hi all, i'm in total confusion about interest rates.

Ok bit of insight, i'm 21 years all full time steady job etc etc. i took out my first loan 2 years ago to buy a car and am now looking to top it up so i phoned my existing bank only to be told, after workin everything out that the interest rate they are offering me is.................... 23.1% is it just me??? or is that outrageous :O

Plus the deal they are offerin me isn't that great, as from a bit of lookin about i've seen a deal that is right for me, same monthly repayments etc, these places are offering 7-8% interest. I'm also wanting to cancel the payment protection with the loan as it i now realise that the bank is making half the money back from this.

Any help or advice would be great. Thanks :)