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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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Cheaper finance rate than Santander current deal

Hello, I bought a used car last October for £3150 and i also placed down a deposit of £300. I have been paying £135.83 a month over a period of 3 years (36 months). My finance is with Santander with a rate of interest of 9.90% (APR: 24.6%). I would like to know if there's a cheaper provider I can change over to?Thank you.

Posted by Benjamin Elliott on


Hi Benjamin, would you want to keep the same car or get into another car? If you want to keep the car the only way to get a cheaper rate than the one you currently have with Santander is to apply for a cheap rate personal loan through a high street lender. 24% is quite high and i'm sure you could get cheaper if you have a good credit record. The reason we wouldn't be able to help (if you wanted to keep your current car) is because all of our lenders don't re-finance outstanding debt on cars. Kind Regards, Edwin

Posted by on

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I have already had a car loan approved through Santander - £6500 over 60 months with £500 deposit. Monthly re payments of £153. However, I am not happy with the APR, particularly as I have an excellent credit rating according to Experian. If I make another application through Car Finance 247 would it affect my credit rating? If there is a danger it would then I would prefer to stick to the Santander loan. However, according to your calculator it looks like I might be able to get a deal at around £130 per month?

Posted by Nick Ember on


Hi, I currently have credit for my car with Santander. I have 3 more payments to go on it and I was wondering if I could get more finance for another car (as mine is falling apart). Since getting this credit from yourselves I have had to take out a debt management plan as my ex husband left me with his debt. I have never missed a payment with yourselves. I can be contacted on the email address above and can give you all the necessary details to check my existinng credit agreement with Santander. Thanks, Diane Hunter

Posted by Diane H on


Hi Nick, what APR have Santander offered you and i'll let you know whether we could beat it :-) Edwin

Posted by on


Hi Diane, thank you for your question. As you only have 3 more payments to make to Santander we can take your current car in part exchange as a deposit. What is the car currently worth (approximately)? The only issue is that if you're in a debt management plan it's highly unlikely that Santander will re-approve you (even though you have kept all their payments up to date). We can certainly try but i can't promise anything. Please make an application on our site when you're ready and inform me of your reference number. Regards, Edwin

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