Loans and MSE Eligibility Checker

E&G

I am looking to get a loan for 14k to purchase an additional car and clear my existing car loan. According to the MSE Credit Club Eligibility Checker, I have a 70% chance of a loan with Tesco at 3.4% and a 50% chance of one with M&S at 2.8%. Over the 5 year term the saving is worth £170 or so.

Just looking for a bit of advice on which one to go for - the M&S one obviously carries greater risk of a knockback, but if that comes then what is the likely impact on me being able to get the Tesco one thereafter? And even at 70% it's not exactly nailed on, or is the Eligibility Checker a wee bit conservative?

DCFC79

E&G wrote: »

I am looking to get a loan for 14k to purchase an additional car and clear my existing car loan. According to the MSE Credit Club Eligibility Checker, I have a 70% chance of a loan with Tesco at 3.4% and a 50% chance of one with M&S at 2.8%. Over the 5 year term the saving is worth £170 or so.

Just looking for a bit of advice on which one to go for - the M&S one obviously carries greater risk of a knockback, but if that comes then what is the likely impact on me being able to get the Tesco one thereafter? And even at 70% it's not exactly nailed on, or is the Eligibility Checker a wee bit conservative?

A better chance with Tesco No.

Be warned the rate could be increased when you complete the application.

[Deleted User]

I'd apply for both simultaneously and gamble on each not seeing the other search at the time.

I'd probably hit the submit button the Tesco loan first.

E&G

Thanks - a bit reticent to apply for both as I'm likely to be putting in a mortgage application in the next couple of months. Unfortunately been caught on the hop a bit with a new job opportunity so I've not been able to plan it as well as I'd have liked.