Loan to consolidate another together

damnmad

Hello guys,

I've already posted about my situation in other post here

Would like to ask another query, see the possibilities?

Me and my wife, we both earn roughly £66 k PA before tax with full time jobs
Credit cards : 3
Available credit - £7750,
Used only up to £600 max and paid back by end of month together

Loan 1: Barclays (mine)
remaining 17000 out of 20000 with 22% APR
Loan 2: Honda Bike Loan (my wife's)
for £2600 starting from August 2016 with 0% APR

So what is the chance of getting a loan with Tesco or Sainsburys etc with less APR when we apply together and for how much amount we can try for? (Honestly, we just want money to consolidate the Barclays loan)

Please advice us

Thanks & Regards

ViolaLass

That's not consolidation, that's just getting a cheaper loan.

damnmad

Yeah you are right, sorry if my wording is misleading!

DCFC79

I take it the 66k is a combined salary, if it is you would be asking for a loan that would be more than half the salary, could give it a try and see what rate you get.

There's various threads on here where posters have applied for a loan from Sainsburys Bank and been declined or offered a rate they weren't happy with, maybe try elsewhere instead.

damnmad

66k is combined salary

I'm thinking of trying for £12k and make that payment towards Barclays loan, would that be possible to get approved or do I need to lower it even more?

leespot

There's no easy answer to it to be honest. I've currently got 2 loans with Sainsburys which total over half of my salary - it can be done but will be down to how they rate your risk level.

damnmad

leespot wrote: »

There's no easy answer to it to be honest. I've currently got 2 loans with Sainsburys which total over half of my salary - it can be done but will be down to how they rate your risk level.

So how much APR they charge you for both loans?

leespot

3.7% on the car loan (cheaper than dealer was offering) and 3.1% on the other (home improvement loan)

Thrugelmir

Make overpayments on the Barclays loan. You can help yourself that way.

damnmad

Thrugelmir wrote: »

Make overpayments on the Barclays loan. You can help yourself that way.

Yeah, I've planned for that anyway, but trying to see if there are any other ways to reduce the APR from 22% to any lower single digit.

Thanks mate

leespot

There are soft searches available to give you an indication but there's always a risk regarding the accuracy of them. Have you tried any?