Anyone tried getting a Tesco loan?

Joeler

Hi guys

I applied for a Tescos loan of 7.5k on Tuesday and got a call an hour later saying I had been accepted in principle, they didn't need any bank statements or utility bills, and I would be getting paper work any day this week (not arrived yet but snow is v bad here). Fingers crossed this will be ok when I return papers, woman on phone said they did other checks once the paperwork is received comparing your application to the results from the equifax credit search. Loan was offered at 8.4%.

GT9 did you get fully accpeted in the end?

DomRidd

Hmmm I applied yesterday, for £15k over 4 years... I have just sold my car and cleared the finance, which was costing me £300pcm. I want to buy a new cheaper car and pay of the credit cards which have come to the end of their 0%... so works out nearer £360.

I have a loan with Sainsburys(£9k outstanding) and they declined to do another loan for me. SO tried Tesco and they accepted in principle, have received the forms today! Will read through and sign when I get home... My credit score is in the high 970's, I haven't missed a payment in 4 years, on the electoral regsiter and earn over 30k a year... but still fear I'm going to get rejected.

Any advice and good luck vibes appreciated...

Dom

basieman

Hi Dom, I don't mean to be rude, but have you thought of paying CASH for a car within your means and then putting the equivalent of what would have been your monthly payments in a savings account? Don't give all your hard-earned cash to finance companies for the sake of a "flash motor - have an extra holiday...or two! I am sure that there are many "posters" could point you in the direction of a good apr. Just a thought, Dom.:beer:

DomRidd

basieman wrote: »

Hi Dom, I don't mean to be rude, but have you thought of paying CASH for a car within your means and then putting the equivalent of what would have been your monthly payments in a savings account? Don't give all your hard-earned cash to finance companies for the sake of a "flash motor - have an extra holiday...or two! I am sure that there are many "posters" could point you in the direction of a good apr. Just a thought, Dom.:beer:

Yeah I have thought about it, but I don't go out much at weekends, don;t drink or smoke, so cars are my only vice... I'd rather have a car and pay off regularly, than save and get one in 4 years... the apr on the tesco loan wasn't bad i thought and at the end of it I'd have a car worth say 6k, enjoyed it for 4 years...

I have decided to get a loan this time and pay cash, so I don;t get charged stupid dealership apr's and pay over the odds for the car in the first place...

DomRidd

All signed and sent off, we'll see what the outcome is...

DomRidd

Is it odd that no search by Tescos is on my Experian credit file? Even though they've agreed on principle? Does this mean they will search now i've sent the signed forms back?

Dom

dacdesigns

DomRidd wrote: »

Is it odd that no search by Tescos is on my Experian credit file? Even though they've agreed on principle? Does this mean they will search now i've sent the signed forms back?

Dom

I was refused a loan from tescos and when I checked my report there was no search there so they must use there own credit scoring system.

Cash_Flow

dacdesigns wrote: »

I was refused a loan from tescos and when I checked my report there was no search there so they must use there own credit scoring system.

Tesco search equifax :j

DomRidd

Cash_Flow wrote: »

Tesco search equifax :j

Ahhh right, if my Experian report is good score of 974, is equifax gonna be a similar score/condition?

dacdesigns

Cash_Flow wrote: »

Tesco search equifax :j

That would make sense :rotfl: