Do you think I will be accepted for Tesco loan?

hohoho88

So I am considering a loan. 22,500 over 5 years. I earn 26.5k a year. I have a mortgage of £430 per month and I am 34 years old. I have had a loan in the past for my previous car with my bank for £8k which I paid off.

I have been pre-approved by my bank at 5.2% APR but was thinking of giving Tesco Bank a go with their headline 2.9% figure.

My concern in applying is they leave a hard search which could then impact my pre-approved loan with my bank?

Should I give Tesco a go? I am also concerned the amount of loan is close to my year salary which can impact the application and either put the apr up or might even mean rejection.

What do you think?

I am aware there is an eligibility checker which does a soft check but I have been making lots of car insurance searches via compare the market which I believe also makes soft checks. I don't want to make too many soft checks which can impact me negatively

Craig1981

soft searches wont have any impact, reason why they are soft searches

5.2% at that amount with your income is a decent offer, doubt you would get any better.

the advertised rates lenders put up at 2.8%, 3% etc, only need to be offered to 51% of customers.

i doubt very much one application with tesco will result in a higher APR from your bank, but worth checking how long the "pore approved" lasts for at the APR you were quoted.

foxy-stoat

hohoho88 wrote: »

I have been pre-approved by my bank at 5.2% APR but was thinking of giving Tesco Bank a go with their headline 2.9% figure.

My concern in applying is they leave a hard search which could then impact my pre-approved loan with my bank?

If you have been pre-approved then you would of already had to fill in forms, their underwriters would of agreed the loan and rate and just waiting for you for a final signature to get your loan.....

Or have you just received a circular that has been pre-approved*

* subject to full application and acceptance

Borrowing nearly 85% of your assuming gross salary needs a serious amount of thought.

Caz3121

the repayment would be almost the same as your mortgage payment...how much currently goes into savings each month?...there may be questions on affordability with over half your income each month going on mortgage and loan

buythedip

Awful idea

Be surprised if you’re given it