Zopa vs Nationwide?

MG73210

Hi All,

I am after a 5 year ~£10000 loan to finish a classic car project and buy a 'new' daily car. I have a pretty good credit score with Experian (971) and am generally pretty good with money. I think I have two options, but looking for advice as to which I should pick.

- I have done a soft search with zopa and should be able to get a rate of 6.4% APR.
- Second option is I bank with nationwide and in theory may be able to get access to the 3.4% APR loans.

My 'dilema' is; is it worth the risk on my credit score of applying with nationwide when I have a reasonably good ofer from zopa? It's worth noting that I have now let my main current account slip to - £30 on two occasions before noticing and adding funds immediately to overcome this; how nationwide would look on that I am unsure, but my guess would be not great!

Many thanks for any advice!

andyfromotley

Wow, credit searches arent lifesaving tablets that you only have to use in the case of emergencies!! Shop around, you could save yourself hundreds of pounds. Do you really value a fairly meaniongless credit score to the tune of hundreds of pounds? I dont.

Even if you do, i suppose that the whole point of nuturing your credit score like a newborn is in order to get cheap credit. You are now proposing not to use it for that pupose in order to keep it looking shiny. Thats nonsensical.

Use the mse checker, apply for the cheapest on there and apply with nationwide too. Ignore your credit score.

Pixie5740

Your credit score is meaningless, lenders don't use them. Each lender has their own way of scoring you which is partly based on your credit history. So I hope you're getting that Experian credit score under a free trial and not wasting money paying for it each month.

If you bank with Nationwide then that's who I would apply for a loan with if I were in your shoes. Nationwide know how you manage your accounts better than Zopa and I think Nationwide offer a soft search.

rtho782

Nationwide used to do a loan quotation that would let you know without a hard search.

MG73210

Thanks all for your replies. I clearly have a lot to learn! Always been under the impression that credit scores heavily affect borrowing etc.

As suggested I used MSE's elegibility checker which suggested Zopa. Going off what you guys have said, I may as well try Nationwide to see if they can better that and if not go with Zopa.

Thanks again for your replies!

fusionx212

MG73210 wrote: »

Thanks all for your replies. I clearly have a lot to learn! Always been under the impression that credit scores heavily affect borrowing etc.

As suggested I used MSE's elegibility checker which suggested Zopa. Going off what you guys have said, I may as well try Nationwide to see if they can better that and if not go with Zopa.

Thanks again for your replies!

your credit report does matter. the credit score does not.

good luck with the loan finding