Website For Best Loan Rates??

yop

Lads

Is there a website out there where I could go to tell me what the current rates are for bankloans and that is Ireland??

thanks

Sleipnir

yop wrote:

Lads

Is there a website out there where I could go to tell me what the current rates are for bankloans and that is Ireland??

thanks

Prima

Sarsfield

http://www.askaboutmoney.com/clubman/BestBuys.htm#PERSONAL_LOANS

grumpytrousers

You might also want to check with your local credit union - depending on what the amount is. Fair to say that it probably won't have a rate up on t'internet and you might have to make a call or two, but could work out a lot cheaper - AFAIK the max they can charge is an APR of 12.7%

yop

thanks for ur help lads

RainyDay

grumpytrousers wrote:

You might also want to check with your local credit union - depending on what the amount is. Fair to say that it probably won't have a rate up on t'internet and you might have to make a call or two, but could work out a lot cheaper - AFAIK the max they can charge is an APR of 12.7%

Credit Union rates are not always as good value as they appear. They usually require you to keep a proportion of the loan (25% or 33%) on deposit with them. So they are loaning you money at 8%-9% while paying you 2%-3% on your deposits.

For example, if you have 3k in savings and you want to buy a 10k car, you will go to your bank looking for a 7k loan. But if you go to your CU, you will probably have to borrow the full 10k, while keeping the 3k on deposit. So you should really compare the total interest paid to the bank on the 7k loan to the total interest paid to the CU on the 10k loan less the interest earned on your 3k savings.

Do the sums to work out the actual figures for your own particular case.

grumpytrousers

Very possibly true. Banks, however, are utter c**ts in general. With the CU, assuming you can afford a scenario like you outline, you're not contributing to the banks bottom line - the CU tends to give more back to the community.

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