Looking for a loan - but have a new job

swebb

Early next year I'll be looking at getting a new car loan - circa 15k. However, I changed job last june and wonder if this will affect the application e.g. reject or offer a higher rate of interest. I have a Cahoot loan that's nearly 2 years old (will pay this off as part of the process) and got 5.9% at the time (the best interest at the time). I'd been in my previous job for a while back then. Obviously I want the best rate possible and wonder if the new job will have an impact.

Anyone have experience of this??

Rafter

if by last june you mean 16 months ago, can't see there being problem.

If you mean 4 months ago some lenders may be a bit cautious or offer you a higher interest rate.

A lot of people change jobs regularly these days though - so you should be fine, particularly if you do not need the loan until next year.

R.

David_Mee

swebb wrote:

I have a Cahoot loan that's nearly 2 years old (will pay this off as part of the process) and got 5.9% at the time (the best interest at the time).

Double check any penalties for early payment - they may want all their interest anyway in which case may be better to apply for new smaller loan and just grit teeth when paying Cahoot.

You could always bounce debt around credit cards (providing you can get high enough credit limit and keep getting that) or you could go for lowest life of balance transfer card. Also get something like Egg card, Balance transfer off life-of card to Egg, either pay by Egg or swap money to bank account and pay from there.

Read Martin's articles

johannamse

You could just increase your current loan with cahoot. They already have a good track record with you.