Can you decline a car loan rate?

[sat1983]

I've never applied for car finance before but today I thought I'd apply for a smallish loan- £7,500 through Natwest. It stated that it would be 3.4% APR ( I do realise rates depend on individual circs) but by the end of the application it stated it would be 14.9% APR!!!!!

What annoys me (is this standard?) that I had to go through the whole application before it stated my loan offer rate would nee 14.9% APR, that they would need to do further checks and get back to me within 5 days..

I don't want that rate- will it have affected my credit rating in any way saying I don't want this loan?

[sat1983]

average rather than excellent! I don't borrow much!

[sat1983]

HJMS123 said:

They seem to like people who have med-high incomes and a strong history of borrowing ... especially finances/loans which have already been settled.

It sounds obvious but people assume because they earn a decent wage or live comfortably they'll be the perfect candidate for credit but that's not normally the case. They tend to be more interested in your history of paying credit/finance so if that's not something you have a lot of they'll tend to be cautious.

I have fully paid off one loan last year- paid on time and in full! Saying that it is the one!

[sat1983]

Yipper said:

It sounds like you may have a bad credit rating or profile. That is a very high rate to get offered.

Read this and do the 27 steps. They will get you down toward the 4% level, but may take 6 to 18 months to get there:

http://www.moneysavingexpert.com/loans/credit-rati...

And you can check what loan-rate % you might get *before* applying (without leaving a stamp on your credit record) by following this soft-search process:

https://www.moneysavingexpert.com/eligibility/

Did that- said 70% chance with 3 lenders, one being natwest. Said 3.4% APR but ended with 14% which is just silly!!