Credit Reference Agencies - Who Really Uses Who? II

ElkyElky

never-in-doubt wrote: »

who is it through mate? Also was it online (if so linky please) or was it at a showroom?

Arnold Clark show room. They applied to 6 different companies and Nissian accepted.

I think Toyota are the only ones who let you apply for finance online (I'd rather do it online than have some sh!tty sales guy shove all different insurance products down my throat). According to this thread, they only search Equifax and I only have one search on that file. I'm tempted to apply..

Interest with Toyota is only like 5%, compared to the 20's Arnold Clark were charging. They had the interest and monthly payments calculated before they applied to the finance company, how can they know what interest will be charged?? Surely they must highly inflate the finance company's rates and pass the inflation to me, while keeping the difference themselves?

Example:
Nissan charges 9%, they approve and send the details back to Arnold Clark, who in turn tell me the interest will be 19%. They keep the 10% difference and give Nissan their 9%?

harryhound

Make sure you compare like with like (it is the APR that matters).

Being told you have to pay off (say) a thousand quid in a year by monthly instalments and the interest is only 100 pounds, does not mean you have been charged 10%.

savagej

Do you have to purchase a toyota forms AC, I have recently had dealings with them buying a car and after a week of having paid of it and it not being available, they were most certaintly taking the mick. I got floor mats and a half tank of petrol to make up for much more convenience than the cost of that.

stclair

Im not sure if it been mentioned before.

However Ive just applied for a northern rock current account and they have only searched my experian report.

izools

** Creation Loans - http://www.creationloans.co.uk/ **

Search Equifax only. Just dropped their standard APR by 7%, too

never-in-doubt

izools wrote: »

** Creation Loans - http://www.creationloans.co.uk/ **

Search Equifax only. Just dropped their standard APR by 7%, too

LOL so is it now at like 25% or higher still? :rotfl: :rotfl:

Have you applied, if so what was the outcome?

never-in-doubt

stclair wrote: »

Im not sure if it been mentioned before.

However Ive just applied for a northern rock current account and they have only searched my experian report.

Were you successful mate and what card did you get (i.e. CGC or basic card)

izools

never-in-doubt wrote: »

LOL so is it now at like 25% or higher still? :rotfl: :rotfl:

Have you applied, if so what was the outcome?

No mate, 13.6% typical from £1,000. Not great for the £10K+ loans but given high street banks tend to ramp up the APR for small amounts (creation don't so much) it can work out better value for a couple of grand.

I've got no need for a loan at present but will look to apply just after Christmas to cover college fees. I'll bundle my meagre credit card balances in there on top of the fees so will be about £3,500 or less in total. Re-doing my A2 in Maths and also doing a CompTIA A+ (IT stuff).

Obvs I'll post up my experiences with them when the time comes

kilasuit

i seem to have got an apr of 20.8% on all amounts from £1000->£25000 on the creationloans website

izools

They've not updated the whole site yet, just the banner advertising the typical APR.

Call them and they'll tell you more about the recent APR reductions if you prompt them