prodriva

The best I can find is through Northern Rock at 5.8% for £7500 over 3 years with no early payment penalty, which sounds pretty good to me. The payments are approximately £257 with payment protection.

Does anyone know if Northern Rock are a reliable source for the loan or if there are better loan deals out there???

Your help, as allways, is much appreciated

jowl

Northern rock are supposed to be very good and wth a goot APR. Family members have borrowed from them and are happy with it.

However, when I applied for a loan at their 'typical' APR of 5.8% the price I actually got through the post was 9.9%. When I asked them about it they said 5.8% was 'typical' rate...could be anything between 5.8 and 12%.

I ended up (I hope!) with Cahoot fixed rate. 6.7% and much easier!

suprabeast

just borrow it on a good low rate life of balance credit card... much cheaper and more flexible

DemonDave

iTrader: (13)

If you go here this will give you the 5.8% for that amount.

http://www.northernrock.co.uk/loans/...p?Ref=668-0060

Check to see if you need payment protection ... some have a delay period (say 3-6 months before they will start paying) you are paying £26 a month for the protection. Are you going to really need it ... if it is for a car you could always sell the car to makes the payments ... you will have paid £955 over the period for the protection !!!!!

If you don't mind some work every year then the best bet would to take out a 0% credit card that allows a transfer to the bank ... that way you will get 9-12months interest free and then you can balance transfer to another 0% card at that time ... if there are none available then you get a cheaper loan with the amount outstanding.

All suggestions for you to look into ... not advice .... Just been there and tried it .... In fact I have a substantial amount in cards at 0% and the money is sat in my mortage offset account ... I saved £223 in interest last month alone

Dave.

fast bloke

as jowl sayd - watch out for 'typical APR'. They claim this rate is offered to clients with a good credit history. Having dealt with Northern Rock for mortgages I know how they credit score people, but not too many get the 'typical' apr. To get that rate you basically need to be over 35, no kids, single address for 6 years, no missed payments on anything and in the same full time employment for at least 5 years.

Have a look at www.thisismoney.co.uk which will let you compare most loans available. Egg are generally quite good as they just have a single APR, but not sure what the rate is at the mo. Also, comparing APR can be misleading. Look at your actual monthly payments and total amount of interest paid for a more accurate picture.

suprabeast

as said by fastbloke... depends on how good your credit history is!

prodriva

Credit history is excellent as far as I'm aware. Never missed a payment on anything and the last loan I had for a car I payed off early so surely thats at good thing???

fast bloke

it is, but they also score you depending on circumstances as above. I have never missed a payment on anything, so have a good credit history, but I have a low credit score becasu I have been self employed for less than 2 years, even though I now earn about 3 times what I did when I was employed (with a good credit score)