tesco loans

northernstar007

complete shocking of a company, appliged for a loan and got it, forms have to be signed in person (how out of date) , 5 days later still waiting for docs to sign, called them up and asked if i could electronic sign them and they said no, so i said when will the funds be in my acc at the earliest and ans was prob early nov, i`m like !!!!!! i wana pick my new car up this fri, i do have funds in a isa but not sure how much i can draw out in 1 go, so i`m like ahhhh what will i do, so done a soft search on this site and showing up 95% likley and same low interest rate as tesco with hitachi, and funds can be in acc in 48hrs, can only but try and it went through and electronic signed
just dont depend on tesco bank they should be taken off this site 

[Deleted User]

Always get funding in place before you commit to a purchase.

northernstar007

didnt expect to take this long, ive used hitachi in the past and there fast, i have a bankup plan if req, but full faith in hitachi to payup quick

bradders1983

On a different tangent....why are you taking a loan out at a moderate/high interest rate when you clearly have savings which will be earning a pittance in interest? 🤔

northernstar007

my nest egg, i wont miss the monthly payments, funds always there to pay it off

bradders1983

Wouldnt you be better using the money from your savings then and in effect giving yourself a loan, rather than paying a high rate of interest? Would cost you less. 
Pay back into your savings each month rather than paying a bank.

northernstar007

oh and now with 2 hard searches how am i going to sleep with my credit score taking a hit, (joke) lucky enough i dont need any credit in the foreseeable future

bradders1983

This is a money saving site, sorry for making sensible suggestions.  Just dont see the need to pay a bank interest if you dont need to, but each to their own. I will duck out of this one.

northernstar007

no probs bradders i know you ment good, its just if i took the cash out of the isa it be too tempting to miss the odd month saving, at least with a reg payment on payday and cash fund is still there , and the interest i`m getting charged is very slim 3.5% i know i`m losing out on interest but i dont wana see a big hole in my savings

DrEskimo

Why not set up a direct debit to move cash to a separate savings account (e.g. Marcus) and act as though that's your loan payment?

I'm with the others, you're essentially just donating money to these multi trillion pound finance company for no reason...if you wouldn't randomly write them a cheque for hundreds of pounds, why take out a loan?

Yahoo_Mail

northernstar007 said:

no probs bradders i know you ment good, its just if i took the cash out of the isa it be too tempting to miss the odd month saving, at least with a reg payment on payday and cash fund is still there , and the interest i`m getting charged is very slim 3.5% i know i`m losing out on interest but i dont wana see a big hole in my savings

You're paying more in interest on the loan than you'll get from any ISA out there.  You won't see a "big " hole in your savings if you take out a loan, but you WILL be worse off.