Any benefits from same bank

Samoxford

Hi guys.

looking at getting a bank loan for £25K for a car. I’ve have 2 previous loan both for £10K, both with Tesco’s personal loan. 

Will Tesco’s take my previous loans into account with them in the past to give me a better rate/chance of approval.  Or am I better shopping around for a better bank?

cheers.

Sncjw

Do you still have a balance on these loans and what is your income

Samoxford

Sncjw said:

Do you still have a balance on these loans and what is your income

I’ve got a couple of months left on one of them. Thinking of paying of soon. The other was closed years ago. 

My income is about 35K a year including overtime. 

Sncjw

I was trying to get you to tell me the balance amount not just how long is left. 

SeanG79

Samoxford said:

Sncjw said:

Do you still have a balance on these loans and what is your income

I’ve got a couple of months left on one of them. Thinking of paying of soon. The other was closed years ago. 

My income is about 35K a year including overtime. 

A £25k loan is relatively large in comparison with your Income. General rule of thumb before COVID was circa 50% of income for total unsecured borrowing. May be worth exploring Hire Purchase as an option. 

In my experience with business finance, banks  do take into account past payment performance, but the new transaction still has to stack up