I have a commercial property on a 20 year variable rate. Now in year 12. Loan is with a pillar bank.
I have been a model customer over the 25 years never missing a payment on many loans and mortgages. I got turned down for a car loan recently because they could not get "underwriters to approve it".
But I think I got turned down because I did have to re-work a BTL loan with another bank and I am honoring that every month as well. And am partly ahead on it. But I think it has messed up my credit rating.
My local manager promised to rectify the rejection, but despite many e mails from me he has never responded. I expect he has no say.
On one loan, I currently pay Cost of funds 0.37% plus 1.75%, total 2.12%. It is reviewed/rolls over ever 3 months. I have not spoken to the bank about this loan (or any other loan) for over 9 years.
I am now in position to pay down every loan. Its time to make things easier and spend more time on things that really matter.
If I offer to pay the bank down now, could I get a reduction/bonus ? Because they can re lend that money at a better rate. Is there any incentive for payng early ? I expect banks don't do horse trades.
Is that a stupid or greedy question ?
I have been a model customer over the 25 years never missing a payment on many loans and mortgages. I got turned down for a car loan recently because they could not get "underwriters to approve it".
But I think I got turned down because I did have to re-work a BTL loan with another bank and I am honoring that every month as well. And am partly ahead on it. But I think it has messed up my credit rating.
My local manager promised to rectify the rejection, but despite many e mails from me he has never responded. I expect he has no say.
On one loan, I currently pay Cost of funds 0.37% plus 1.75%, total 2.12%. It is reviewed/rolls over ever 3 months. I have not spoken to the bank about this loan (or any other loan) for over 9 years.
I am now in position to pay down every loan. Its time to make things easier and spend more time on things that really matter.
If I offer to pay the bank down now, could I get a reduction/bonus ? Because they can re lend that money at a better rate. Is there any incentive for payng early ? I expect banks don't do horse trades.
Is that a stupid or greedy question ?