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Thread: Loan Advice - Needed asap really

  
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    Loan Advice - Needed asap really

    Hey all!

    Basically, I'm needing a temp loan of £4500 to put towards my new car.

    The things that are a must are (needs to be payable back anytime without a fee - meaning when i sell my current car for approx £4500 i can pay that money straight into an account/or pay off the loan within a month or so.

    I know this is possible with some companies (ive already got a small loan from Northern Rock) who allow this, but to extend money with them would send the APR through the roof.

    I've done loads of searches/quotes but was after anyones personal recommendations.

    Obviously im not going to tell the loan company i intend to pay it back within a month ish (unless that would work better for me).

    Thanks !
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    I had a loan a long while ago through MBNA which was a really good rate.

    and i paid it off early.

    But they charge for you to settle early, if you budget that payment into your finances it doesn't make any difference anyway.

    Do you realise that paying loans off early damages your credit score! Bizarre i know but, for some reason loan companies don't like them being paid off.

    Why is it urgent? any loan companies offices will be shut now?

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    The aa are doing them at very good rates. Not sure on rate for what you want as i asked for more when i was quoted.

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    i work doing personal loans al day long matey. There are two main ways in which loans are written. interest up front which means you pay a set amount of interest on a fixed loan and this is paid off before the amount you borrowed is.

    Secondaly their are monthly added interest loans where the interest is added monthly so you can pay lump sums off when you please with just a months interest being added.

    Black horse do interest monthly loans but make sure you phone a company direct. if you go through a broker you can expect to pay around 5% higher apr on average
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    ahh i see, cheers for the advise so far.

    Basically, im buying a car around about sunday, my car is for sale but not yet sold, but ive got a deposit down on the new one which i'd prefer not to loose. What i may do then, is just put the money i make from selling my own car into a bank account, and just leave it in there, and each month the loan money will be taken out if you get me; rather than paying off early, as i dont want a bad credit history etc
    Regal Phase 3.5,VXR Turbo,VXR AFM,VXR Injectors,Courtenay FMIC,Dbilias Flowmaster,Regal Precat,Miltek exhaust,Lightened Flywheel,Uprated Clutch,Denso Plugs,Veccy Pipe,Eibachs,308mm Discs

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    You will pay more interest if you do it that way. Nationwide are fairly good for loans and you can pay them off early with no penalty. I think you may have left it too late for the weekend though mate. Is the car from a dealer or private? If it's only short term could you not put it on a credit card or use an overdraft?

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    You won't damage your credit history by paying off a loan early! If anything it's good.

    Ultimately it'll come down to underwriting, some companies may look at it as a bad thing, because they want your loan to go the full term, others will look at it in a good way because it shows intent, and that you made the effort to clear it. But it won't damage your history. Not compared to late payments etc.

    I had a loan through Goldfish, was a low APR and I paid of the last 4k at the beginning of this year, no penalties what-so-ever and I could also make additional poayments each month to reduce the balance down. Becasue the interest was charged monthly, it also meant that I avoided a couple of years interest.
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    best bet would be to get a credit card with 5k on it.

    months interest free.. then if you can sell yours in a month job jobbed.

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    I have found with most companies you usually get a lower rate of interest when you borrow £5000+

    So i would go for the £5000 instead of £4500

    And definately shop around. Don't take the first loan you are offered as you may get a better deal elsewhere. On the autotrader site it lists the loan companies that offer the best interest rates. I would say anything over 12% is a rip off, anything under 10% is ok, if you can get close to 5% you're laughing.
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    Go to your bank and explain the situation and ask to have an overdraft of £5,000 short term. Mine did it for an overdraft of £6,000 while I swapped cars and I've still got the same overdraft limit today (which to be quite honest is a little dangerous really!)
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