small loans

[NORMANTHEDOG]

my son wants to upgrade to a slightly newer car,but only wants to borrow about �500/600,any ideas as most places want you to take out larger amounts.

[STAH]

I would suggest either

i) Taking out a revolving credit facility whereby the money can be drawn down in one tranch and repayments are made on a monthly basis aswell as extra one off payments (which you can not do with most loans).

ii) An overdraft.

This is not an unheard of request. I would advise your son to visit his bank and discuss the best solutions with a lending officer. I would certainly ask if the bank offers a revolving credit facility. You are right in what you say about the amount - most banks lend a minimum of �1000. I would not advise borrowing the extra �400 - �500 just for the sake of it - this would be foolhardy.

Your son needs to visit his bank and ask for some advice. The bank should know all of his circumstances and thus will be able to recommend the best solution.

Good luck!

[STAH]

And we are all entitled to our own opinion of Mr Henson too Normanthedog. I just think the guy is a bit of a prat!

Hope your son got on alright at the bank....

[BT76]

If you sons insurance increased through the purchase of a new car then it may be worth borrowing a bit more and paying the insurance off in one go.