We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan Rates
Not sure if anyone can offer me advice on this...
I have just bought a new(ish) car, and wanted to arrange a loan for £4000 and pay the rest of the balance with my savings. The best rate I could find was 7.8% Typical APR with Barclaycard. I applied for this on Friday, and they send me an e-mail yesterday to say I had been accepted and to call them to confirm payments. When I called them today, they said I had been accepted, but then offered me a rate of 23.9% APR!!!!
I have checked, and my credit rating is excellent. Is the "typical APR rate" a con or is this regulated? Is my credit history too good for them as they know they won't make extra from me? Or, could it be that I have declared my outgoings incorrectly (it asked for my partner's income, and then asked what my mortgage payment etc was. I put the full mortgage payment, and partner's car loan etc, but I am now wondering if I should have only declared my share of the outgoings).
Any ideas? I am very annoyed at this. I have to pick my car up on Thursday and now I don't have the finances in place.
I have just bought a new(ish) car, and wanted to arrange a loan for £4000 and pay the rest of the balance with my savings. The best rate I could find was 7.8% Typical APR with Barclaycard. I applied for this on Friday, and they send me an e-mail yesterday to say I had been accepted and to call them to confirm payments. When I called them today, they said I had been accepted, but then offered me a rate of 23.9% APR!!!!
I have checked, and my credit rating is excellent. Is the "typical APR rate" a con or is this regulated? Is my credit history too good for them as they know they won't make extra from me? Or, could it be that I have declared my outgoings incorrectly (it asked for my partner's income, and then asked what my mortgage payment etc was. I put the full mortgage payment, and partner's car loan etc, but I am now wondering if I should have only declared my share of the outgoings).
Any ideas? I am very annoyed at this. I have to pick my car up on Thursday and now I don't have the finances in place.
0
Comments
-
No con at all. You could contact them and clarify about the outgoings/
Typical APR has to be offered to a certain percentage of people.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards