Rejected for tesco loan ('excellent credit rating')

StuC75

PeteHi wrote: »

It will be 0% for another year. I can pay it off as and when is best for me. Minimum payment here, bit more there etc.

It's costing nothing.

Also CRA not only record if just minimum paid, but also if it is on a Promotional Rate - Therefore a more intelligent scoring system should pick up this effective utilisation of the facility...

blisteringblue

PeteHi wrote: »

Sadly I do. Well I don't 'have to' as such as I could have a company car, but to take out a £12,500 loan with repayments more than covered by my company, will make me considerably better off than using a company car.

How many miles do you drive though? Our company run a similar scheme but as I do 35k a year it's just not worth running and maintaining my own car.

Plus if the car is essential for work and not just a perk you will have to get business insurance (ie not just Social, Domestic and Pleasure) which when I got quotes was a massive mark up.

bigadaj

If you haven't done already, and still have the choice, it's worth putting some numbers into an online calculator, it shows you actual costs, I found one on hitachi finance website last year. You can vary things such as mileage, company contributions etc, and it quantifies the costs and benefits, my best option was to down grade to a smaller car with some cash every month as well, particularly as the benefit in kind was a lot lower, but it's an individual choice.