and the apr is 31%,,we borrowd 5k,,,is it possible to take out another loan at a better rate and pay the 1st loan off,ps we are in the uk,,,thanks for any help
2007-03-11 09:10:15 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
Get yourself around to the citizens advice bureau as soon as possible for advice.
You are being charged a rip off rate of interest.
2007-03-12 05:16:31 · answer #1 · answered by brian t 5 · 0⤊ 0⤋
Secure loans are usually alot lower. Unsecure loans usually are that high. This is a hard question to answer with this little info. First figure out what you want to do with the money, and will you be able to pay it back. You can get another loan and pay it off, but is there a prepayment penalty on the loan you have now. If there is, you will have to find out what the penalty is and see if it is feasible to pay it off, or stick it out. Hope this helped.
landstonegsl@yahoo.com
2007-03-11 16:17:58 · answer #2 · answered by JoshuaCaleb 1 · 0⤊ 0⤋
You can certainly try to get another loan but if you had to go to a sub-prime lender to pay 31% I would think this is unlikely.
JOJO is 100% right too. You will also have to pay much of the interest that you would have paid [I think it is called the Rule of 97]. It is not as simple as just paying of the outstanding capital
2007-03-11 16:19:55 · answer #3 · answered by Davy B 6 · 0⤊ 0⤋
Wow that is daylight robbery
Phone them up and ask them what the early settlement figure would be, without seeing the paperwork I cant tell you what clauses they have listed
As long as you have good credit try getting a unsecured loan out 5k these days is not alot to borrow these days
good luck
2007-03-11 16:17:27 · answer #4 · answered by xXx Orange Breezer xXx 5 · 0⤊ 0⤋
31%?? where did you go - Yes car credit??? Get loan B to pay off A at a much lower APR !
2007-03-11 16:14:52 · answer #5 · answered by kellie0702 3 · 0⤊ 0⤋
yes you can and I would. I would not have gone for a loan with that amount of interest, when most banks are offering a lot less. I got 5.9% with Alliance and Leicester.
2007-03-11 16:16:29 · answer #6 · answered by alec A 3 · 0⤊ 0⤋
yes you can,go to Northern rock building society,they have one of the lowest apr at 5.7% if not lower but you should check if you have to pay a redemption penalty on your exsisting loan.
2007-03-11 16:15:39 · answer #7 · answered by Dooby 6 · 0⤊ 0⤋
Please do it as quick as you can. try Barclay's first: they are good on that one. Think before you do it because you have one shot. I believe you have a trouble with your credit rating with 31% rate. It is sky high! But still look for recognisable banks not for doggy firms
2007-03-11 16:16:35 · answer #8 · answered by Everona97 6 · 0⤊ 0⤋
Speak to a company called G-Mac. They deal with remortgages for diffiult cases.
2007-03-11 16:15:57 · answer #9 · answered by cafcnil 3 · 0⤊ 0⤋
See the citizens advice bureau
2007-03-13 06:49:15 · answer #10 · answered by esmerelda v 5 · 0⤊ 0⤋