Advice on personal loan.?

Any advice please. How long should i wait before re-applying for a personal car loan?





I took out a loan with my own bank but returned the funds due to the car no longer being available.(dec 2008 apr 7.9%)





I then re applied but was offered a higher rate 12.9%.





I decided to shop around but now i'm being refused credit apart from one company offering 19.9%.





I have no ccj's no debts and a home owner.





Thanks in advance.Advice on personal loan.?
Freecredit report will suck you into paying a monthly fee for reports.


www.annualcreditreport.com is free and not a service that will charge you.Advice on personal loan.?
As suggested run your free credit report from annualcreditreport.com or call them toll free @ 1-877-322-8228 for all 3 free reports. If you own your home and have equity in it, you could probably get a 10 year fixed rate mortgage with a rate of about 6 or 7%. Plus you can always pay down the mortgage to cut down on the interest rate. You might also be able to write off the interest but check with your accountant.
Have you tried your local credit union? Where I live, car loans are at a better interest rate than other personal loans But do check out your credit rating. If you aren't behind on debt repayments, it makes no sense that you are being refused credit. There could be an error in the records.
You need to pull your credit report and find out why the interest rates have been jacked up - make sure that the original bank did not mark the account as a collection account or past due





Go to www.annualcreditreport.com to get a free copy of your report.
UK answer to a UK question!!





Interest rates offered by banks on personal loans have changed a great deal since December, having gone up even though we all know the base rate has gone down. This is because banks are deliberately expanding their margin to hedge against what they see as additional risk - this is continuing down the chain, so much so that the rates on ';wholesale'; money markets have increased for this class of debt.





Even so, your particular situation seems extreme (7.9% - 19.9%).





You may find that the bank you hold your current account with has a special personal loan rate reserved for existing customers - check this, it is certainly the case with Alliance %26amp; Leicester, Lloyds %26amp; Halifax.





Second, do obtain a copy of your credit report. You can get it free from http://redo.me.uk/freecreditreport Clearly you passed credit scoring in December and again when you re-applied, but your score may have had a bearing on the rate you were offered. If I were you I'd be checking that the loan you repaid in full in December (when you returned the funds) has been closed off properly and is marked as paid on your credit file.





Lastly, for a lower rate loan have you considered Zopa? Zopa (Zone of Potential Agreement) is a social lending network, kind of like an eBay for loans. It matches lenders and borrowers on a secure platform, completely side-stepping the banks. Lenders' money is spread around borrowers who are credit checked. Zopa handles the loan dispersals and repayments. The loans are priced according to your credit score and supply and demand in the market, but as of this morning are between 7.8% and 11.1% on a 5k loan. http://redo.me.uk/zopa