loan question?

[R1 Indy]

6 months ago i took out a 3K pound loan, over 12 months from my bank. This was for building/finishing my kitcar.

I have done 6 payments, and roughly 1600 pounds left.

Now due to spending double my budget on just the engine!, i seem to have run out of money, and i can't be bothered to wait and save, as i want it finished and on the road.


Now what would be perfect was if my bank could give me another 3K pounds, and i keep paying the same payments for an extra 12 months, IE another 18 months.

so before i spend hours trying to explain this to india, is this something they are likely to be able to do?

Just i can't really afford to be paying 2 loans at the same time.


so any advice/experiance on this would be great.

cheers

[R1 Loon]

You won't get a second loan with deferred payments for 6 months which is what you're effectively asking for.

What they may do is roll the existing loan into a new one for £4600 and let you pay it back over 18 months, whish is more or less the same thing, although it'll be a bit more expensive with overall interest payments.

[R1 Indy]

thanks loon, am i best off going to a branch (HSBC) to discuss this? or will it be easy enough on the phone?

cheers

[R1 Loon]

R1 Indy said:

thanks loon, am i best off going to a branch (HSBC) to discuss this? or will it be easy enough on the phone?

cheers

Take your pick, it's probably be driven by "computer says yes / no" anyway. My personal preference is face to face, but depends on the banking service you have.