Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Asia01
    • By Asia01 5th Oct 17, 4:11 PM
    • 1Posts
    • 0Thanks
    Asia01
    Cancel personal loan for hire purchase?
    • #1
    • 5th Oct 17, 4:11 PM
    Cancel personal loan for hire purchase? 5th Oct 17 at 4:11 PM
    Hi,
    I'm in the process of buying my second car and I have applied for a personal loan for it with Santander.
    The loan is £5500. The advertised rate was 4.5% but I already knew I could be charged a higher rate. Santander approved my application for 23.9% which is a lot higher than anticipated,
    This is my first loan, my credit is stable but I've never had a credit card and I'm currently earning £28k.
    Would i get a better rate if I do a higher purchase through the dealership or has the fact that I have just applied for a loan a few days prior hindered that?
Page 1
    • Tarambor
    • By Tarambor 5th Oct 17, 6:10 PM
    • 1,319 Posts
    • 906 Thanks
    Tarambor
    • #2
    • 5th Oct 17, 6:10 PM
    • #2
    • 5th Oct 17, 6:10 PM
    Only way to find out is apply. Most dealers should be able to beat 23.9% by a serious amount.
    • Nearlyold
    • By Nearlyold 5th Oct 17, 7:27 PM
    • 969 Posts
    • 797 Thanks
    Nearlyold
    • #3
    • 5th Oct 17, 7:27 PM
    • #3
    • 5th Oct 17, 7:27 PM
    Agree with Tarambor above, however you must make absolutely sure the Dealer quotes the APR NOT the Flat rate. A Flat Rate might sound cheaper but a Flat Rate of 13% equates to approx. 26% APR
    • DCFC79
    • By DCFC79 5th Oct 17, 8:38 PM
    • 30,093 Posts
    • 19,049 Thanks
    DCFC79
    • #4
    • 5th Oct 17, 8:38 PM
    • #4
    • 5th Oct 17, 8:38 PM
    You asked for £5500 so maybe the rate might come down if you ask for £7.500.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

129Posts Today

1,488Users online

Martin's Twitter
  • RT @furyboy86: @MartinSLewis I read your email, and decided to check my account interest rates. My main account = 0.0%(!) and my cash ISA =?

  • Yes. Theyre being paid. They're responsible. Especially for a scam that's been reported over 20 times andseen vulne? https://t.co/Q0pHZ7iH3W

  • Quite right.Broken system as the six week delay forces the most vulnerable into debt at a crisis moment https://t.co/951fogq5ej

  • Follow Martin