Is now a good time to take out a loan?

mrpop

Hi all

My Wife and I need to take out a loan to pay for some home repairs, and also to consolidate some CC's we have. We have looked at interest rates, and it's definately worthwhile us doing this, as the APR's are a lot lower than CC's.

However, I was wondering if now is a good time to apply for a loan due to the economy? Or is it better to wait?

Many thanks in advance for any replies.

E.

mrpop

Anyone please? It is a genuine query..........

queen_of_leon

it depends...there are some good rates out there but not everyone is getting the rates they wanted.

lonestar1

Theres NEVER a bad time to swap a higher rate APR for a lower one assuming all other things are equal. So long as the new loan doesnt have any penalties for early payment if a better rate comes along next month you can always switch again (although you wouldnt want too many credit searchs so changing every weeks probably not a good idea) As for the Home Reapirs only do what REALLY needs doing until the debts repaid. Dont use getting a better rate loan as an excuse to spend even more money you dont have. That really sounds preachy but you know what I mean

dannynixon

Depends what your credit rating is like. If it's any good, go for it. If not, there is a good chance you could get rejected for a good apr.

Also decide whether or not to apply for a joint loan or a single one. If it is a joint loan, make sure you and your partner have a good credit rating as one bad one can make your application unsuccessful.

Good luck