Loan Application

Ginge1234

Hello,

I am looking to get a loan to buy a car. My credit rating should be good with a sound history.

I have applied for a loan today with an advertised rate and despite having my application accepted the interest rate given is not something I want to proceed with.

As a result, does anybody know why the rate offered is so different to the advertised rate and will this application impact my credit rating and any future applications to alternative lenders?

Many thanks in advance.

Ginge1234

[Deleted User]

Only 51% of successful applicants need get the headline rate. Those of a higher risk can be offered more.

The search will be visible on your credit files.

MEM62

The best rates are given to those with the 'best' credit history. The lender has asses you as a risk and assigned the interest rate they feel is appropriate for your circumstances.


As already pointed out, only 51% of applicants need to be awarded the headline rate in order for that to be prominent in all the advertising.