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Borrowing money

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  • 15-03-2005 2:48pm
    #1
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭


    I want to borrow a sum of money (circa 15k) am a homeowner & in full time employment.

    Any ideas of best lenders or interest rates ?


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    #2
    eth0_
    Registered Users Posts: 10,846 ✭✭✭✭eth0_


    Tesco.... 7.9% which is the best I found!


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    #3
    D!ve^Bomb!
    Closed Accounts Posts: 2,089 ✭✭✭D!ve^Bomb!


    credit union


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    #4
    I am MAN
    Closed Accounts Posts: 1,756 ✭✭✭I am MAN


    D!ve^Bomb! wrote:
    credit union

    Yep!


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    #5
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭iMax


    Is the credit union not more expensive (not to mention I'd need to have a third in there already)


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    #6
    bounty
    Closed Accounts Posts: 978 ✭✭✭bounty


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


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    #7
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    if you are a home owner, it would probably be better to borrow of your mortgage.

    much lower interest rate.


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    #8
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭iMax


    Lower interest rate but a higher overall payment


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    #9
    bounty
    Closed Accounts Posts: 978 ✭✭✭bounty


    iMax wrote:
    Lower interest rate but a higher overall payment

    :confused: are you sure max?


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    #10
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    iMax wrote:
    Lower interest rate but a higher overall payment

    What term are you borrowing over or how much per month have you to budget with?

    And no I can't lend you it myself sorry :eek:


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    #11
    stones
    Closed Accounts Posts: 203 ✭✭stones


    Whats the current credit union interest rate?


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    #12
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭iMax


    Not 100% sure. But one would think that by topping up a mortgage, one would be extending the term of the loan to the term of the mortgage, thereby costing more in the longrun


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    #13
    samo
    Registered Users Posts: 2,151 ✭✭✭samo


    you can select the term, I borrowed via a topup mortgage for a car a couple of years ago, selected a term over 6 years - wouldnt do it again though unless its for home improvements or something that ISNT going to depreciate!!

    When we sold the house a year later, loan was cleared as normal out of the equity - worked out well for us at the time.

    Only other thing to bear in mind is that some banks have a minumum amount they will lend you and you are also (possibly) liable for legal fee's - the loan may or may not be eligible for TRS as well (Have done 2 equity loans now and both have to the surpirse of my broker :))

    BTW - did you get the Collateral DVD posted out on Friday??


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    #14
    iMax
    Closed Accounts Posts: 3,489 ✭✭✭iMax


    Hi Samo, Thanks for that info. Yes I did get collateral BTW, sorry for not letting you know !


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    #15
    ando
    Registered Users Posts: 5,398 ✭✭✭ando


    so whats the best option for someone that does not have a mortgage, and has just joined the credit union (max loan 6000). I want to get a car, bout 13 or 14k loan is needed


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    #16
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    ando wrote:
    so whats the best option for someone that does not have a mortgage, and has just joined the credit union (max loan 6000). I want to get a car, bout 13 or 14k loan is needed

    The best option is to buy a cheaper car. You would be crazy to be borrowing that kind of money for a car and paying interest on your debts for years. Buy a cheap car & start saving.


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