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Cancel personal loan for hire purchase?
Hi,
I'm in the process of buying my second car and I have applied for a personal loan for it with Santander.
The loan is £5500. The advertised rate was 4.5% but I already knew I could be charged a higher rate. Santander approved my application for 23.9% which is a lot higher than anticipated,
This is my first loan, my credit is stable but I've never had a credit card and I'm currently earning £28k.
Would i get a better rate if I do a higher purchase through the dealership or has the fact that I have just applied for a loan a few days prior hindered that?
I'm in the process of buying my second car and I have applied for a personal loan for it with Santander.
The loan is £5500. The advertised rate was 4.5% but I already knew I could be charged a higher rate. Santander approved my application for 23.9% which is a lot higher than anticipated,
This is my first loan, my credit is stable but I've never had a credit card and I'm currently earning £28k.
Would i get a better rate if I do a higher purchase through the dealership or has the fact that I have just applied for a loan a few days prior hindered that?
0
Comments
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Only way to find out is apply. Most dealers should be able to beat 23.9% by a serious amount.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Agree with Tarambor above, however you must make absolutely sure the Dealer quotes the APR NOT the Flat rate. A Flat Rate might sound cheaper but a Flat Rate of 13% equates to approx. 26% APR0
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You asked for £5500 so maybe the rate might come down if you ask for £7.500.0
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