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loan purpose

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Little helper

loan purpose

Hi,

curious question. I’m looking towards a Tesco bank loan, for the purpose of settling my current car dealer loan, as I’ll *potentially* save around £1k in interest with lower APR with Tesco Bank. No early resettlement fee from other provider either.

As it’s purely for purpose of settling an existing car loan, should I select ‘car loan’ or ‘refinancing debt’ during the application process? Thanks. 

4 REPLIES 4
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Above and beyond

Re: loan purpose

Hi @DanF508 

That sounds like quite a saving for you.

Please send Tesco Bank a 'Private Message' so this can be checked out and an appropriate response can be provided.

Click on this link @Tesco-Bank  and it will take you to a page, 'About Tesco Bank'.

Towards the top right of the page click onto 'Send a Message'.

A new page will open up, 'Create New Message'.

Complete it and send your message securely.

Please include your full name, date of birth and postcode

You will get a repy from one of the Tesco Team confirming which is the best route for you.

Warm wishes, Caz @25H 

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Your Community Expert

Re: loan purpose

Hi there, thanks for getting in touch. This would be considered 'refinancing debt'. Hope this clarifies things for you - Chris 

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Above and beyond

Re: loan purpose

Hi @DanF508 

I see Tesco Bank have replied to your message and have said this would be considered as 'refinancing debt'.

Please would you 'Accept as Solution' for me as this would help other's.

Warm wishes, Caz @25H 

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Top sharer

Re: loan purpose

Hi @DanF508 

The one that you definitely need to select is  "refinancing debt" 👍

Regards, @CSKBrambles