I have a question on loans and interest rates, if u guys can help me out

[BTL]

sorry i didnt answer quicker, got side tracked.


i need it for a car... at that moment i had a car in mind but the dude backed out of it... now im looking at a smiliar car but its like 4k more... so im just looking for a extra 4k, i would hate for my interest rate to go up... i thought i would get a better interest rate but oh well... im not sure if its simple interest or compound.

i did only ask for 15k.

[Bardock]

Boats are an investment my man. Go for it.

hahhaaha

[BTL]

Its all about the comparison rate not the flat interest.

And it depends, generally a bank wont give you more because they think its dodgy that you didn't apply for that in the fiorst place but it depends on a number of factors.

Generally the less you need a loan the less interest you pay.

what do u mean by that?

so its likely the interest rate will go up.

[Psylence83]

Na it won't change bro.

[Psylence83]

Its all about the comparison rate not the flat interest.

And it depends, generally a bank wont give you more because they think its dodgy that you didn't apply for that in the fiorst place but it depends on a number of factors.

Generally the less you need a loan the less interest you pay.

Thats bull****. A bank will happily give you more if you have a steady job and decent credit history. You borrow more it means they make more!

[Furn]

what do u mean by that?

so its likely the interest rate will go up.

comparison rate is the interest with all the fees and charges accounted for, over here you have to give a comparison rate as well.

eg if interest on 10k is 10% but its a 1000 start up fee then the comparison rate is 11%

so 10.5% interest with no fees is actually better.

[Furn]

Thats bull****. A bank will happily give you more if you have a steady job and decent credit history. You borrow more it means they make more!

yeah like I said it depends on circumstances , but if your near your max amount they wont.

happened to me when I was young and going for my first car loan

[kadyo's]

It's possible it could actually be lower or the same because the bigger the loan the more money they make..... but it's not a one-size fits all thing, don't know your circumstances/finances etc...

This. This post tells a lot. First time loaner, collateral, mode of payment and so on.