Loan Rate

claire2018_2

I have obtained a personal loan quote from TSB which came back @ 4.8% for £10,000.
1. Is this a good rate?
2. Should I obtain other quotes or will I be credit scored each time and lower my chances?

Thanks

Candyapple

It's not the headline rate of 2.9% but it is a decent rate for a £10k personal loan.

If you apply for other loans yes you do get hard credit searches and you guessed correct, the more hard searches the more you look desperate to lenders and likely be declined.

You could always try 1 more company as 2 hard searches shouldn't make that much difference:
https://www.moneysavingexpert.com/eligibility/loans-calculator/

iolanthe07

Make sure that the rate is 4.8% APR (not 4.8% flat). This is OK for 10 grand, but as candyapple says, not the best.

Grovero

Hi there, i have a similar situation. For some time I've been thinking to loan money (personal I think is the best option) for a bigger car, 10k would be the loan.

I did the credit checks on MSE credit club and experian itself, nothing bad on them, score is excellent 976 or similar the only thing is showing low is the disposable income. Now I know that I can afford the loan because in January I finished to pay for my car I think it was a PCP, it was around 8600£ for 4 years with the interest (quite high interest) and bills paid etc plus let's say around 150 minimum left in my account each month, but I think they seem to see disposable income differently.

I did the eligibility calculator on MSE and it shows me a percentage of 95% for hitachi and on Experian calculator admiral is first with 90% and on that list Hitachi is the 3rd with 80% (Apr is shown between 3.1 and 3.9) So I'm a bit confused what to do with all this information, to try and apply or not. My wife has a better disposable income shown on credit score file but less percentage on the calculator 60% if I remember correct.

Thanks

[Deleted User]

It look like you may have a decent chance of getting something from the eligibility checkers.

Did you check your actual files though - or just the scores and ratings?

Grovero

On mse credit club that I checked my file everything is fine..on experian itself no because you have to pay (well I know it's free first time) but I will check anyway .

How it looks now what's the chance of getting the loan for a good APR between 3,5 and 4..something?? If my file is OK..

dealer_wins

Buying a depresiating asset by borrowing money, I never understand why people do this depriving themselves of so much money overall!

Grovero

dealer wins Don't tell me you never bought a car (asset like you say) over ..let's say 8k, no?
Depriving myself ? Yes you are right ...we all spend, some people spend100- 150£ of food a week and 20% goes to bin and so on , you get my point.

I understand your opinion, I do...I've been thinking and researching for the last 3 months at least.

Anyway...thanks

dealer_wins

Grovero wrote: »

dealer wins Don't tell me you never bought a car (asset like you say) over ..let's say 8k, no?
Depriving myself ? Yes you are right ...we all spend, some people spend100- 150£ of food a week and 20% goes to bin and so on , you get my point.

I understand your opinion, I do...I've been thinking and researching for the last 3 months at least.

Anyway...thanks

I have, but not by borrowing money at a further cost to my wealth and lifestyle.

ZZL

Also try approaching you own bank, for instance I'm with Nationwide and they quote you for the actual rate they would offer you if you applied, without leaving a footprint on your credit file

This was all done on my online banking

DCFC79

Grovero wrote: »

dealer wins Don't tell me you never bought a car (asset like you say) over ..let's say 8k, no?
Depriving myself ? Yes you are right ...we all spend, some people spend100- 150£ of food a week and 20% goes to bin and so on , you get my point.

I understand your opinion, I do...I've been thinking and researching for the last 3 months at least.

Anyway...thanks

I have and I kind of regret doing it.