another debt consolidation question

[csgup1]

hi guys!

this site has been wonderful at giving me information. ive used the search function and found a lot of helpful info

heres my question. ive got a couple of credit cards and a car which would be a combined debt of about 30k . im single and working and dont own any property. i would really like to consolidate my loans and have them into one payment a month so i can save some money. which company would you reccomend for the best interest rates. what sort of interest rate will i be looking at paying and what sort of monthly installment would that end up being. can i just get a personal loan?

also the bank recently sent me a letter stating that they would give me a loan of upto 52k to upgrade my car. how would that work. do they transfer the money into my account and i pay the dealer or do they pay the dealer itself. i could just use that as a personal loan...

any help would be great !! thanks!!

[andie_pandie]

Hi, thanks for your comments on BH, yes it is a informative site, well done to the creators:yelclap:

In regards to recommendations re which banks are best, or best rates etc. I can't actually recommend one over another.

There are a couple of sites that do comparisons on rates etc for both secured and non secured personal/car loans. If you like I will PM you these.

Personal Loan rates have gone up over the last few months, the same as home loans and they may be higher than what you are currently on. Yes it is sometimes good to consolidate into one, just make sure that you try and pay as much as you possibly can to bring the debt down quickly. If you can also split your payments into fortnightly by cutting the monthly payment in two as this also will reduce both the interest and time to repay the debt.

I would be wary of banks offering more money without actually checking your servicing capacity. For them to offer $52K they would surely be taking security over the vehicle and they would not give you the money directly, it would have to go to the dealer.

If you would like more info you are welcome to pm me.

Cheers Andrea