Loan to pay off balloon payment on car

furry_tractor

Hi,
I have today applied for a loan with Admiral to pay off the remaining balance on my car which is currently on PCP with BMW. The rate they offered was 2.9% which made the monthly payments less than i’m currently paying. They agreed to the loan but the apr was over 10% making the monthly repayments more than i’m currently paying. I know that they only have to give the representative apr to 51% of applicants but still...it’s a higher %apr than i’m currently paying.
I’m aware that it’s not a good idea to keep applying for loans as this can damage your credit score. How long should I wait before applying elsewhere? Does anyone have any advice on other loan companies?

NB I was originally going to go with Tesco as I saw Martin Lewis shared that they had a loan rate of 2.9%. I went to Money Supermarket and it said that I had a 70% eligibility with Tesco but 95% with Admiral so I went with them.
Thanks

[Deleted User]

Apply now. A couple of searches won't do any long term harm, but stop there. Don't worry about any change in your score, which isn't real.

You'll probably struggle to get a headline rate with your existing finance.

DrEskimo

Remember to compare loans based on total interest cost, not the APR as you are comparing two different types of loans,and certainly not monthly amount, as that is dependent on term as well. A higher monthly cost is likely to be cheaper!

The eligibility calculator is the likelihood of being accepted, not necessarily the likelihood of getting the headline rate.

Good luck with your next application!