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Representitive rates and credit file
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Hi All, I'm looking for a loan in order to purchase a car. When I look at the loan calculators I see loans as little as 2.9% but obviously i'm not gaurenteed that rate. What I want to know is if I go through the application process and then get met with a rate i'm unhappy with will that be recorded on my credit file? I don't want to apply for various different rates and reject them only to find its hammered my file.
kicking squealing gucci little piggy.
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Comments
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a hard search will be recorded. Actually a soft search is also recorded but it is ignored by providers. Most don't give you the rate till they have performed the hard search but others may be able to suggest providers who give the rate at an earlier stage - I am sure I have seen it mentioned but I can't remember who.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
seems pretty unfair really, theres quite a big difference between what i can potentially get and what I woud actually get.
kicking squealing gucci little piggy.0 -
It's only unfair if you make it unfair on yourself.
If you have a patchy history, don't chase market leading rates, but apply for something more appropriate.0 -
my history is excellent but I still want a good rate. not sure why my credit report should get a hit because a lender hikes up the interest rate when I apply. seems to me that it should be more transparrent.
kicking squealing gucci little piggy.0 -
Because you can't be offered credit without a search.
Lenders won't publish lending criteria to any level of detail for obvious reasons3 -
i guess that makes sense. just frustrating when trying to budget for something and getting a potential difference of £50 or more per month on a repayment and impacting on your credit score while finding out.
kicking squealing gucci little piggy.0 -
Don't worry about the impact on the pretend score. That's just there to make you panic and keep checking it.
A search or two will have no discernable impact on how lenders see you.0 -
Do you have to buy the car right now? Why not put aside what you would pay on your ideal personal loan then buy it. You will save on interest and not have to worry about affordability or rates at all....0
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