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negotiating new lower interest rate on loan
brettarider
Posts: 31 Forumite
in Loans
I had to take a loan out with Tesco finance earlier in the year to pay off my divorce etc.
As my credit rating was a bit poor at the time I got accepted for the loan but at a higher% due to the so called increase risk of defaulting.
My rating is much better now and almost at full marks. Can I ask for the rate to be lowered to the lower % that they advertised or I'm I stuck with it?
As my credit rating was a bit poor at the time I got accepted for the loan but at a higher% due to the so called increase risk of defaulting.
My rating is much better now and almost at full marks. Can I ask for the rate to be lowered to the lower % that they advertised or I'm I stuck with it?
0
Comments
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Could you look for another lower rate loan to pay it off, and switch to that???0
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It is possible however in the process of buying a property and don't want too many credit searches over my rating0
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i would very much doubt they will reduce the loan rate just because you now think your a lower risk - they would spend all day everyday getting underwriters to review exisiting loans0
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