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Loan Newbie
Hi all,
I'm looking for a little advice please?
I'm coming toward the end of my three year finance deal for my current car in a few months. I will be given the option to refinance or hand it back and start again with a different car. I'm happy with how the car runs & will be happy having it for another three years. However, the miles are high and no doubt if i hand it back i am going to be charged 6p per mile i go over (which could be expensive as i do 500 per week!).
I''m not in a position to buy the car outright and i have been looking at a loan to allow me to do this.
I am a complete newbie to personal loans and the thought of one is a little intimidating.
I have looked via this site and i see they range from 4.6% to a whopping 19% interest.
If i was to take the three year out loan tomorrow & pay the car in full my monthly payments would reduce by £80 - However, this would tie me into another three year deal paying my loan.
Is there anything i need to be aware of ?
Ideally id like the option to payback more than i need to on months where i may be able to afford.
Any advise / head's up would be apprecaited before i jump into somthing completly new!
Thank you all,
Matt. :undecided
I'm looking for a little advice please?
I'm coming toward the end of my three year finance deal for my current car in a few months. I will be given the option to refinance or hand it back and start again with a different car. I'm happy with how the car runs & will be happy having it for another three years. However, the miles are high and no doubt if i hand it back i am going to be charged 6p per mile i go over (which could be expensive as i do 500 per week!).
I''m not in a position to buy the car outright and i have been looking at a loan to allow me to do this.
I am a complete newbie to personal loans and the thought of one is a little intimidating.
I have looked via this site and i see they range from 4.6% to a whopping 19% interest.
If i was to take the three year out loan tomorrow & pay the car in full my monthly payments would reduce by £80 - However, this would tie me into another three year deal paying my loan.
Is there anything i need to be aware of ?
Ideally id like the option to payback more than i need to on months where i may be able to afford.
Any advise / head's up would be apprecaited before i jump into somthing completly new!
Thank you all,
Matt. :undecided
0
Comments
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The main thing to be aware of is that you may not get the headline rate, if accepted at all.
Try a soft search first. What is your current rate?0 -
Thank you for your response ZX.
My current rate is 4.16% interest. I will look into a soft search now.
Thanks
Matt.0 -
Its never a bad idea to try your own bank when looking for a loan, take it over the shortest possible period that is affordable to you, after all you have had the car 3 years you may want achnage in 2.0
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If you bank with Nationwide they do a loan promise where they will be beat your quote by 0.5% if they accept you..
http://www.nationwide.co.uk/products/loans/service/loans-price-promise0 -
Most loans allow some over-payment without penalty fees, but you'd need to check on the details on a per-loan basis.0
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