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Low Interest Rate vs Well Known Lender
TractorFactor
Posts: 156 Forumite
in Loans
The lowest interest rate is coming from RateSetter - a company I've never heard of.
A slightly higher one is available from Sainsbury's.
Borrowing £15,000 for a car (perhaps only £14,000 if the interest charge reduction seems worth it).
Should I pay slightly more interest and go with a well known company or go for the lowest interest charged and it come from a company I haven't really heard from?
A slightly higher one is available from Sainsbury's.
Borrowing £15,000 for a car (perhaps only £14,000 if the interest charge reduction seems worth it).
Should I pay slightly more interest and go with a well known company or go for the lowest interest charged and it come from a company I haven't really heard from?
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Comments
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You're the one borrowing the money, so provided it's from a regulated company rather than Larry the Loan Shark, why on earth would you care if it was a big name?1
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Getting the best rates can be very competitive. Regardless of the advertised rate you might find yourself offered a higher one.
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