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  • FIRST POST
    • ITBarbie
    • By ITBarbie 10th Mar 18, 7:01 PM
    • 10Posts
    • 0Thanks
    ITBarbie
    Multiple loan applications
    • #1
    • 10th Mar 18, 7:01 PM
    Multiple loan applications 10th Mar 18 at 7:01 PM
    Hi

    After some advice on here Iíve decided to purchase my PCP car as the agreement will end in April. Iíve researched on the net for the best rate but am confused regarding multiple applications. On the loan calculator Iíve seen a few that Iím 95 or 90% likely to get agreed. I know each hard search reduces my credit score but am I correct in thinking I can apply to say 3 lenders to see who get the best rate and as long as I do this within 14 days it will only count as one? Iím asking as M&S offer best rate at 90% acceptance but as far as I understand it they only offer that competitive rate to less than 51%, I just want to know that if itís only one bite at the cherry I might as well go for higher rate with 95% acceptance.
Page 1
    • DCFC79
    • By DCFC79 10th Mar 18, 7:22 PM
    • 31,630 Posts
    • 19,952 Thanks
    DCFC79
    • #2
    • 10th Mar 18, 7:22 PM
    • #2
    • 10th Mar 18, 7:22 PM
    Hi

    After some advice on here Iíve decided to purchase my PCP car as the agreement will end in April. Iíve researched on the net for the best rate but am confused regarding multiple applications. On the loan calculator Iíve seen a few that Iím 95 or 90% likely to get agreed. I know each hard search reduces my credit score but am I correct in thinking I can apply to say 3 lenders to see who get the best rate and as long as I do this within 14 days it will only count as one? Iím asking as M&S offer best rate at 90% acceptance but as far as I understand it they only offer that competitive rate to less than 51%, I just want to know that if itís only one bite at the cherry I might as well go for higher rate with 95% acceptance.
    Originally posted by ITBarbie
    Every application you make ends up in a search added to your credit file which is what lenders see, your score isnt seen by lenders.

    Make an application to M&S, remember theres a 10% chance of rejection.
    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.
    • bazzyb
    • By bazzyb 10th Mar 18, 7:32 PM
    • 1,193 Posts
    • 3,274 Thanks
    bazzyb
    • #3
    • 10th Mar 18, 7:32 PM
    • #3
    • 10th Mar 18, 7:32 PM
    Who is the existing finance with? It may also be worth asking them for a quote to refinance the balloon. Depending on the funder they will often offer a competitive quote to keep your custom, and then you have a 'fall back' option if you don't get the better quote elsewhere.
    • ITBarbie
    • By ITBarbie 10th Mar 18, 8:35 PM
    • 10 Posts
    • 0 Thanks
    ITBarbie
    • #4
    • 10th Mar 18, 8:35 PM
    • #4
    • 10th Mar 18, 8:35 PM
    Thanks for the reply. The existing is with BMW but I don!!!8217;t think they can match it and also if I run it past them
    Is that not a hard search as well?
    Last edited by ITBarbie; 10-03-2018 at 8:50 PM.
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