£1k bank loan

[DazzerVTR]

I'm thinking of getting a loan or overdraft as my car needs two front new tyres plus I want it lowered and a full exhaust system, which costs money I haven't got, I've a part time job which brings in £800 after tax I've had it for a year and a bit with regular payments so they can see I've an income.

I was wondering what would I be looking at costwise monthly if I took a grand loan out and paid it back over three years or something if thats possible?

Or would I be better off getting like a £500 overdraft.

Of course I'll sit down and talk to the bank about this tommorow but I'd rather have some opinions from people not working for Barclays.

[Graeme]

to behonest its all down to what you can afford

i would have to say just save and then mod, no point getting in to drbt just to mod you car is there??

[Robbo]

if you go on some bank websites they have loan calculators which will tell you how much to pay back over a certain amount of years etc

[Mattvtr]

i say never spend if you dont have the money

[Simo]

work on approx 7 months of interest only payments...

So £1000 / 17 months is an approx monthly figure for your 24 payments.

Approx £60 per month

[Simo]

Ahh, you said over 3 years... Not to worry.. do an online quote :P

[Mitchell]

£800 after tax on a part time job?

jesus.

[Robbo]

£800 after tax on a part time job?

jesus.

yeh ive just thought that, im working full time and only get that.

what do you do if you dont mind me asking?

[DazzerVTR]

Medical Suppliers, say part time but its 30 hours a week.

[banx22]

Dont do it. I work for a loan brokers and to be honest it just isn't worth getting into debt over something like modding you car.

For one you would'nt be able to use the reason you want to get the loan. it needs to be something like debt consolidation or home improvements.

The APR rate on your loan would also be fairly high as the bank will want to get the maximum for it and if you only want it for 3 years that limits how long they can get any extra money out of you.

Better to just save some each month or week, until you have enough to do one bit at a time. This way you won't have to be paying back any extra. it might take a little longer than you would like but you will be debt free.

[scook]

3 years seems a long time for a 1000 loan , could you afford to just get it over as year (The interest payments would be a lot less). you would be looking at 100 pm at the max. Be aware of the insureance the sell you as it will be expensive. You dont have to have this (if you do it will prob ably add another couple of hundred to what you pay back).

[saxooxas]

so you dont want opinions from barclays workers? lol just so happens i work for debt collection, id make sure to sort the account if it came to me lol...
1k is in the highest bracket and the interest would be sky high. if you do decide to take an overdraft dont go over it cause the charges are ridiculous.

[scook]

No insurance

£1000 £93.56 12 months 17.9%
£1000 £50.64 24 months 17.9%
£1000 £36.45 36 months 17.9%
£1000 £29.46 48 months 17.9%
£1000 £25.34 60 months 17.9%
£1000 £22.65 72 months 17.9%
£1000 £20.78 84 months 17.9%


Insurance

£1000 £100.10 12 months 17.9%
£1000 £57.20 24 months 17.9%
£1000 £43.37 36 months 17.9%
£1000 £36.81 48 months 17.9%
£1000 £33.18 60 months 17.9%
£1000 £31.01 72 months 17.9%
£1000 £29.70 84 months 17.9%

the apr will be equite high as it is just a small amount

[DevilDamo]

Having a £1k loan over three years is not that wise... Three years to pay back £1k. The interest on that is silly. I personally don't think you should do it. Just remember... you have those bits done to your car and then something else happens... You've still got to pay the remaining months.

[Robb]

getting a 1k loan over 3 years is silly...likelyhood is your probably gonna want another (bigger) loan within that time anyway...

if i would you i would get a small overdraft of £500 and get what one or two things that need doing then pay off the overdraft over time. Then again saying this i did exactly this (got overdraft of 500, was planning on paying it back within a month) and ended up using the full 500 and was 500 into my overdraft for like 4-5 months untill i got a decent job...

hope i never have to go into my overdraft again...

[MikeCracknell]

:fcuk: :fcuk: :fcuk: :fcuk: :fcuk: :fcuk: Barclays charge extortion on loans under £5k! Overdraft!

Mike

[srcnix]

I'm thinking of getting a loan or overdraft as my car needs two front new tyres plus I want it lowered and a full exhaust system, which costs money I haven't got, I've a part time job which brings in £800 after tax I've had it for a year and a bit with regular payments so they can see I've an income.

I was wondering what would I be looking at costwise monthly if I took a grand loan out and paid it back over three years or something if thats possible?

Or would I be better off getting like a £500 overdraft.

Of course I'll sit down and talk to the bank about this tommorow but I'd rather have some opinions from people not working for Barclays.

With a grand loan interest will be high due to it being such a low amount. Probably about 10 - 20% depending on where you go. If you can get an OD I would go with that. Currently I am into my OD by £1,000.00 due to buying my new Saxo. It costs me £9.10/month to be in my OD by that much.

Pay if off over 10 months at £100.00/month and you have it sorted.

Hope this helps.

[Didz]

personally i would never get a loan! if i was you i would wait save up the money and do one thing at a time when you have the money for each!

[S34MER]

I try to live by, "If you cant afford it then don't buy it!" the only exception to that would be a mortgage on a house! i know a lad who went out and bought a MG ZR 1.4 having took out a personal loan, then decided 6 weeks later it wasn't fast enough, so took out another loan to buy the 1.8 version, without even selling his 1.4 or the 106 he had before that, so when his parents came back from holiday, he had 3 cars on the drive!! as you can imagine, all hell broke loose, but he's a prick anyway so i don't really care! lol

[srcnix]

I try to live by, "If you cant afford it then don't buy it!" the only exception to that would be a mortgage on a house! i know a lad who went out and bought a MG ZR 1.4 having took out a personal loan, then decided 6 weeks later it wasn't fast enough, so took out another loan to buy the 1.8 version, without even selling his 1.4 or the 106 he had before that, so when his parents came back from holiday, he had 3 cars on the drive!! as you can imagine, all hell broke loose, but he's a prick anyway so i don't really care! lol

lol, sounds like someone likes to spend money to me.

I am a tight bastard when it comes to money but when it comes to my baby I couldn't care less to how much money I spend on her, as long as I have the money in the first place (Other than buying her originally).

[davew]

just save up mate and then buy it.

its a better feeling then borrowing the money cos you know what you have is yours :)

[Jonnyallen1986]

try this website www.moneysupermarket.com/loans

[s60tsy]

dont be daft geting into debt over something so silly, i have a 5k loan and absoloutely hate it, im selling my car now to pay it off. If you HAVE to do it though, then isnt the obvious thing to get an overdraft and pay it back as quickly or as slowly as u want with about £5 interested or get arse raped by a bank for 3 years

[sillysammysnail]

dont do it, whats the point in spending money you dont have and then payin back more than youve borrowed. save and do it that way