required.