C. Jay. k.

So many loans available esp. on the net , MA HEIDS BURSTIN, going to need about 4k towards another Impreza(3rd). Companies like Cahoot are offering around 6.9 % apr(?) which is only around 120 odd quid / mth over 36mths , which is alot cheaper than The Banks, i am just a bit wary , never really dealt anyone other than the main Banks .
Anyone put my mind at ease/give advice please.
Ta much Colin

C. Jay. k.

Anyone?

ChrisB

Cahoot are part of Abbey National, so I wouldn't have any worries about dealing with them on a "status" level.

ProperCharlie

cahoot are pretty good - there have been quite a few threads on this recently. last time i had a loan it was from northern rock and they were very reasonable and easy to deal with.

milo

most of these internet-based companies are part of major companies. as said above, cahoot is backed by abbey national. so i wouldnt worry.

not too sure what you're worried about anyway. you're getting a loan. are you concerned that they might run off with your debt or something?!?

little miss fire

Had loans with Northern Rock, and recently just taken one out with Abbey National.

No problems with either. All I would say, is read the small print regarding early pay back. Most will charge interest up to early repayment date, but some may have early repayment penalties!! Northern Rock and Cahoot didn't when I had mine.

Carl Davey

iTrader: (3)

I've always found the Money Facts website useful for many of my financial issues.

Looking at a loan myself at the moment and favouring Direct Line's (subject to status ) 6.2%.

C. Jay. k.

Thanks for you're views Guys , tho just heard tonight the car I had my eye is almost defo sold. No doubt there will be others.

Jamo

iTrader: (23)

read on

cahoots interest is VARIABLE it will go up!! they do not offer flexibility, in english! if you want to settle the loan in a year, when you find a better loan? or whatever, they can charge you upto 3 months worth of interest.

I work for egg, and I would say mate find out what it is you want from a loan, do you want to be able to make extra payments on the loan? end it early if needed? do you want a lower apr over these benefits? do want the interest rate to stay the same during the period of the loan or do you want to take the risk of taking a low apr now only for it to rise later? im not selling you anything here mate, but the egg loan is a fixed rate, its fully flexible, you can make extra payments settle the loan early, and you can take payment holidays, upto 3 a year once six payments have been made.

bit of insider info for you here, you say you want 4k? well go for 5k, say that you have had an offer on 5k for 6.9% and you would like to see if you can price match, they will do this for you, when you do this request a chaps, they will give you that also, then arrange for the 1k to be sent back using te flexibility in the loan, therefore getting a 4k loan for 6.9% instead of the usual 10.9%.

hope this helps.

jamo

jaf01uk

I use the Autotrader finance section to do quick comparisons, it's run by money supermarket They are quoting Northern Rock fixed loan for 5.9% for £4000 for 3 years so if Egg is 10.9 I think they are a bit off the mark, and for 5K its much the same,

Jamo

iTrader: (23)

no flexibility, its all about what you want from your loan.

jamo

MooseRacer

Cahoot are offering 5.9%apr FIXED.

Jamo

iTrader: (23)

if the apr is fixed you have no flexibility, if its variable, then you have flexibility.

egg loans is 1% higher, but offers fixed rate and full flex. cahoot could go upto 18% you do the maths.

jamo

MooseRacer

Huh? Flexibility has nothing to do with the APR being fixed or not, surely?

Egg isn't fully flexible as far as I'm aware. Not only that but they apply interest to the loan at start of term - very bad practise.
Why could Cahoot's fixed rate loan go upto 18%?