TAKING out financing might be a good way of spreading the price of a big purchase – we round-up the best rates currently available.
Before you think about borrowing money, there are some things to be aware of first.
Taking out a loan is really a serious expenditure, so you'll need to make sure you really can afford to meet all of the repayments.
You can do this by taking into account the length of your loan, plus the rate of interest, to make sure it's affordable for you personally.
You'll should also make sure you don't damage your credit rating by checking how likely you're to become accepted by using a "soft search", exactly like it from MoneySavingExpert.
Although a "soft search" continues to be recorded on your credit report, lenders can't see it so it won't affect any future credit applications you make.
Remember, the offer you'll get will be based not just on your credit history but the loan provider's criteria.
All loan rates are also "representative" meaning only 51 per percent of successful applicants need to get the speed – so you could successfully apply but obtain a more expensive deal.
Remember the longer you take the borrowed funds out for the lower your monthly payments, however the interest you'll pay will soon add-up.
So work out how much you really can afford to pay for within the least of time.
Cheapest loans for lb3,000
The deals below are calculated on the repayment term of 3 years (Three years).
If you boost the length of your term, you'll decrease your repayments but pay more interest overall.
- Metro Bank APR 7.9% – Apply here
Monthly repayment: lb93.87
Total amount payable: lb3,379.32
Interest payable: lb379.32
- Hitachi Personal Finance APR 8.4% – Apply here
Monthly repayment: lb94.13
Total amount payable: lb3,388.68
Interest payable: lb388.68
- Tesco Bank APR 8.5% – Apply here
Monthly repayment: lb94.26
Total amount payable:lb3,393.36
Interest payable:lb393.36
Cheapest loans for lb5,000
These rates are also with different repayment term of three years (36 months).
- Tesco Bank APR 3.4% – Apply here
Monthly repayment: lb146.17
Total amount payable:lb5,262.12
Interest payable:lb262.12
- Hitachi Personal Finance APR 3.5% – Apply here
Monthly repayment: lb146.39
Total amount payable: lb5,270.04
Interest payable: lb270.04
- John Lewis Financial Services APR 3.6% – Apply here
Monthly repayment: lb146.54
Total amount payable: lb5,275.55
Interest payable: lb275.55
Cheapest loans for lb7,500
These calculations are based over 5 years (60 months).
- TSB APR 2.8% – Apply here
Monthly repayment: lb134.13
Total amount payable: lb8,047.80
Interest payable: lb547.80
- M&S Bank APR 2.9% – Apply here
Monthly repayment: lb134.31
Total amount payable: lb8,058.60
Interest payable: lb558.60
- Santander APR 3.0% – Apply here
Monthly repayment: lb134.63
Total amount payable: lb8,077.80
Interest payable: lb577.80
Cheapest loans for lb10,000
These minute rates are calculated on a repayment period of 5 years (5 years).
- Cahoot APR 2.8% – Apply here
Monthly repayments: lb178.64
Total amount payable: lb10,718.40
Interest payable: lb718.40
- Sainsbury's Bank APR 2.9% – Apply here
Monthly repayments: lb179.07
Total amount payable: lb10,744.20
Interest payable: lb744.20
- John Lewis Finance APR 2.9% – Apply here
Monthly repayments: lb179.01
Total amount payable: lb10,740.38
Interest payable: lb740.38
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