need quick loan for car

elecious

hi,

Im hoping to purchase a car i have a deposit on next weekend so need to sort out finance for it now, i have applied and been accepted for the alliance and Leicester loan but i dont know at what rate until the paperwork arrives, if its a lot higher than the quoted 8% then i dont want a loan from them and would have to apply for another loan with a different company.

Would i be better applying for another couple of loans, maybe Abbey, Tesco etc so i can get them all in this week ready for me to choose the lowest rate so i can buy my car next weekend?

Otherwise this could potentially take weeks with me waiting to be accepted and then returning paperwork etc to find im not happy with the rate.

Cheers for any help

cash-magnet

I personally wouldn't go applying for a whole load of loans at once. It will have an adverse effect on your credit score and make lenders think twice. Did you not find out what the rate was going to be in advance when you were looking to apply?

elecious

i did check the apr before applying but after reading a few posts and threads on here it seems that until i get written confirmation of the apr then i wont know what the exact apr will be.

elecious

update:

got the paperwork through from Alliance and Leicester and as expected they changed the APR from 8% on the site to 14.9% when i got the documents through, obviously not going to go with this loan now

Phoned Tesco this morning, got an APR quote over the phone of 8.2% which i've been told wont change when i get the documents through to sign. Much happier now

Apples2

elecious wrote: »

Phoned Tesco this morning, got an APR quote over the phone of 8.2% which i've been told wont change when i get the documents through to sign. Much happier now

Good luck but please keep us updated in this. As you have found with A&L, it's common to see the carrot before the stick.

elecious

final update on this

Had the Tesco courier arrive on Saturday morning, bang on time, documents had the same APR as i was told on the phone (unlike A&L's change from website quote to document quote) and as of today the loan money is now in my account

So from Thursday morning when i applied over the phone i have received the money in under a week so thumbs up to Tesco finance