car finance?

[let_nova]

well, when i bought my car i may not of got the best intrest rate. Not because of a bad credit rating but of not having a credit rating. now is there any way i can refinance it with another company? i dont want to lower my monthly payments just get a better rate?

[novalovingned]

I tried to get a personal loan to clear my car finance. For a number of reasons, to get a lower apr and if i decided to sell i could. Now that im more than half way throuh the finance agreement i can give the car back to the finance company.

But ive never heard of another finance company taking on another customers debt. I would have thought that would resulted in a higher apr as you will be higher risk. Could be wrong though mate.

[davidfox280585]

yes dont go shopping about as you will nak your credit rating via searches,
best to get your head down save a small bit to show the bank you can save, dont apply for anything meet your payments fine then get a personal loan
i read experian top to bottom as i got knocked back on a mortgage due to all the searches id had even though i could clearly afford it

[Hobbit]

Can you not get a business loan? :d

[let_nova]

im an employee at a fish farm???? how the funk would i get a business loan?

[Jack]

yes dont go shopping about as you will nak your credit rating via searches
As long as you're only getting quotes you should be Ok.

I paid off one loan by getting another with no hassle whatsoever.

[novacabrio]

If your looking to keep payment the same and your only looking to borrow the same then the APR will not change.

You need to look at a personal loan to settle it. Banks aren't interested in lending to much at the moment so it is hard to get a loan from them despite having a good credit score. If you are half way through your agreement then you can possibly hand the car back to the finance company due to a legal clause that states you can.

If your looking at personal loans the should ignore the APR and find out what the flat rate of interest is. This is the true rate of interest and APR is a variable so not a true reprisentation.

For example a loan of £10,000 over 10 years at 6% flat will have a lower APR than and loan of £5,000 over 3 years at 6% flat. However you will still be paying £60 interest per year for every £1,000 borrowed.

Hope that makes sence. If you need any help I'm a car salesman for a Vauxhall main dealer so if I can offer any advise then pm me

[Hobbit]

im an employee at a fish farm???? how the funk would i get a business loan?
my bad, thought you were a trader. Lol