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Loan APR
Hello, I unfortunately had a car accident that wasn't my fault a few weeks ago. My car has been written off and I need to buy a new one. I have some savings, but will need to take out a loan. I do not seem to have much of a credit score as HSBC APR jumped from 4.2% to 8.9% when I tried their loan calculator. Can anybody recommend a bank who's APR is less likely to jump this far? I have been considered Tesco or Sainsburys. I am a newly qualified teacher and have just started this September.
Any help will be welcome, thank you!
Any help will be welcome, thank you!
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Comments
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Hello, I unfortunately had a car accident that wasn't my fault a few weeks ago. My car has been written off and I need to buy a new one. I have some savings, but will need to take out a loan. I do not seem to have much of a credit score as HSBC APR jumped from 4.2% to 8.9% when I tried their loan calculator. Can anybody recommend a bank who's APR is less likely to jump this far? I have been considered Tesco or Sainsburys. I am a newly qualified teacher and have just started this September.
Any help will be welcome, thank you!
What do you have in savings ?
You don't have a credit score, you have a credit history that you can get from the 3 agencies so Experian, Clearscore.com and Noddle but ignore the score as only you can see it.
Depends whats on your history, if you have debts or a high credit utilisation it could be working against you or maybe your credit file is thin as in not a lot on it.
No 1 on here can suggest a lender where the apr will jump so much.
The 8.9% from HSBC is good but it maybe also the best you can get offered.
Go and check your credit files as mentioned earlier and come back and tell us whats what.0 -
No insurance payout?0
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Hello, I unfortunately had a car accident that wasn't my fault a few weeks ago. My car has been written off and I need to buy a new one. I have some savings, but will need to take out a loan. I do not seem to have much of a credit score as HSBC APR jumped from 4.2% to 8.9% when I tried their loan calculator. Can anybody recommend a bank who's APR is less likely to jump this far? I have been considered Tesco or Sainsburys. I am a newly qualified teacher and have just started this September.
Any help will be welcome, thank you!
How much are you wanting to borrow over what term?
If you have been offered 8.9% then take it and try and over pay where you can. Forget about the lowest rate they offer, that is for people with a perfect credit history and who dont need the money.0 -
If it wasn't your fault are you not claiming on the other persons insurance?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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enthusiasticsaver wrote: »If it wasn't your fault are you not claiming on the other persons insurance?
The OP may well be claiming off the other person'e insurance, but sadly often this does not cover the full cost of replacing the car. Actually, the rate offered is not that bad.I used to think that good grammar is important, but now I know that good wine is importanter.0 -
enthusiasticsaver wrote: »If it wasn't your fault are you not claiming on the other persons insurance?
Might be "wasn't my fault" as in "that tree jumped out from nowhere".0
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