Anyone's kids have a car loan? Where was best rate?

fluff48 · 18 Sep 17, 08:57 PM

Hi guys

DD's BF is looking for a car loan.

He has been paying loan on current car for over 1 year but on a high APR. He is in 3rd year of apprenticeship and living at home.

Does anyone have experience of their kids getting a reasonable APR rate with a high street branch?

Current bank loan can't give him a good rate as although he has a good credit score, they have still had him as a student for the last 2 years. They have now changed this but will take a couple of months to reflect in the rate they would offer.

Cheers and any advice would be appreciated.
Fluff

skalexander · 18 Sep 17, 09:08 PM

Has he considered changing his car? You can get some good 0% PCP or HP deals, and newer cars can be cheaper to insure and tax.

Blue nose · 18 Sep 17, 09:09 PM

Money saving expert let you do a soft search to see if you'd qualify I think.

Money supermarket let you compare rates too.

fluff48 · 18 Sep 17, 09:15 PM

Originally Posted by Blue nose

Money saving expert let you do a soft search to see if you'd qualify I think.

Money supermarket let you compare rates too.

Never realised a soft search was possible. Will give this a try.

He is going to buy a newer, sportier, more expensive car. An Astra VTX or something. He is only 20 so woukd hate to see his insurance

wanye · 19 Sep 17, 08:35 AM

i got an �8.5k (generic - not car specific) loan last month to pay off the balloon payment on my current car... went with M&S bank, who gave me the money at 2.8% APR, which is way better than my last car loan which was something like 18% APR with lloyds

HTH

Mr Tom Morrow · 19 Sep 17, 08:41 AM

As above. I wouldn't be accepting anything more than 2.8%. That is Sainsbury's figure as well as M & S. Both very good for loans.

18 Sep 17, 08:57 PM	#1
	18 Sep 17, 08:57 PM fluff48 Apprentice Imagineer
fluff48 Apprentice Imagineer Join Date: Jan 11	Anyone's kids have a car loan? Where was best rate? Hi guys DD's BF is looking for a car loan. He has been paying loan on current car for over 1 year but on a high APR. He is in 3rd year of apprenticeship and living at home. Does anyone have experience of their kids getting a reasonable APR rate with a high street branch? Current bank loan can't give him a good rate as although he has a good credit score, they have still had him as a student for the last 2 years. They have now changed this but will take a couple of months to reflect in the rate they would offer. Cheers and any advice would be appreciated. Fluff Edited at 08:58 PM.

18 Sep 17, 09:09 PM	#3
	18 Sep 17, 09:09 PM Blue nose Imagineer
Blue nose Imagineer Join Date: Mar 16	Money saving expert let you do a soft search to see if you'd qualify I think. Money supermarket let you compare rates too.

19 Sep 17, 08:41 AM	#6
	19 Sep 17, 08:41 AM Mr Tom Morrow Imagineer
Mr Tom Morrow Imagineer Join Date: Jul 14 Location: The Tiki Room. theDIBB Guidebook Pages Created: 3	As above. I wouldn't be accepting anything more than 2.8%. That is Sainsbury's figure as well as M & S. Both very good for loans. __________________ "PAGING MR MORROW, MR TOM MORROW..." ''I drink Wine and know things'' DVC Owners at SSR since 2003. Multiple annual visits to America since 1976

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