Multiple loan applications

ITBarbie

Hi

After some advice on here I’ve decided to purchase my PCP car as the agreement will end in April. I’ve researched on the net for the best rate but am confused regarding multiple applications. On the loan calculator I’ve seen a few that I’m 95 or 90% likely to get agreed. I know each hard search reduces my credit score but am I correct in thinking I can apply to say 3 lenders to see who get the best rate and as long as I do this within 14 days it will only count as one? I’m asking as M&S offer best rate at 90% acceptance but as far as I understand it they only offer that competitive rate to less than 51%, I just want to know that if it’s only one bite at the cherry I might as well go for higher rate with 95% acceptance.

DCFC79

ITBarbie wrote: »

Hi

After some advice on here I’ve decided to purchase my PCP car as the agreement will end in April. I’ve researched on the net for the best rate but am confused regarding multiple applications. On the loan calculator I’ve seen a few that I’m 95 or 90% likely to get agreed. I know each hard search reduces my credit score but am I correct in thinking I can apply to say 3 lenders to see who get the best rate and as long as I do this within 14 days it will only count as one? I’m asking as M&S offer best rate at 90% acceptance but as far as I understand it they only offer that competitive rate to less than 51%, I just want to know that if it’s only one bite at the cherry I might as well go for higher rate with 95% acceptance.

Every application you make ends up in a search added to your credit file which is what lenders see, your score isnt seen by lenders.

Make an application to M&S, remember theres a 10% chance of rejection.

bazzyb

Who is the existing finance with? It may also be worth asking them for a quote to refinance the balloon. Depending on the funder they will often offer a competitive quote to keep your custom, and then you have a 'fall back' option if you don't get the better quote elsewhere.

ITBarbie

Thanks for the reply. The existing is with BMW but I don!!!8217;t think they can match it and also if I run it past them
Is that not a hard search as well?