I went to my bank (HSBC) last year to ask about a car loan - the normal rate was advertised as around 9% at the time, but without even haggling, they offered me something like 5.6%, which was much better.

Anyway, I just thought I'd point out for those looking for a loan that just because there's an advertised rate, doesn;t mean to say that it isn't up for a little haggling.

Another tip is to request your loan has no penalty for early payment. That means you can draw off funds from elsewhere to pay off your loan without charge. Otherwise lenders typically will have an early repayment charge on by default so request it off or simply shop elsewhere. No lender should punish you just for managing your credit well.

That's actually what I asked for at the start - I can see myself paying off my car loan as soon as I go for a mortgage, to help free up more of my monthly income for paying off a mortgage.

How has your experience with HSBC been? I had a car loan with them in the past and I had several different issues that left a bad taste in my mouth. I am still involved in litigation with them with no real end in sight.

Welcome to FM, triumph, and sorry to hear that you've had bad experiences with your loan. Hope it resolves soon for you.

I have tried haggling for a loan rate with Abbey National, don't even try it. That bank is a mess IMO, they confuse personal details of customers and are totally burocratic.

I have a business account with Abbey - but I'm not allowed to use the branches, except to pay in via machine. I once went in with some forms to make sure they were done right - the business manager wouldn't even see me, I had to post them off.

Well, if I am not given the option to haggle, then that tells me to move on to the next. That is unless the bank I am trying to haddle is already offering the lowest rates around.

same here, parrotbay. but it still amazed me that brian was able to get a discount without haggling. that's pretty awesome.

Different banks have different deals throughout the whole year!
Its best to look around on the internet for the cheapest deals as this also cuts out the middle man, providing you with an even cheaper loan rate!