Oops, missed a trick applying for a loan, easily fixed?

mattbee_3

I've just got the forms in front of me for a £4000 / 48 month Nationwide loan (for buying my first car) and have rather missed a trick with their interest rates: their rate is 12.9% for £4000 but 6.9% for £5000. So it would have made sense (since I have £1000 of credit card debt) for me to apply for £5000 not £4000 because it would cost around the same amount over the same period and would only cost £12 / month more.

My question is this: is it worth calling them tomorrow and asking them to increase it and re-issue the loan documents? Or will this count against me as a second "application" and reduce my fragile credit rating? (at least that's why I wanted to go with my own bank who should have better information from which to make their decision). Just curious if anyone else has been in this position.

Thanks,

Matthew.

xmaslolly76

I am suprised they havent offered it to you when you applied they normally push you to take the higher amount if you are bordering on an apr change. If you havent finalised the loan yet they may be bale to change it. I know if you apply to HSBC the system will give them a maxiumum you are allowed to borrow and you can change the loan amount up to that maximum up until the point you sign. You can only ask but i would make sure that they wont do another search.

mattbee_3

As you suggested, they were quite reasonable and sent me the docs for £5000 the next day. The interest on £4000 was almost the amount on £5000! So the extra grand will go on my credit card and everyone's a winner