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Loan Quote Check
Superhoopza
Posts: 605 Forumite
in Loans
I've had a quote for a loan from Santander of £8,000, no arrangement fees, at 19.9% APR over 3 years, quote me total interest of £2,453 and therefore a total repayment of £10,453.
I've plugged these same terms into about 10 different loan calculators who all come out with an expected interest of £2,688 so total repayment of £10,688.
Why is the Santander quote cheaper? Seems I'm missing something obvious. The more expensive loan presumes I start to pay back from the first month.
I've plugged these same terms into about 10 different loan calculators who all come out with an expected interest of £2,688 so total repayment of £10,688.
Why is the Santander quote cheaper? Seems I'm missing something obvious. The more expensive loan presumes I start to pay back from the first month.
0
Comments
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Thats exactly what the MoneySupermarket calculator gives... https://www.moneysupermarket.com/loans/calculator/
Most deviations are caused by the fact you are quoting APR and they are asking for another form of interest rate0 -
Yeah that makes sense, thank you.0
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