Eligibility Calculator

RalfWiggum

Hi.   I’ve used the loan eligibility calculator and it says I’ve been pre-approved by a lender with a guaranteed rate.  I’m wanting the loan for a car so how sure can I be that I will get this loan at the rate shown.  What sort of thing could cause them to knock me back after giving pre-approval ?   I’ve got a good credit rating, working full time and am a homeowner (with mortgage).   I changed jobs in December and was only in the previous job for about 10 months.  I left there through my choice to take a better job with higher pay.  Could the 2 changes in jobs in the past 12 months go against me ?   We have no other debt apart from some garden furniture we got on interest free (about £500), plus a credit card that gets paid off in full each month. 

Anybody been refused after being ‘pre-approved’ ?

[Deleted User]

You can't be sure of acceptance as there are always last minute checks.  

But if you have a high chance of acceptance, then it makes sense to apply to that lender.

Different lenders have different criteria, so factors such as income, job changes, ER, address stability, credit history, CIFAS, existing debt, will all count in different measures.

RalfWiggum

thank you zx81

another question, slightly related.  The loan will be paid into our joint bank account.  We will be buying a car from a main dealer. If I pay a small deposit for the car using a credit card and the balance via bank transfer, will we get full protection on the purchase by using the credit card for just a deposit/part payment.   Hope that makes sense.  

[Deleted User]

Yes, you will, as long as the car is between £100 and £30k in value.

DCFC79

Remember your credit rating isn't seen by lenders, only you can see it.

john_k_ni

Oh ok, thanks

Demondaz77

Hello. I've used the eligibility calculator once to find potential loans i could apply for. It said it uses a 'soft search' and so doesn't harm your credit score. I would like to use it again as i can't quite remember the best loans. Is this ok or will using it more than once harm my credit score?
Thanks 

[Deleted User]

Soft searches don't appear on your credit file and any change in your score can be ignored.

withaspritz

RalfWiggum said:

Hi.   I’ve used the loan eligibility calculator and it says I’ve been pre-approved by a lender with a guaranteed rate.  I’m wanting the loan for a car so how sure can I be that I will get this loan at the rate shown.  What sort of thing could cause them to knock me back after giving pre-approval ?   I’ve got a good credit rating, working full time and am a homeowner (with mortgage).   I changed jobs in December and was only in the previous job for about 10 months.  I left there through my choice to take a better job with higher pay.  Could the 2 changes in jobs in the past 12 months go against me ?   We have no other debt apart from some garden furniture we got on interest free (about £500), plus a credit card that gets paid off in full each month. 

Anybody been refused after being ‘pre-approved’ ?

I'm in exactly the same situation with Zopa, I was pre approved on ClearScore and applied through at the rate stated.  They are currently reviewing my application still, more than 2 days later.  If I do get declined, I'll update here to let you know.

Incidentally I was under the impression pre-approved meant guaranteed acceptance!

withaspritz

Got an approval in the end!! Took 3 working days