A friend of mine needs a loan of around 4k, hes has good history, and job etc and is currently with lyords bank. He wants to pay it off in around 2 years..
Im rubbish as ive never took a loan of any sort, but whats his best option.
A friend of mine needs a loan of around 4k, hes has good history, and job etc and is currently with lyords bank. He wants to pay it off in around 2 years..
Im rubbish as ive never took a loan of any sort, but whats his best option.
Originally Posted by djinuk
saving and paying outright
i wanted 2k but the rate was poop 15% over whatever years, so the guy said take out 7.5k @ 6% (or so) and pay back what i dont want before i leave the bank.. best bit i was a student earning £100 a weekgotta love lloydstsb
worked out nicely.. i was always offered 7.5 -11,5k at good rates up until GB fell out its own ar5e, now there shocking.. 9.9% was the last one that popped up
New poster! (less than 10 posts)
dont just go to your bank!!lloyds rate for customers was 23% a month or so ago!!!!!!!!!!!!!!!!!!!!!!!if he hunts around could prob get 8-9%!!!!just make sure it comes with insurance due to the state of the country atm!!or just save up!
!lol
save up or bank of mum and dad.
ive borrowed rediculous sums of money from my dad and always agreed to pay it back by x time n date.
my advice, save what you can afford to and borrow as little as possible
im also going to be having to take out a loan soon due to these new taxi regulations
ill need to borrow around 12kim scared sh1tless as ive never borrowed money before in my life.
does anyone have any pointers for me to take into account?
also, if anyone know of any good car auctions places/websites id like to know. ive got 3 months till i need to take a loan out.
i'll be on the look out for either a skoda octavia vrs diesel estate OR a bmw 525 m-sport diesel estate.
also, how does finance work? can you only get finance on new cars or.?
unsure on which would be the best route for me to take
try abbey!!! as people have said the rates have all gone up but abbey are still reaonable at about 9%
Speak to an independent financial advisor.
They are not usually commission driven and offer better unbiased advice in my experience anyway.
u can still get finance on 2nd hand cars as long as the company are registered!normally it works out cheaper to get a car on finance then to borrow the money (loan) and pay that off!the car seller will have an arrangment with a finance company so can offer good rates because all of there deals go to that finance company!!just b careful coz some companies dont include any insurance on the money uv borrowed!!if u become ill or loose the car or your job so on so on!!!loads of small print!!!!!!!!!!!!!im also going to be having to take out a loan soon due to these new taxi regulations
ill need to borrow around 12k
does anyone have any pointers for me to take into account?
also, if anyone know of any good car auctions places/websites id like to know. ive got 3 months till i need to take a loan out.
i'll be on the look out for either a skoda octavia vrs diesel estate OR a bmw 525 m-sport diesel estate.
also, how does finance work? can you only get finance on new cars or.?
unsure on which would be the best route for me to take
You can go on a website called moneysavingexpert. You can apply for credit cards that have 0% interest for the first year or even 2 years on some. That way you only pay back what you borrowed....but after the 1 or 2 years, the APR is something like 30%!
cheers folks, Well my soulution has always been to save up , hence ive never borrowed cash , but in this situation its not going to be possible, and its not really possibly for him to borrow from mum/dad, he can take finance out but basically he has to pay it over 3 years and ends up paying an extra £1k
www.moneysupermarket.com
Just a thought!
just been having a think, if i was to get car finance rather than a personal loan they would obviously take into account your credit score/rating.
now thats exactly the problem! ive never borrowed, dont have any bills to pay in my name, and experian comes up with 0.zero. on everything regarding my history
so im thinking, would it be a good idea for me to get a credit card and start spending on it? and repaying monies back on time? ive never had a credit card and to be honest anything do do with money that isnt directly my own scares the sh1te outta me!
what would be the best credit card for me to go for? i dont want to actually pay for a credit card either, and id like it to be cheap etc.
im really lost whan it comes to money borrowing and all ths APR whatever that means
Yes raj getting a credit card is a good way to pop your cherry and start your credit history. I started off with capital one as they pretty much accept anyone! I did this for the same reason as you so I could eventualy get a morgage. As for apr, none of this should matter as you are gonna pay it off all in one every month aren't you!
ok, so say i get a credit card, is there any particular one i should picYes raj getting a credit card is a good way to pop your cherry and start your credit history. I started off with capital one as they pretty much accept anyone! I did this for the same reason as you so I could eventualy get a morgage. As for apr, none of this should matter as you are gonna pay it off all in one every month aren't you!
can someone suggest a card i should apply for? all i want to do is spend and pay it back spend and pay it back without any charges/fees etc
Raj mate, i'm certainly no credit card expert so this isn't gospal!
Credit card companies and there rates change daily so 1 deal 1 day could differ from the next, that is until you sign on the dotted line.
Moneysupermarket.com or web sites similar are perhaps a good start! (any research over the web is a good thing
Most credit cards offer no fee to start using them (and some as long as 18months!) and as long as you use it and pay it off every month then it will work in your favor................there are cards that even give you air miles etc............perhaps another point to bear in mind is that SOMETIMES it pays to use a credit card because say you buy an expensive appliance (for example) it will then automatically be insured for an agreed amount (as per terms and condition of the credit card "contract")
As for paying it off every month - you set up a direct debt with card company and this then builds up a credit rating...............
The credit company however will almost certainly try to get you to pay off a 2% minimum and this is how they get people..........so perhaps a phone call to increase the amount paid off each month may be a cost to bear in mind?!
Very hard to explain all the in's and out's in an email.............get on line and check out some of the deals................but be SURE to read between the lines...........
A pen and paper to right down the differences is almost a must!
Hope this is of some help????
Good info wallace.
just a quick Q ; if u buy something expensive say £1500 on a credit card that has 0%apr for the first year does that mean u have a year to pay off the £1500 before u start paying the apr??
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