Nationwide Personal Loan

cheggers

Thinking about getting a Nationwide loan to get a car.

I know I could beat there rate of 6.7% APR, but I have heard bad reports about Northern Rock (who seem to be cheapest) who dont always offer the 5.7% rate unless you have a fantastic credit rating and take out the payment insurance (which I dont want to)

Also heard that Nationwide lets you make overpayments, and dont charge a fee if you pay off the loan ealry.

Any help and advise on this one?

Silent_Bob_3

I've got Nationwide loan for a car of £5k over 3 years (no payment insurance) at £153.25 a month. Total to repay £5517 and no penalties for early settlements. Not sure about the overpayments though - best pop into a branch or phone them up.

Although after 17 payments I got a settlement figure of £2750 ish far more than I thought it would be at this point. But I didn't realise how they calculate the repayments, same as a mortgage where you are paying off the interest to start with. It pays to pay it off in the last year rather than the first two years I think.

I can't fault them at all, we have our mortage through them and I had an ISA through them and any cheques/problems get sorted out really quickly.