Dear all,

Let's say I'm buying a car and applied for a loan from 2 banks, Bank A and B.

Both banks approved my loan but obviously I have to choose one, and I choose Bank A because of the lower interest rate.

So how do I reject Bank B's offer without getting myself blacklisted? After all, I might apply again from Bank B in the future.

Do I:
1. Contact Bank B's hire purchase banker who interviewed me (though the application was made through the car salesman) and explain why I have to reject the offer?
2. Keep quiet if the hire purchase banker does not "chase" me with calls and just let the offer deadline expire?
3. Ask the car salesman to tell the hire purchase banker that I'm not taking loan from his bank?

What would people who have car or home loans do? Thanks

This post has been edited by GenY: Mar 9 2013, 03:29 AM

Bring the cheaper letter of offer to the other bank and ask for a better rate. Then repeat till you're really happy with a counter offer.

You will never get blacklisted if you reject an approved loan. Just reject them politely that you have gotten a better offer from other banks.

Approved but not accepted by client is normal part of banking business.

will not blacklist one.. they still want to do business with you in the future as long as you are not bad debtor..

don't worry, the bank won't blacklist you

No need to explain why you reject the loan and bank will not blacklist you.

Approved and acceptance are two different matters.
Bank approve your loan and you have to accept by signing Letter of Offer from bank.

If you don't want the loan just simply don't sign the Letter of Offer. It's just business at the end of the day.

Hire purchase need to interview?

Everyone,

Thank you for the info

It's a phone interview. The hp banker will ask questions like how many years already with current company, stay in own property or rented place, any family member he can contact and so on.

No need inform them?

no need, you have not signed anything yet