Advice on getting a loan

leedsfan_3

Hi guys I live with my parent have an annual income of 16.500, have had a credit card for 5 months, no overdraft, and no late payments on credit card. Yesterday I called up my bank barclays to find out about getting a loan, once all of my details had been taken down, they offered me an APR rate of 23.9%. When I applied for a loan with them back in July, I was offered an APR of 16.9 which I thought was too high. I was looking for 7.000 over 5 years and was looking towards spending it on a car on a new television and a ps3. Is this indicative of all lenders now? I guess if so the central banks really have pulled the plug on credit. I was surprised because I thought the APR would improve as I build up a credit history. I realise it would be harder for people to get lower APR offers who are overstretched but this is not the case with me.

If this is the climate which a lot of people are now encountering despite having no outstanding debts, then I will just keep out of it altogether. However as christmas has just been and gone a lot of money got spent on presents and parties and such and so the saving road is going to be a slog. Anyways I just wanted to get you peoples opinion on whether I should look elsewhere for a loan, or whether I will encounter similar offers elsewhere?

Thanks

CLAPTON

if you're living at home, your outgoings are probably lower now than they will ever be again. this is exactly the time to learn to save and only to spend once you have saved up.

debts are a millstone round your neck... suppose you want to move out of home or travel the world or whatever... with savings most things are possible but debts restrict your choices.

Also just think, a loan of 7,000 over 5 years even at 16.9% APR means you pay the bank over £2,900 in interest of your hard earned money.

Hendrix_lennon

A word of advice Leedsfan.
If you're getting a loan to buy a car or payback a credit card then there's no real issue with that.
But please don't fall into the trap of getting up to your neck in debt to buy things like a ps3 - it's not worth it in the long run.
I've been there.