Where is the best place to get a decent loan?

I want to buy an Octavia and skoda say that the best rate they can do through Black Horse is 7.8%

Seeing 5.8 and 5.9 knocking about on the internet I feel I can do better but............................................ when they offer u the loan its higher!!!!! or they even decline to offer it at all and I must have a good credit rating as me and my wife are teachers and earn good wages.

Anyone know a company that is any good as I'm sick of filling in forms on the internet?

Egg?

Got few grand on 6.9%, only because it was easiest one to do for me.

Your local bank, I currently have quiet a few K at 4.9% APR from LloydsTSB.

I prefer buying cars using a loan rather than a dealers HP agreement because at least you own the car, it will comeback as no finance when you do a HPI check.

Yeah HPi on new motors are rubbish, get a personal loan, the best ive seen is Northern Rock 6ish%, i have one with First Direct which are also good!!!

Northern Rock will do you 5.8% on the net, ready in a week, fixed rate for loan term. That's what I did, they phoned me once to confirm details and that was it.

Always talk to your bank first just incase they can offer a special rate. Rarely happens but worth a shot.

After that go to www.moneysupermarket.com/loans/

Current Cheapest Loan Rates:

5.7% Moneyback Bank

5.8% Cahoot and Northern Rock

5.9% Tesco

The trouble with lenders is they often quote

When I was buying mine the dealer was doing all the quotes for HP but I wouldn't pay the documentation fees which had been included in the five year term.

Went to my own bank, got a great deal, with no hidden charges and as has been stated you own the car from day 1.

Neil

Get a flexible loan (which acts much like an overdraft) then get a credit card on 0% which allows free balance transfers from loans. Thats what I did, borrowed £6k, got an egg credit card for 6 months then a barclaycard for 18 months. Made the minimum payment each month (automatically), saved the rest which I would have put to the loan (thereby earning interest), paid it off in a lump when I had enough/the card ran out. I paid £25-30 in interest IN TOTAL for a £6k loan over 2 years and that was because it took 2 weeks for the egg credit card to come through. I've still got the flexible loan, it doesn't cost anything to keep running but is there for emergencies. At one stage cahoot (flexible loan) were paying me interest on their own money, i needed £5.6k but borrowed £6k, I paid no interest on the £6k but put the £400 left over back into my cahoot savings account. Now those are the kind of loans I go in for!!

You'll find the loan companies have intrest level changes at certain values. Therefore you could end up with a smaller monthly payment for borowwing a little bit more (even over the same term). You could use the remainder to get a remap etc.

Top tip to get a great deal is to find out if you are able to overpay without penalty. Then go for whatever amount you need to go to hit the lowest rate. Money comes in, you buy whatever you're buying (car in this case) and pay the rest back against the loan.

Keeps the low rate, reduces the interest charges.

BTW having a well-paid job has impact but having a credit history is MUCH more important. SWMBO had a loan for me once as she could get a better deal at the time. She's now got an excellent credit history even though up to the point where she bought her car she never had a loan (for herself).

It's amazingly difficult to borrow money for the first time. Once you've got some good credit history the offers for credit cards and loans tend to flood through the letterbox (regardless of whether you're interested in it )

always found the AA and sainsburys online to be competitive on loans...

Go to www.moneysavingexpert.com

Its a money saving site by Martin Lewis, it has loads of good info on everything to do with money.

Thanks for all the advice and info

It is much appreciated:finger:

So why the finger smilie :confused:

I

If you have a mortgage that allows overpayments without penalty get it tagged on to the mortgage, or change mortgages to a better rate and cash in all round.

So why the finger smilie :confused:

sorry wrong symbol chaps:O