new loan or extra loan

animox

Hi, I need to raise and extra 10K for a car purchase, but not sure the best route, with all things considered like credit score etc.
I can either pay off current 5K loan and get a new 15K loan or get an extra 10K loan probably from same provider?

Any thoughts greatly appreciated, 

D3xt3r5L4b

Save up? Get a cheaper car upfront?

sourcrates

Borrow, borrow, borrow, what ever happened to save, save, save ?

Times are hard, lenders are all tightening up on lending criteria, its not a time to be increasing your debt.

D3xt3r5L4b

sourcrates said:

Borrow, borrow, borrow, what ever happened to save, save, save ?

Times are hard, lenders are all tightening up on lending criteria, its not a time to be increasing your debt.

If people borrow they can just plead “irresponsible lending” and get it all written off though, right?

jpsartre

animox said:

I can either pay off current 5K loan and get a new 15K loan or get an extra 10K loan probably from same provider?

Without knowing the terms of each loan it's impossible for anyone in here to compare the options.

cymruchris

I can understand that you're working out which is the cheapest option for your £15k car - is there much wrong with your current car that you couldn't keep it another year - put some savings in the pot from the monthly payments you would have made on the higher amount, and then put that towards a car that in 12 months time? 

In direct answer to your question - nobody can answer it as there are no APR's to compare - and the 'typical APR' might not be the one you get when you apply, so you can't rely on the headline rates.