Which lender would suit me?

BaileyMoselle

Hello. I want to apply for a loan of about 20k but not really sure how to proceed. Any suggestions appreciated.
I have no current loans. The last credit contract I signed up for was a mortgage 28 months ago. I have two credit cards which have no outstanding balances due. I have 15k available credit on those two cards.
My credit report on Noddle is without blemish - I don't know about the others. I was late by a week for an energy payment a few months ago. Not sure if this has shown up anywhere. I want the money to buy a boat for about 9000 and to upgrade my car with the remaining 11k so that I can tow the boat. I owe my current car outright and I think I would get about 1500 for it as a trade in. Any suggestions appreciated.

worried_jim

Call your bank as a starting point, then compare to others to see if you can beat it, or simply look here in the Best Buy table-

http://www.moneysavingexpert.com/loans/cheap-personal-loans#20k25k

The_Real_Cheddar_Bob

Your bank will be a good starting point. If you haven't already thought of this, make sure taking a loan of this size doesnt affect any remortgage application, i.e affordability and the like.

DCFC79

Id check the other 2 agencies since Experian is the 1 used most often from a lenders view.

WillyWonga

For a £20k unsecured loan be prepared to go through some hoops.

Get all 3 credit ref reports to check no hidden skeletons. If decent salary, clear record, good employment record then start with your own bank.

Alternatively.... thinking outside the box..... have you looked at financing the boat and car separately through the dealers? Unsure about boat dealers but a lot of car dealerships have big relationships with banks and can beat their high st rates. The car dealership I went too recently had a Barclays member of staff based at the dealership.

Getting a loan for boat and then a loan for car might be easier getting a £20k unsecured loan as the two loans will be secured against the items.

BaileyMoselle

Great suggestions above. If it wasn't for this site I would never have become a debt free (apart from mortgage) home owner. Thanks to all above and thank you MoneySavingExpert.

Adrian_Dorr

I'd reduce the credit limit on the credit card, since the actual loan rates you get very much depend on on your credit report.
And of course there is always shopping around to see if there is a car for less than 12500 that is sufficient.
The mse credit club might be of help.

System

Adrian_Dorr wrote: »

And of course there is always shopping around to see if there is a car for less than 12500 that is sufficient.

Given my 7 year old 123,000 mile Ford Mondeo has just towed my 1.6 tonne 28ft long twin axle caravan 500 miles in the last week I'd say there most definitely is.