Loan Offers

Madden

Hi,

After being persuaded not to waste potential future savings on finance for a new car, it got me thinking...

How long do the potential offers of finance last for? For instance, I see many banks offering "instant" decisions on personal loans, but can you leave the offers for extended periods of time (1-2months say) before accepting one? Also does this differ for bigger sums eg. mortgages?

Unsure as to how shopping around can happen if the offers are time restrictive and it's ill advised to apply for lots of different credit in a short space of time.

Never had experience with loans so this will possibly be useful in the future.


Cheers

~Beanie~

You usually shop around when you actually need the money, not 1-2 months before.

Banks can pull or change their offers at any time so you can leave the offer but when you come to apply for it, that particular deal may no longer be available.

Mortgages you can usually apply for a particular product at a certain rate and it will expire after a set period, say 6 months, so if you haven't taken your mortgage out within that time you have to apply again.