Does anyone no if it is possible to extend an existing loan if you have an excellent credit rating?

Its with the same bank.


Also is it possible to keep the same repayments only for longer.

Does anyone no if it is possible to extend an existing loan if you have an excellent credit rating?
Of course it is. Go for it!





As long as you're not nearly bankrupt, the banks will throw money at you these days.





They'll love the additional charges and interest - all front-loaded - and you can merrily slide deeper and deeper into debt.





So everyone will be happy!





:-)








.
Reply:If you want to extend your loan you need to go to your bank and speak to the loans officer there.


I suggest having all documents relating to your loan policy on hand, as well as documents regarding your credit rating.


They will want to hear about the situation, the reason you want to extend you loan, and the suggestions you have for how you want this to work and the repayment schedule you had in mind.


They will then discuss what they have in mind and your options from there.
Reply:Usually you will have to pay off the existing loan and take out a new loan over a longer term. As long as you have sufficient income and have always made your payments on time, can't really see it being a problem. I would also suggest shopping around to see if you can lower the rate that you are paying.
Reply:It is possible but I don't recommend it. I ended up paying back a £10,000 loan over 7 years and it cost me nearly £14,000. I wish I'd used the money for the loan (repayments £250pm) and put it in a savings account to use when necessary. When the bank phoned to ask if I'd like to extend my loan a month before it ended, I gladly told them I would never take another penny from the money-grabbing bastards! I am now happier and have more money in my pocket, now they don't have me by the throat!
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