First loan application help

frometigers93

Hi all,

I would like some advise regarding my first loan which I'm using to purchase my first car.

I don't really have a credit profile as I have never borrowed money before and only had a mobile phone contract. I've recently taken out a credit card which has a high percentage interest rate but I plan to use it to increase my credit score. Before applying for the card I did a credit score which came back at 735 which I believe is average?

What percentage APR should I be aiming for and which vendors would be recommended?

I'm 21 years old and have a full time job, I live with my boyfriend and his parents.

Thanks

[Deleted User]

Any card will do if you are paying off in full each month.

Try your own bank, or someone like aqua or Vanquis if they decline you.

frometigers93

Hi zx81,

I already have a credit card, I'm looking for a loan.

Thanks

[Deleted User]

frometigers93 wrote: »

Hi zx81,

I already have a credit card, I'm looking for a loan.

Thanks

You're absolutely right. Sorry about that - didn't read it properly.

Have you tried the MSE soft search tool? Or perhaps Nationwide, whih I believe also does soft searches?

Tixy

You don't really aim for a % on a loan. You apply and see what you are offered.

You haven't mentioned how much you are hoping to borrow, which can have quite an impact on the rate likely to be offered. But mainly rate offered will depend on your financial circumstances and how high a risk you are perceived to be. It does not depend on the score that the credit reference agencies will see to you.

Once (if) a rate is offered to you then you need to decide whether you are happy to pay that monthly cost and that overall amount.