Hitachi cheapest loan under £5k? Don't think so.

Minirach

I applied for the Hitachi loan so i could buy a car, lured in by the 5.4% APR offer...only when I'd filled everything in and hit "apply" did it come back to me saying i'd been accepted..but at an APR of 11.2%!!!! Meaning end up paying back £730 more than I would have at 5.4%.

What a swizz.

I'm concerned now as I'm not happy with so will obviously look for a better rate elsewhere but will it affect my chances if I'm applying for loans left right and center? Or doesn't it count if you don't then sign to accept?

Help!

Thanks.

[Deleted User]

Not really a swizz. You're just not in the risk profile they're willing to give that sort of rate to.

Multiple searches in a short space of time is likely to increase your chances of being declined.

19lottie82

Lenders advertise their "best" rate, but they aren't obliged to offer it to everyone, only a minimum of 51% of those that they accept.

You'll find this with all lenders, not just Hitachi.

Try a soft quote from nationwide. This won't leave a trail on your credit report.

Phil_Linder

You need to understand that you weren't offered the rate because of your credit score. Not because the individual company are trying to "swizz" you.

So you will find that despite not all companies using the same risk criteria, you are unlikely to be offered an advertised rate anywhere else. So don't go applying left right and centre as this will affect you credit score too and make you less likely to get a better rate.