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Car Finance and Loans
Currently I have a new car on finance which I'm looking to settle in order to purchase a preowned car. To do so I plan on taking out a loan.
Will having a finance loan at the time of taking out a bank loan effect the amount of money I may get from the bank and/or will it effect the interest rate i'm likely to be approved?
If this is the case, if I settled my car finance prior to taking out a loan how long would it be likely to take before it showed on my credit record that I did not owe X amount of money to a finance company?
Any advice appreciated.
Will having a finance loan at the time of taking out a bank loan effect the amount of money I may get from the bank and/or will it effect the interest rate i'm likely to be approved?
If this is the case, if I settled my car finance prior to taking out a loan how long would it be likely to take before it showed on my credit record that I did not owe X amount of money to a finance company?
Any advice appreciated.
0
Comments
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Any existing debts will be taken into account when applying for credit.
Once paid off, your files should reflect it within a month, depending on the lender's reporting cycle.0
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