Been approved for santander loan, what APR?

milliemonster

We have spent the last three years sorting ourselves out, paying down a lot of debt (granted we do still have some) and having constant rejections when I have previously tried to tart, always due to committments rather than anything else on our credit reports. We desperately need a new car.

We want a VW passat estate, I had one as a company car in my last job and we loved it, we are currently saving for one and have £2k saved as a deposit. I have seen a fantastic 06 plate for sale and just thought I would try an application as it was before xmas the last time I tried to get any credit and I am so shocked as I have had an email to say it has been accepted. I'm not sure as yet if we will take up the offer as I hadn't expected to be accepted if I'm honest.

Although the email does state my documents and the APR they will offer is in the post, so I'm wondering if its going to be something like 30%:rotfl: in which case we will just keep saving.

Does anyone have any idea what kind of APR's Santander are likely to offer if it's not their 'typical' 8% as it stated when I applied?

PNPSUKNET

I would guess at 15-19%

bighec

Hi,

I've also applied the other day and although page stated 7.7% my loan can in at 12.9%. My own bank HBOS has quoted 11.5%.

Hope you have better luck!

[Deleted User]

will probably be around 14.9%(from recent experience)although i have seen examples as high as 21.9%(that was for an existing loan customer)

milliemonster

thanks for you advice all, will wait with baited breath now

marmitedog

I applied online with Santander and the paperwork came through at 7.9% APR. Its a crafty sales technique to not tell you the APR in the email you get to confirm acceptance though!

stephane_2

Why don't you give them a call they'll tell you....

milliemonster

Yeah I did try calling but nobody answers the blinking phone!!!!, I would be very surprised (even more so than I am at being approved) if I were offered 7.9% APR when previously I haven't been accepted for anything.

I'm happy just to wait for the docs now and see what turns up, if it's not a good enough deal then I'll just keep saving instead

dbl5252

If Santander car finance is to much try a personal loan from Nationwide.
But to be accepted for Hire Purchase car finance by santantder means your credit rating must have improved so might be worth trying the personal loan route for a better rate anyway.
The rate probably changes as the spread any fees accross the term of the loan too

selecta_c

I took car finance with Santander back in March and received a rate of 7.5% apr.

paulmcerlean

I have a £16K car finance agreement with Santander at 10.9% - have you thought about that option?