Applying for a loan with own bank or with 3rd party company?

8
Found 8th Jun 2015
I am planning on getting a loan for a new car. Am I better off trying with my bank (Natwest) or with a 3rd party loan company (like M&S or Tesco etc)?

My bank has a higher interest rate than a 3rd party.

If I get denied, should I avoid trying with another?
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Have a look on sites like confused.com and moneysupermarket.com for costings, I nearly got a loan with one of the Scottish banks that would have saved me £5/month over 4 years but they were that slow processing the paperwork I ended up going back to my own bank.
Edited by: "arachnoid" 8th Jun 2015
Original Poster
Thank you.

Thing is my own bank offer 18.3% APR, which is higher than I wanted, but might have to do.

I don't want to apply and get turned down though. From a check on Noddle, my credit score doesn't look good, even though I have only ever had one red mark as a late payment.

I am trying to join Equifax or Experian, but both fail to validate my bank card for some reason.

Is it worth applying to see if I'm accepted, or wait for credit score?

And does anyone know if you get denied a loan, how badly does that effect your credit score?
santander wanted4.2 so went with sainsburys 3.7 with nectar card saved me a packet was accepted for both.Sainsburys now showing 3.5 !!!!!
1iam5mith

Thank you. Thing is my own bank offer 18.3% APR, which is higher than I … Thank you. Thing is my own bank offer 18.3% APR, which is higher than I wanted, but might have to do. I don't want to apply and get turned down though. From a check on Noddle, my credit score doesn't look good, even though I have only ever had one red mark as a late payment. I am trying to join Equifax or Experian, but both fail to validate my bank card for some reason. Is it worth applying to see if I'm accepted, or wait for credit score? And does anyone know if you get denied a loan, how badly does that effect your credit score?



Thats stupidly high! I currently pay 4% i think. How much is the car?
That sounds more like a credit card rate then a normal long term loan rate Id recheck how your applying
arachnoid

That sounds more like a credit card rate then a normal long term loan … That sounds more like a credit card rate then a normal long term loan rate Id recheck how your applying


I agree sounds more like a credit card,tell em they are having a larf you want a loan rate not a credit card rate!!!

Original Poster


arachnoid

That sounds more like a credit card rate then a normal long term loan … That sounds more like a credit card rate then a normal long term loan rate Id recheck how your applying

arachnoid

That sounds more like a credit card rate then a normal long term loan … That sounds more like a credit card rate then a normal long term loan rate Id recheck how your applying



That was the figure I got after filling in this page for a loan quote from them natwest.com/per…shx
Original Poster
Just got a credit report from Experian and it wasn't good, so is it even worth applying now? I don't want to apply and mess myself over for the future, but I don't want to not apply and actually been good enough for the loan.

I have had 2 late payments over 2 years, and my 2 credit cards are almost full, so my score is poor.

How much does being denied for a loan affect your score long term?
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