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Motor - Finance quest?

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  • 10-03-2010 7:22pm
    #1
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭


    Does anyone know if you ring and change your finance plan to a reduce rate does this affect your credit rating and also is this a good idea?


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    #2
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    Vanbis wrote: »
    Does anyone know if you ring and change your finance plan to a reduce rate does this affect your credit rating and also is this a good idea?

    "bump"


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    #3
    Tigger
    Closed Accounts Posts: 16,707 ✭✭✭✭Tigger


    probably get more info in a personal finance forum


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    #4
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    Tigger wrote: »
    probably get more info in a personal finance forum

    Ok thanks. I had a look around before i posted but couldn't see it.

    Can a Mod please move this post to "Personal Finance" please. :)


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    #5
    Eoin
    Moderators, Category Moderators, Motoring & Transport Moderators Posts: 21,238 CMod ✭✭✭✭Eoin


    "Banking & Insurance & Pensions" forum is the closest I could think of.


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    #6
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    eoin wrote: »
    "Banking & Insurance & Pensions" forum is the closest I could think of.

    I was orignally going to post it in that form but as its Finance on a motor i wasnt sure.

    Can you move it to "Banking & Insurance & Pensions" please?

    thank you.


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    #7
    Eoin
    Moderators, Category Moderators, Motoring & Transport Moderators Posts: 21,238 CMod ✭✭✭✭Eoin


    Already done


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    #8
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    eoin wrote: »
    Already done

    Thank you kind sir :)


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    #9
    Formal shorts
    Registered Users Posts: 197 ✭✭Formal shorts


    I'm not quite sure what you're asking. How would you ring and reduce your rate? Do you mean reduce how much you are paying each month or reduce your interest rate? If you mean interest rate, how do you plan on doing that?

    A little more info would be helpful :)


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    #10
    Vanbis
    Closed Accounts Posts: 3,724 ✭✭✭Vanbis


    Formal shorts wrote: »
    I'm not quite sure what you're asking. How would you ring and reduce your rate? Do you mean reduce how much you are paying each month

    A little more info would be helpful :)

    Sorry, yes if i called and wanted to reduce my monthly repayments would this affect my credit rating and does it look bad on my part?

    Basically is this a good or bad idea?


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    #11
    Formal shorts
    Registered Users Posts: 197 ✭✭Formal shorts


    Vanbis wrote: »
    Sorry, yes if i called and wanted to reduce my monthly repayments would this affect my credit rating and does it look bad on my part?

    Basically is this a good or bad idea?

    It depends on your situation. To reduce your repayments, the term of the loan would be extended. It would take longer to pay it off. If the loan was originally over, say 2 and a half years the bank might be willing to extend the term. However, if the loan was originally over 5 years they would be less likely to extend the term.

    It would negatively affect your credit rating, but not drastically. Simply put, if you went for another loan down the line they would see that you refinanced this loan to reduce your repayments, and that might make them ask questions.

    If you can afford not to, I'd recommend staying as you are. If you are under financial strain, however, by all means talk to your local branch. You would most likely have to show that financial strain for the bank to approve the change.


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