Home improvement loan - good apr?

[rosybell]

Ok, so we have applied for a personal loan for home improvements for £15000 paid back over 3 yrs at 7% apr. The rate advertised was 4% apr and I keep seeing loans advertised for 2 - 3 % apr.

Does anyone get these super low apr's? How do you get them? And is 7% still a pretty good offer at this time?!

Any advice/info welcome! Thank you.

The low interest rates are given to those with the best credit history. If you want a better rate, you need to improve your credit file.

Thank you for your answer. My credit rating is fairly good but my income isn't which I think is why I haven't been offered the advertised rate. I may wait until September when my income is going up and apply again.

I guess really what I wanted to know is whether 7% apr is a relatively good apr offer or if it is worth waiting to see if I can get a better deal once our income goes up..

It may not be your income. Are you on the electoral register? Have you been with your bank a long time? What existing debt and credit do you already have? You don't need to tell me the answers, but these things all impact.
7% is likely to be as good as you are going to get now, and there is no guarantee that you will get any lower with a higher income. It is worth signing up to the Money Saving Expert credit club, which is free, and will indicate your likely acceptance rate for borrowing.

Lenders only have to offer these rates to 51% of applicants.

No one can really advise if you will be one of those or how to improve your chances. Each lender is different and uses their own complex algorithms to decide what rate to offer each applicants.