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Loan Application Questions
Hi,
Going to apply for some car loans in the next week or so, and I've not applied for a loan before, and after a quick look at some application forms, there were a couple of things I wasn't sure about, that I was hoping someone might know.
1. On one form I looked at, it asks for 'my monthly income' and then 'my contribution to the mortgage each month'. My wife and I earn similar amounts, and pay half of the mortgage each. So does that mean I just put in the amount I pay (I.E. half), or the total amount?
2. Can I apply for a few different ones to see who offers me the best interest rate? Or does each initial application impact the credit score? If I can, should I leave it a few days between each one, or do it all at once?
3. Finally, can I choose the loan start date? I won't pick the car up until March probably, so don't really money straight away. But don't want to leave it until the last minute to sort out.
Thanks in advance.
Going to apply for some car loans in the next week or so, and I've not applied for a loan before, and after a quick look at some application forms, there were a couple of things I wasn't sure about, that I was hoping someone might know.
1. On one form I looked at, it asks for 'my monthly income' and then 'my contribution to the mortgage each month'. My wife and I earn similar amounts, and pay half of the mortgage each. So does that mean I just put in the amount I pay (I.E. half), or the total amount?
2. Can I apply for a few different ones to see who offers me the best interest rate? Or does each initial application impact the credit score? If I can, should I leave it a few days between each one, or do it all at once?
3. Finally, can I choose the loan start date? I won't pick the car up until March probably, so don't really money straight away. But don't want to leave it until the last minute to sort out.
Thanks in advance.
0
Comments
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1 put down the figure that is your contribution to the mortgage eg what you pay.
2 only make a few applications, make your own bank 1 of them if you have a good relationship with them, nationwide do a soft search option which won't impact your credit file.
2.a your credit score is just a figure that only you can see, your report is what lenders see. If you make a rash of applications within a few days it will make you look desperate to lenders so leave a gap.
2.1 bear in mind that you can won't necessarily get offered the headline rate.0 -
Be careful of using comparison sites, the Representative APR is only offered to 50% of those that applied for it.
The rate you get offered is very likely to be different from the advertised and by that point the search will have impacted on your credit score/history of searches.
Check what your own bank is offering you by phoning them or checking out the online banking.Started out with nothing, still got most of it left.0 -
FTBuyerGlasgow wrote: »Be careful of using comparison sites, the Representative APR is only offered to 50% of those that applied for it.
Not quite. It's given to 51% of those who are accepted for it.0
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