Personal Loan Advice

[DAKOTAstorm]

Buying a car from a private seller so no finance available, I browsed the web for a personal loan. Now a marvellous thing appeared on the majority of websites 'known as a personal loan calculator'. The best deal for what I want was Santander, however I did manage to bring myself to read the small print and this states that what is shown may not be the actual % given. I spent tens of minutes filling out online forms in the mind set that the only way to find out the actual % will be to apply for the loan? but then I bottled it (or knew better, which ever turns out to be right)

So what is the best way to do this? part of me still doesn't trust computers and wants to pop in and speak to a real person to get the jist of it!

Loan calculator example : £5,500 over 36 months 7.6% APR

[Sarnie]

Basically the rate offered will be based on the strength of your credit score and details submitted in your application. So in short, you won't actually be able to find out what rate they will offer you without applying.

[anonymous-user]

try zopa.com

[Wacky Racer]

Always compare APR% not flat rate....(despite what some dealers say)

[DAKOTAstorm]

Sarnie, say if I apply for the loan and the rate is way higher than what I am willing, I have the option not to take that loan? or once I have applied that's it I am doomed?

APR being the % such as 7, flat rate being?

[Wacky Racer]

http://www.moneysavingexpert.com/banking/interest-...

As long as with different lenders you compare like with like...

APR v APR

Flat v Flat

Obviously always try to go with the cheapest firm, assuming they are prepared to take you on as a customer..

[Sarnie]

DAKOTAstorm said:

Sarnie, say if I apply for the loan and the rate is way higher than what I am willing, I have the option not to take that loan? or once I have applied that's it I am doomed?

APR being the % such as 7, flat rate being?

What happens roughly is;

You complete the application
Lender assesses it
Lender sends you out their offer
You decide whether to accept it or not.

[DAKOTAstorm]

Ok cheers guys, thanks for your help!