Found 26th Jan
My partner just applied for a loan from Sainsbury's and they offered 9.3% Apr.

They said they do a price promise if you can find a better rate.

Anyone know if it's worth checking another lender or just sucking it up and taking that offer?

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22 Comments

9.3% is high.

What's the loan for? How much? And how long do you need to repay?

Saving up is 0%

Original Poster

PulisOut

Saving up is 0%



You go save up 13000 you moose. You borrow because you can't afford something outright.

Original Poster

xeroc

9.3% is high.What's the loan for? How much? And how long do you need to … 9.3% is high.What's the loan for? How much? And how long do you need to repay?



Car

Someone pass the popcorn.......

joxeruk2000

Car



Oh dear...

Forget the loan get a lease car, Better then paying the 9.3% interest and depreciation

car finance should offer more competetive rates provided you dont mind the fact you wont 'own' it until all the payments are made

Use a comparison site

Lloyds Bank

3.4% to 4.4%

This representative APR applies to loans of £7,500 to £25,000 over 1 to 5 years. Other loan amounts between £1,000 and £50,000 are available at different rates. If you qualify for a loan we'll tell you the rate that applies when you get your personalised quote.

Sainsburys

Sainsburys are quoting 3.0% so unless the borrowers a credit risk or the term is longer it does look like they are ripping you off.
Edited by: "Dawsy" 26th Jan

this is standard though, they advertise a rate and when you enter your details you don't match the criteria and have a different figure... I have been there so take it from me: can you be bothered to shop around? are you happy with the payments ? can you afford it? if you need 13k and haven't burrowed before or it's been so long then you won't get 3%

markvirgo

Forget the loan get a lease car, Better then paying the 9.3% interest and … Forget the loan get a lease car, Better then paying the 9.3% interest and depreciation


+1

Original Poster

t3rm3y

this is standard though, they advertise a rate and when you enter your … this is standard though, they advertise a rate and when you enter your details you don't match the criteria and have a different figure... I have been there so take it from me: can you be bothered to shop around? are you happy with the payments ? can you afford it? if you need 13k and haven't burrowed before or it's been so long then you won't get 3%



I have two lots of car finance in my name but my missus has not been in work for a year yet after completing her degree. One of my car finance payments will be gone when I part ex it. So hopefully there will be options down the line for me to pay of the balance using a better rate.

Interest free credit card that lets you do a cash transfer like mbna or virgin

Sounds like you got a c.r.a.p credit score and are deemed a high risk. Interest rates are at an all time low for loans and savings. 9.3% is terrible and suggests your rating is to blame.

Original Poster

BagABargain78

Sounds like you got a c.r.a.p credit score and are deemed a high risk. … Sounds like you got a c.r.a.p credit score and are deemed a high risk. Interest rates are at an all time low for loans and savings. 9.3% is terrible and suggests your rating is to blame.



I think you mean my partner has since I never applied for the loan

joxeruk2000

I think you mean my partner has since I never applied for the loan



Whoever. I'm just offering a reason for the high rate in answer to your OP.

Outrageous.
Just got a zero percent balance transfer from them for 2.9
Check out Martins Moneysaver Site for serious information.

If unemployed what is wrong with a cheapy - eg. old Micra £500 ??

zzzz

If unemployed what is wrong with a cheapy - eg. old Micra £500 ??



People always want what they can't afford. He already has two car loans and his partner has a poor credit score. I agree, he should either buy a cheap small car. Or save up his pennies till he can afford the car.

Original Poster

BagABargain78

People always want what they can't afford. He already has two car loans … People always want what they can't afford. He already has two car loans and his partner has a poor credit score. I agree, he should either buy a cheap small car. Or save up his pennies till he can afford the car.



I have a 63 plate zafira but after both recalls it's still smelling of burning when the heaters are on. Vauxhall don't care. I don't trust it with my family. It's my choice to finance a car. But thanks for all your top tips.
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