Car purchase: Will available credit card balance effect loan application?

[Deleted User]

I already did. None of them.

Lenders use data and risk analysis. If your CRA files look accurate, you need to get on with the eligibility checker to see where your best chances lie.

leev_21

Deleted_User wrote: »

I already did. None of them.

Lenders use data and risk analysis. If your CRA files look accurate, you need to get on with the eligibility checker to see where your best chances lie.

Thank you. AA and the PostOffice have given me a 95% chance of getting a loan of £8k.

I've used Santander twice before for personal loans but they show as 80% eligible [very good chance]

If I go with one of these offers and get accepted, will this then affect my existing credit card?

[Deleted User]

It's unlikely, though it's not impossible that the card provider might choose to lower your limit if they no longer like the risk you present.

leev_21

I'll need both the personal loan and the balance of the card for the car purchase.
Is there a process I need to go through to transfer the credit card balance to my current account? I know there is a small -2% fee involved in this.

[Deleted User]

You contact your card provider and ask then to do a money transfer to your account.

foxy-stoat

You will need to apply and get the loan first before you do the money transfer, you should be answering all questions honestly, ie the one they will ask you about your current debt and the other, if you know of planned future debt.

You probably shouldnt be spending close to your annual gross salary on a car and getting yourself into 100% debt to salary ratio - but you already know that. Good luck, you will need all if it.