Loan from GE Money - any experience?

R

ritab

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Does anybody have any experience on loans with GE money. Rates seem very good but don't know much about them.
 
What are the rates to which you refer? I thought that GE were a lender of last resort for those with credit history problems?
 
ritab said:
Does anybody have any experience on loans with GE money. Rates seem very good but don't know much about them.
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see this thread which outlines my recent experience with GE.
 
I thought that GE were a lender of last resort for those with credit history problems?
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For mortgage lending yes, term and car loans no, GE offer as good as every other lender on term and car finance. Ive had a car loan with GE money for 4 years now and the rate is 6.89%
 
Molly said:
For mortgage lending yes, term and car loans no, GE offer as good as every other lender on term and car finance. Ive had a car loan with GE money for 4 years now and the rate is 6.89%
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Hi Molly, I am astounded by that rate :cool:

I thought i did well to get 7.9% from the same source, as outlined in my previous posts.

Did you get it direct from GE or through a Dealer?
 
6.89% Nominal rate, I got it through a renault Dealer 4 years ago, I worked in financial services at the time and therefore put it to her that I would take a loan through the dealership if she could get me a good rate, which in fairness to her she did, it was better than the rate my own employer was offering to staff on car loans.....
 
What APR did the nominal rate of 6.89% represent? APR or cost per thousand for the same term is the only meaningful way to compare different loans. Nominal rates are largely meaningless in this context.
 
Cant remember, cost per thousand at the time was way cheaper than any other quote I got at the time.
 
ClubMan said:
Are the 6.89% and 7.90% rates mentioned APRs or nominal rates?
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please see info as originally posted here

i checked this rate with Karl's Mortgage Calc, and the repayment shown for 7.9% nominal is correct, within a few pence. Don't know how valid this is, but it gives the right answer. I always use the Nominal rate when checking with Karls Calc, and it is always right.

I would always use the cpt/mth to assess the best value.
 
Thanks. So it's irishpancake's 7.90% (8.10% APR) versus Molly's 6.89% (nominal or APR - we don't know) both from GE?

As far as I know it's correct to enter the nominal rate into Karl's calculator.
 
Given that the amounts involved might have been for different amounts, at different times, and through different channels (I work in financial services, so I was able to negotiate a favourable rate on my current car loan), is there any point in comparing irishpancake's and Molly's loans?

Or am I missing the point-is there another issue here?
 
Fair point - but I was just teasing out the issues to assist ritab with his/her original query.
 
Molly said:
Ive had a car loan with GE money for 4 years now and the rate is 6.89%
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Is there not the infamous documentation fee where they charge you money at the end , €150 is it ? (= 1.5% interest in one year on a 10k loan) and you get charged documentation if you want to sell the car because you do not own it until you pay the documentation fee, they own it .

at least a car is liquid with a bank loan, you wanna sell so sell.
 
Low Interest may be low, but beware, I thought I just completed my repayments, but I have been with 2 payments of 650 Euro. See Clause 4 of my agreement I was told.
 
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