Barclays Car Loan

howzat92

Hello

I am thinking of buying a car for £9750. I was going to put down a 3.5k deposit and borrow 5300 @ 7.4% APR (around £190 a month) but I have seen barclays would offer me 4.3% APR pre approved if I borrow £7500 (£222 a month).

My question is this seems like a much better APR so could I borrow the £7500 @ 4.3% and then repay what I would have put down for a deposit straight away as an early repayment allowing me to have the 4.3% rate but only have a loan of 5300 to pay off with lower monthly payments?

Apologies if this is a silly question...

[Deleted User]

No. The overpayment would shorten the term.

I don't believe Barclays give the option of restructuring the debt over the same term. However, Santander do (or did).

forgotmyname

£190 a month? Over how many months? Over 3 years thats more like 19%

Are you sure you can get the 4.3% rate though?

foxy-stoat

forgotmyname wrote: »

Are you sure you can get the 4.3% rate though?

Course not, he said he has been pre-approved - if he reads the print then he will know that the rate is subject to application and approval so he may or may not get it, but if he does he doesn't need to start another thread moaning about it as some other poor sap has a similar situation only yesterday.

Good luck OP.