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Loan Agreed... at a higher rate.
Woolston247
Posts: 2 Newbie
in Loans
I applied for a lowish loan from Hitachi and have a good credit history, am a homeowner, working etc... The loan was quickly agreed - but at a higher rate than that advertised (repayment of £10 more per month over four years so not insignificant).
I'm considering applying elsewhere before I proceed with this one - but am concerned about the affect on my credit rating by another application showing up - and whether other lenders would now consider that I'm applying for multiple loans and this could affect their decision.
I do wonder how many people actually get the low advertised rate - whether this is a common trend to offer with a higher rate because they know people will be wary of applying elsewhere because of the affect on credit rating.
Anyone been in the same situation and gone elsewhere successfully?? Would be grateful to hear from you. Thank you.
I'm considering applying elsewhere before I proceed with this one - but am concerned about the affect on my credit rating by another application showing up - and whether other lenders would now consider that I'm applying for multiple loans and this could affect their decision.
I do wonder how many people actually get the low advertised rate - whether this is a common trend to offer with a higher rate because they know people will be wary of applying elsewhere because of the affect on credit rating.
Anyone been in the same situation and gone elsewhere successfully?? Would be grateful to hear from you. Thank you.
0
Comments
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Woolston247 wrote: »
I do wonder how many people actually get the low advertised rate
Wonder no more.
At least 51% of successful applicants0 -
OP only you can see your rating, lenders, banks etc see your history which is important to check its correct on a regular basis. Theres 2 other agencies who will rate you differently.0
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Sorry, what to you mean "there's two other agencies who will rate me differently"?0
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Woolston247 wrote: »Sorry, what to you mean "there's two other agencies who will rate me differently"?
Theres not just 1 agency but theres 3 credit referance agencies in the mix who may well rate you differently.0
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