Loan accepted but would like less

Aimsleey

I've applied for and been accepted for (subject to signing and returning paperwork) an RBS loan to buy a new (to us... but used) car. The monthly payment is more than we expected (which is silly because we could easily have divided the loan amount by 48 to get an idea of preinterest payments) anyway, we have since reassessed and can probably borrow less, haggle & make do. Am I best to wait until the bank reopens and have them alter the loan terms, or apply again online for the lower amount?

Thanks!

mcpitman

Wait until the bank re-opens. It is normally the best way.

Also be aware that normally borrowing more than £7.5k can attract a beneficial interest rate (i.e. lower than loans at £7,499 or below).

In some circumstances it can work out best to borrow £7.5k then pay some back/hold in a savings account until the end of the term.