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  • FIRST POST
    • E&G
    • By E&G 5th Mar 18, 2:10 PM
    • 33Posts
    • 12Thanks
    E&G
    Loans and MSE Eligibility Checker
    • #1
    • 5th Mar 18, 2:10 PM
    Loans and MSE Eligibility Checker 5th Mar 18 at 2:10 PM
    I am looking to get a loan for 14k to purchase an additional car and clear my existing car loan. According to the MSE Credit Club Eligibility Checker, I have a 70% chance of a loan with Tesco at 3.4% and a 50% chance of one with M&S at 2.8%. Over the 5 year term the saving is worth 170 or so.

    Just looking for a bit of advice on which one to go for - the M&S one obviously carries greater risk of a knockback, but if that comes then what is the likely impact on me being able to get the Tesco one thereafter? And even at 70% it's not exactly nailed on, or is the Eligibility Checker a wee bit conservative?
Page 1
    • DCFC79
    • By DCFC79 5th Mar 18, 2:14 PM
    • 31,665 Posts
    • 19,974 Thanks
    DCFC79
    • #2
    • 5th Mar 18, 2:14 PM
    • #2
    • 5th Mar 18, 2:14 PM
    I am looking to get a loan for 14k to purchase an additional car and clear my existing car loan. According to the MSE Credit Club Eligibility Checker, I have a 70% chance of a loan with Tesco at 3.4% and a 50% chance of one with M&S at 2.8%. Over the 5 year term the saving is worth 170 or so.

    Just looking for a bit of advice on which one to go for - the M&S one obviously carries greater risk of a knockback, but if that comes then what is the likely impact on me being able to get the Tesco one thereafter? And even at 70% it's not exactly nailed on, or is the Eligibility Checker a wee bit conservative?
    Originally posted by E&G
    A better chance with Tesco No.

    Be warned the rate could be increased when you complete the application.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • zx81
    • By zx81 5th Mar 18, 2:15 PM
    • 16,841 Posts
    • 17,853 Thanks
    zx81
    • #3
    • 5th Mar 18, 2:15 PM
    • #3
    • 5th Mar 18, 2:15 PM
    I'd apply for both simultaneously and gamble on each not seeing the other search at the time.

    I'd probably hit the submit button the Tesco loan first.
    • E&G
    • By E&G 5th Mar 18, 2:51 PM
    • 33 Posts
    • 12 Thanks
    E&G
    • #4
    • 5th Mar 18, 2:51 PM
    • #4
    • 5th Mar 18, 2:51 PM
    Thanks - a bit reticent to apply for both as I'm likely to be putting in a mortgage application in the next couple of months. Unfortunately been caught on the hop a bit with a new job opportunity so I've not been able to plan it as well as I'd have liked.
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