Loan question

theone8181 · 7 Nov 2021 at 19:46

Question for you guys. I took out a loan in Feb for my wife's car for 15k. Will I have any issues getting a second loan in a months time for a car for me? I have a credit score of 660 out of 710. The initial reason I took the loan out is that I've not checked my wifes credit history as it won't be as good as mine as we rented to just do stuff in my name (although we have a joint mortgage and she's had a contract phone for 20 years). Essentially all the utilities are in my name. Will it be a problem? I know it's a bit of a random question, affordability isn't an issue.

theone8181 · 7 Nov 2021 at 19:51

MrRockliffe said:
You won’t know until you try. You can use the tools online to get an estimate, and check the likelihood of being accepted.

They say 95% chance, I guess they are just covering themselves. Meant to add, all our money goes into just 1 account.

theone8181 · 22 Nov 2021 at 07:29

So we're going down the route of a tesco loan as a joint application. They've offered 3.8% which I didn't think was too bad, however I didn't make a note of the application number or any details, as I was expecting an email. I guess all I can do is wait a couple of working days for it to come through.

theone8181 · 22 Nov 2021 at 20:33

Psycho Sonny said:
That is decent for a second loan. I was expecting at least double that if I'm being honest. Just prioritise paying this one off first through overpayments.

I checked AA and they said 6.8% :eek:

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theone8181 · 22 Nov 2021 at 20:37

Psycho Sonny said:
Taking out loan after loan is a sign of risk. Regardless of affordability.

It's why they also don't like gambling deposits for mortgages or crypto, etc.

I doubt you will get any better than what you did for a second loan. All you are doing now is more searches which is bad for your credit score.

The AA one was checked before the tesco one :cry:

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theone8181 · 24 Nov 2021 at 10:53

VincentHanna said:
Yeah, like English! Who needs to know how to read and write?

That's what autocorrects for :cry:

. I would have rather spent more time on stuff like maths and science than RE and French. Got my loan through yesterday, both signed it and I posted this morning, hopefully will be smooth sailing.