best place to..

[ste porter]

get a loan

as some of you know i had abit of an accident the other nite and the nova turbo project in the wip thread is no more

as a result i ow alot of money and was woundering on the best place to get a small low interest loan and any pros and cons and do's and donts about getting one any info apreciated as im currently debt free and have no overheads ect so this will be a first for me

[Stuart]

ever been in debt to prove you can manage it?

what kind of ammount do you need and can you pay it off fairly fast? as you could get a 0% credit card (if they do 0% advances too) and go that way

[ste porter]

i know absolutly nothing about borrowing money credit cards ect so whats that ?

i need a crash corse idiots guide to it all ect mate what all the terms and slogans ect mean exactly and the best way about it

[Stuart]

erm im not going to give out financial advice lol.

best go talk to your bank....
how much do you need?

[ste porter]

a fair bit but not stoopid amounts the thing is i dont want to walk in a bank go in be fed a load of cock and bull that i dont understand and walk out having been conned

i just want a rough idea of what everything means like apr ect and where at the min will be the best people to talk to i dont wana end up taking a loan out and paying 10 times what i borrowed back pluss i dont know what my credit history is either as i have never borrowed before

[wisewood]

have you ever been issued a credit card? or even had a home shopping catalogue in your own name or anything like that? if you have, and havent defaulted on payments you'll be alright.

The APR is the % per year that you pay back on the amount borrowed - but its never a very simple thing to calculate for yourself with any great accuracy.

The best thing to do, is just walk into YOUR bank and ask them what a typical interest rate would be on a loan for the amount you wanted, over the repayment period you wanted. Your own bank, when dealt with in person, can often be very helpful.

If you borrow ?2000 over 5 years on a fairly typical interest rate you're probably looking at repaying about ?3600 in total... rough estimate.

Halifax has a pretty good loan calculator on their website (www.halifax.co.uk (http://www.halifax.co.uk)) which can help you figure out what you can afford to repay and how much it'll cost you etc.

[ste porter]

cheers mate and no never had any of that any more slogans slang and terminolagy you can explane greatly apreciated

[wisewood]

the best thing to do is not take any nonesense from them. If you dont understand something, ask. The main things you need to know before you sign on the dotted line are...

1. How much you're borrowing.
2. How much you pay each month.
3. How many months you're paying it for.
4. How much it costs you in total.

If you get those details, its much easier to compare than getting "7.99% typical apr" at abbey and "7.94% typical apr at halifax" type stuff in your head.

Typical APR is pointless, as its just an average rate they offer - big loans have lesser interest over longer periods and stuff which all affect the repayments.

[ste porter]

cool i think im getting it so does the apr change or when you take the loan is it usualy set at that rate from start to finish?

[wisewood]

your rate will be fixed at what you agree when you sign the loan agreement. your repayments will be the same from start to finish, though may alter right at the end for the final month to make it divide neatly into the number of months you want.

[ste porter]

thanks guys apreciate the help i have been proud of my self for having no debts for so long and now because of 1 daft mistake its all gona change

[wisewood]

Don't stress about it. Borrow the least you can, over the shortest time scale.