Loan for wedding-which bank to go with

TadleyBaggie

Thistlewhistle wrote: »

At the end of the day, you've asked a question on the Debt Free Wannabe Forum.

No they haven't, as far as I can tell this thread always was in the Loans forum...

BenjaminClarke

mustachio wrote: »

Getting married this year and getting a loan is preferable to credit cards (and better rates).

It seems going with your current bank is the way to go in terms of getting better rates (comparison websites seem to have let a lot of people down on this forum for loans).

I have joint account with Halifax with my soon to be wife though only had that account for 3 months. That said I have mortgage and credit card with them.

Other option would be Co-op who I have had a current account with for 5 years though there rates aren't quite as good as Halifax.


So better to get loan with Halifax where mortgage (i.e. my main assett) or not?

Any thoughts?

I think a wedding is an acceptable excuse to get a loan. As long as you can make payments what is the problem? I think a lot of people on here are single and don't understand life.

My advice would be to speak to your bank first. The more personal you make it the better for you. Do not use price comparison websites because the interest rates being offered on them are just adverts. If you use one of these lenders and they don't offer you an acceptable interest rate then you might have problems getting the loan at all because the check will show up on your credit file. You should only apply for credit every six months.

Speak to your bank manager and see what they can offer you. Make sure they give you a rough estimate of what interest would be payable BEFORE they run their checks. They will give you a ball park figure and if it's not acceptable try elsewhere.

DCFC79

TadleyBaggie wrote: »

No they haven't, as far as I can tell this thread always was in the Loans forum...

Correct I was thinking the same too.

burlington6

BenjaminClarke wrote: »

I think a wedding is an acceptable excuse to get a loan. As long as you can make payments what is the problem? I think a lot of people on here are single and don't understand life.

My advice would be to speak to your bank first. The more personal you make it the better for you. Do not use price comparison websites because the interest rates being offered on them are just adverts. If you use one of these lenders and they don't offer you an acceptable interest rate then you might have problems getting the loan at all because the check will show up on your credit file. You should only apply for credit every six months.

Speak to your bank manager and see what they can offer you. Make sure they give you a rough estimate of what interest would be payable BEFORE they run their checks. They will give you a ball park figure and if it's not acceptable try elsewhere.

I wouldn't be taking financial advise of this guy

takman

BenjaminClarke wrote: »

I think a wedding is an acceptable excuse to get a loan. As long as you can make payments what is the problem? I think a lot of people on here are single and don't understand life.

How can getting into debt for a "party" really be justified?. Let's face it a wedding is effectively a lavish party that is just to show off to family and friends how great a couple you are. Parties are great, but it's silly to have a party that you can't afford to pay for!.

Haylescom

Why not use the money you were going to pay of the loan with to save up for the wedding?

I get asked on a monthly basid when me and OH are getting married so I now ask them to contribute to a crowd-funding site to pay for it, seeing as they're all so keen

Money_maker

BenjaminClarke wrote: »

I think a wedding is an acceptable excuse to get a loan. As long as you can make payments what is the problem? I think a lot of people on here are single and don't understand life.

I see you're moaning on other threads that everyone on here recommends you dont get loans. As a newbie, you may not have realised but this is moneysavingexpert.com where we're all canny, savvy and tight as ****holes

Try it, it will save you cash.

forgotmyname

Live in SIN its cheaper?

Pixie5740

BenjaminClarke wrote: »

I think a wedding is an acceptable excuse to get a loan. As long as you can make payments what is the problem? I think a lot of people on here are single and don't understand life.

We do understand life. Every penny you pay in interest is you stealing from your future self. Now some debts are acceptable. For example, I did have student loans at university but I wouldn't be earning the money I am now without my degree so that debt has more than paid for itself. Mortgage interest would be another "acceptable" debt. You've got to live somewhere and so you're either paying rent or interest on your mortgage. Other debts for things such as cars (depreciating asset) or a wedding (weddings don't have to be expensive) just limits your options in the future and puts you in an even more precarious position when financial change through parenthood, illness, redundancy, divorce, death, come about.

I know several people who are/were still paying for weddings long after the ink of their divorce papers had dried.

Superscrooge

mustachio wrote: »

Can meet the payments fairly comfortably. Without a loan I fear that I will be spinning around on credit cards on a panic.
The idea of a set amount each month is appealing to me and the interest is not that bad.

I would be wary of justifying getting into debt by stating you can make the repayments.
I could make the repayments on a Ferrari. But it would be daft to put myself in so much debt.

If you are certain you want a loan. I would start by approaching your own bank.

Whatever you decide I hope the wedding goes well!