Need advise regarding a loan.

8 replies
Found 24th Jul 2008
Im thinking about getting a loan.
I only want to borrow about £3000
Ive been with halifax for ten years now.
Would they be the best bank to get one from?


noticed the way you said 'thinking of getting a loan'

if its for a car cos you really need it or an emergency of some sort

if not ...ask yourself you really need a loan.

£3000 over 5yrs = approx £ xxx monthly - every month for the next 60 months = 2013

Original Poster

Its for a car basically... anybody no any comparison sites

Original Poster

& Loan Name Loan Amount Loan Term Monthly Repayments Total Repayable Typical APR Variable
Moneyback Bank
Moneyback Bank Personal Loan £ 3,000.00 24 Months £ 139.55 £ 3,349.08 10.8% APR
Alliance & Leicester
Alliance & Leicester Personal Loan (Exclusive) £ 3,000.00 24 Months £ 142.48 £ 3,419.63 12.9% APR
Halifax Internet Personal Loan (Semi-exclusive) £ 3,000.00 24 Months £ 143.61 £ 3,446.73 13.7% APR
Bank of Scotland
BOS Personal Loan (Semi-exclusive) £ 3,000.00 24 Months £ 143.61 £ 3,446.73 13.7% APR
AA Personal Loan (Internet) (Non-Members) £ 3,000.00 24 Months £ 145.32 £ 3,487.62 14.9% APR
Marks & Spencer Money
M&S Personal Loan (Internet) £ 3,000.00 24 Months £ 146.75 £ 3,521.90 15.9% APR
Lombard Direct
Lombard Direct (internet) £ 3,000.00 24 Months £ 149.63 £ 3,591.06 17.9% APR

i kno royal bank of scotland is halifax so would i get this cheeper?

Do you think you will be able to pay it back early?

The reason I ask is that a bank gives you a lump sum, with the lump sum of interest at once. so you have to pay it all back, no matter what. You might be better (at the moment) getting a car loan from a stealer (dealer) if you think you may be able to pay back early

thats not quite true bazaric, interest is still added monthly in the normal fashion. A majority of providers do charge an early resettlement fee which can be quite high. Terms might say something along the lines of if you are in your first 50% of the duration you will own the outstanding amount + 25% of the due interest, if you are past 50% of your term you may have to pay 75% of interest. Thats just numbers off the top of my head but you get what im saying....i hope :P

Anyway, being in a bit of a pickle myself i really do ask you to reconsider your loan, or if you REALLY need an expensive car as your first car. Stick with something cheap, i promise you its best not to have to fork out!!

If your thinking about paying your insurance in one go thats fine for this year, but next year you will have not only your loan repayment, but also your insurance payment, car tax, and any repairs for the MOT....

I regret getting my first loan, it was the start of my problems, which i am only now beginning to resolve.

That said, not everybody who takes out a loan turns out the same way i did. I just think you should consider it very very carefully.


I was also considering getting a £1,000 loan from the Bank of Scotland, as I've seen a motorbike I like at my local bike shop. Its a great bike but I've not got enough for it just now so I'd rather just get some money from my bank; I could pay it off within a few months easy
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