Apr help

sjm750

I have just been accepted for a £20k loan. Though the APR is 8%, the lowest they give is 3.3%.

I have excellent credit score of 999 on experian, but I know this is just an indication.

My question is , is it worth phoning up and declining the loan offer, to try and get a better rate? Or would I be wasting my time!?
Anyone been in a similar position?

[Deleted User]

You could ask, but you're unlikely to have it lowered. Experian don't issue loans, and lenders don't care what they think.

I would try with one more lender to see if you meet their criteria a little better.

Love the poll by the way. I voted 'suggestions' but I don't know what that means.

TadleyBaggie

I voted "help", I hope it did.

fwor

Suggestions is my favourite and it's winning! Please vote for it now!

enjoyyourshoes

I would ask myself do I need whatever it is costing £20K

Can I do without it therefore spare the expense

If I need it (not merely want it) can i delay purchase until I have saved part/all of cost

Can I get whatever it does for less than £20K (as £20K seems a lot for something and possibly getting different thing that does the same at less may be worth thinking about)

If its debt consolidation, don't!

System

enjoyyourshoes wrote: »

If its debt consolidation, don't!

Actually if it is debt consolidation that would explain the higher APR offer.

PeacefulWaters

sjm750 wrote: »

I have just been accepted for a £20k loan. Though the APR is 8%, the lowest they give is 3.3%.

Beats a decline.

I have excellent credit score of 999 on experian, but I know this is just an indication.

My PW score for you is 499.

My question is , is it worth phoning up and declining the loan offer

No. They'll say "ok" and amend the loan status to customer withdrew.

to try and get a better rate? Or would I be wasting my time!?
Anyone been in a similar position?

I think you'd be wasting your time. But whatever you do, ensure it makes more sense than the ridiculous poll.

forgotmyname

sjm750 wrote: »

I have just been accepted for a £20k loan. Though the APR is 8%, the lowest they give is 3.3%.

I have excellent credit score of 999 on experian, but I know this is just an indication.

My question is , is it worth phoning up and declining the loan offer, to try and get a better rate? Or would I be wasting my time!?
Anyone been in a similar position?

Get a loan off experian as they score you so highly?

Your score could be perfect yet not even in employment.

[Deleted User]

Please remember to be extra nice to new members, thank you.

DCFC79

sjm750 wrote: »

I have just been accepted for a £20k loan. Though the APR is 8%, the lowest they give is 3.3%.

I have excellent credit score of 999 on experian, but I know this is just an indication.

My question is , is it worth phoning up and declining the loan offer, to try and get a better rate? Or would I be wasting my time!?
Anyone been in a similar position?

I'm afraid your excellent score of 999 is neither here nor there. Did you not watch Martins show on ITV the other evening, you should watch it, everyone should watch it.

Nothing wrong with the 8%, its very good. You do realise the lender has put your file through the internal scoring system to decide you get offered the 8%.

To get a better rate you would have to state your case as to why you should be offered the lower rate

As for your poll I chose suggestions and so far its winning.