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Low interest rate consolidation loan?

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  • 03-09-2007 5:31pm
    #1
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭


    Hi all,

    I'm completely clueless when it comes to interest rates, fixed rates and all that. I really don't have a clue what i'm doing. Basically i have built up a reasonable amount of debt over the last few years. About 20k or there about. 15 with the bank(BOI) and 5 with the credit union.

    Now i'm paying this all back reasonably well. At the moment i just don't like having 2 loans and 2 payments coming out of my bank every month. I'd like to bundle it all in to one monthly payment, ie ONE loan.

    I'm just wondering what low rate loans are recommended? If anything i'd like to save a small amount on the repayments but don't really know where to look to. At the moment with BOI i'm on a variable rate and it's currently 11.1% Which i think is relatively high.

    Any comments are more than welcome.

    Cheers.


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    #2
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    http://www.halifax.ie/index.jsp?1nID=94&2nID=105&nID=117

    halifax loan calculator which cited an APR of 6.9% fixed rate for your debt.

    Fixing will leave you exposed to penalties should you wish to pay your loan back earlier. It does insulate you from uncertainty on rising interest rates.


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    #3
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    uberwolf wrote:
    http://www.halifax.ie/index.jsp?1nID=94&2nID=105&nID=117

    halifax loan calculator which cited an APR of 6.9% fixed rate for your debt.

    Fixing will leave you exposed to penalties should you wish to pay your loan back earlier. It does insulate you from uncertainty on rising interest rates.
    Thanks for that. It works out slightly cheaper than a fixed rate from BOI, who are the next cheapest i've found so far.


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