Advice Please - First Time

BREMBO

Good evening,

I'm looking for some advice in regards to taking out a loan for a second hand car, so essentially a personal loan?

Last night I ran a credit report via Experian, this came back with a score of 999 I believe this is the best score possible, however I'm concerned about how legit this is.

I'm 22 have a current account I have held for years, a credit card I have had for almost a year and have stayed at the same adress since birth (as is on the electrol roll). I have also paid all bills etc on time.

I'm looking to borrow £3,000 over 2 years ideally. Although I have not yet applied I have calculated from the generic info on websites what sort of APR to expect - but this is where I am looking for advice about how accurate these are/how close people have been to the quoted figure?

At the moment I have looked at Sainsburys and Tesco which seem decent but I'm concernd about applying and getting a much higher APR% then also the adverse effect on my credit score.

I was hoping for some advice and moneysavingexpert seems the place to be!

Thanks

booter

Welcome! I don't know if you've already done it, but if not, take a look at Martin's guide - here's the link
http://www.moneysavingexpert.com/loans/cheap-personal-loans
Hope it helps!

Apples2

The 999 score is perfectly legit - but try asking the people who consider you a 999 starman to give you a loan.

They aren't lenders so their silly 999 score just makes you feel good about life (hope you didn't pay for it).

Typical APR's are just that, typical. Only 51% of successful applicants receive it. The other 49% get a completely different APR and the other unknown quantity simply get rejected.

Nobody can guess your likelyhood of getting a loan, we know nothing about you, your income, your current debts, etc etc etc

BREMBO

Is Zopa worth giving a go, just having a look at the guide?

Thanks

[Deleted User]

you wont get the low headline rates from any lender for £3k only for £7.5k plus,have you tried your own bank?i would expect to pay around 15%apr for £3k

ChopperST

Most car dealers will allow you to put £2k of a car purchase on a credit card. Could you get a 0% purchase card and then raise the rest of the money? Like others have said you'll struggle to get a decent rate borrowing £3k. Good luck!

BREMBO

Its a private sale for the car.

Experian_company_representative

Well the 999 score indicates that your own credit history data is in good shape. Lenders will factor additional data into their scores, namely 1) credit report info about anyone you're financially linked to 2) the information on your credit application form (salary etc) and 3) information they may already have about you if you've been a customer before.

If you're still a CreditExpert member, you might look at consulting the price comparison service within the site as it matches your actual credit report to loans you're more likely to be accepted for.

One other thing, some lenders will give you a price indication without leaving a credit-application footprint on your report, eg Nationwide, so it might be worth seeing what they would likely charge you.

James Jones