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APR on offer
My online banking allows you to check out how much you can borrow and what the actual APR will be on the loan. I checked this out last week as I’m thinking of buying a new car and it was 3.3%. I still had less than a year to run on a current loan I’d taken out for my current car so I decided to repay the loan in full before applying for any more credit but now the APR is 7.5%. I don’t understand why I’m being penalised for reducing my aggregate borrowing with them. Seems unfair to me. Has anyone else found this recently?
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Comments
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Lots of people find this. You'll only know the actual rate once you apply and hard searches are done. It's not a penalty for clearing your existing debt.
Try one more application somewhere else to see if they view you as lower risk.2 -
Was this nationwide or virgin by any chance...0
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