quickie loan / finance question

Screwloose_2

Hi,

i am looking for a new van, and will be looking for finance or a loan for this.
finance is bit more expensive than the loan, and i am also more restricted to dealers etc.

ok, i went to the dealers on Tuesday, and they have since said i had been accepted for finance should i want one of their vehicles. :j

because i have been acceptd for finance, does this mean i would probably be accepted for a loan ?
This way i could shop around a bit more, and just buy the right van when i find it.

i dont really want to start filling in for loans here there and everywhere, as this can't be good for credit rating etc.


many thanks

BackOnTrack

No just because you have been accepted for finance does not mean you will be accepted for a loan. Best advice I can offer is apply for a loan with your current bank, from what I have read on these boards you have a better chance of being accepted by your own bank. If they turn you down then go for the finance 2 or 3 credit applications on your credit report in a 6 month period won't affect your score to much I think.

Screwloose_2

thanks very much,

you must have understood correctly as that is the exactly what i was asking, in my roundabout way :beer:

i was worried slightly if applying and maybe getting turned down for a loan, would affect the finance.

BackOnTrack

Screwloose wrote: »

i was worried slightly if applying and maybe getting turned down for a loan, would affect the finance.

They have probably already run the credit check for that. If you haven't applied for anything else recently then I doubt applying for a loan would make any difference to the finance decision even if they did re run it. getting a loan elsewhere may result in the price changing though, you get better discounts on the sticker price of the car if you take the garage finance option but you will probably still be better off overall if you get a loan.

Screwloose_2

many thanks,

i have just applied for the loan, so will keep my fingers crossed.
i haven't applied for any finance or loans for at least 6+ years, which i think last was a loan and i settled early on that around 2006 -ish

i believe having the cash there will give me more in the way of bartering, whether its garage or private.