We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Can I apply for another loan?

NealFitz
NealFitz Posts: 4 Newbie
in Loans
Hi guys,

Applied for a loan last night with AA and they gave me a loan accepted in principle. The APR was starting at 3.1% but never gave me a final figure until after the application was complete (which is now 9.9% which is a bit high.) I have now changed my mind. The question is can I apply to other places since I have not signed anything etc
«1

Comments

  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Nothing to stop you but I would do no more than 2 applications
  • bengalknights
    bengalknights Posts: 5,021 Forumite
    Part of the Furniture 1,000 Posts
    Yes you can i did same with tesco than week later clydesdale who had the cheaper rate

    as above 2 applications shoudnt hurt
  • NealFitz
    NealFitz Posts: 4 Newbie
    If it had have been clearer from the start that they would have offered that APR I would not have accepted it. My bank offering 5.5 which I should have originally applied for. Thanks
  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    NealFitz wrote: »
    If it had have been clearer from the start that they would have offered that APR I would not have accepted it. My bank offering 5.5 which I should have originally applied for. Thanks

    Lenders cant determine what rate to offer before you submit your details and they check your credit file.
  • NealFitz
    NealFitz Posts: 4 Newbie
    Ah rite. First time doing this.
  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    NealFitz wrote: »
    Ah rite. First time doing this.


    Any nasties on your credit files ?


    The 5.5% from the bank is good.
  • NealFitz
    NealFitz Posts: 4 Newbie
    Nah no nasties. Always pay my agreements on time (o2 and previous car finance) and credit card balance is nil. I make a fairly decent wage but want a new car.
  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    NealFitz wrote: »
    Nah no nasties. Always pay my agreements on time (o2 and previous car finance) and credit card balance is nil. I make a fairly decent wage but want a new car.

    Can save a good chunk of money by buying used.
  • System
    System Posts: 178,187 Community Admin
    10,000 Posts Photogenic Name Dropper
    DCFC79 wrote: »
    Can save a good chunk of money by buying used.
    Yep. Never newer than 2 years old. Its had the biggest chunk of depreciation and should still have at least a years manufacturers warranty left.
  • di-di-di-dah-di-dah
    di-di-di-dah-di-dah Posts: 19 Forumite
    Yeah Brand new car is wasted money there is so little difference between brand new and 2-3 years old and a price difference can be several 1000s absolutely not worth overpaying.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.2K Banking & Borrowing
  • 251.6K Reduce Debt & Boost Income
  • 451.8K Spending & Discounts
  • 239.5K Work, Benefits & Business
  • 615.4K Mortgages, Homes & Bills
  • 175.1K Life & Family
  • 252.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture