Low interest loan (6.8%) from Sainsbury's

qbazdz

Hi All,

I am trying to source some extra cash to buy a car and all the rates from dealers are unacceptable so Im looking into a unsecured loan from Sainsbury's.

Has anyone applied recently?
I was looking to get the 7501 :j so the 6.8% rate would apply and repay that in 3y or earlier (most likely).

I don't want to influence my credit score as it is pretty good if I get accepted but at a higher rate as this makes no sense to me.

Is there any way of finding out if you can get the rate without affecting your credit score?

Any help much appreciated!

Tixy

No - only way to know what rate they will offer you is to apply.
Once application that you then don't accept won't make a huge impact on your credit rating - 3 or 4 applications would.
If the first choice lender (sainburys) don't offer you the representative APR they advertise then its likely other places wouldn't as well.

qbazdz

Thanks Tixy!

Out of your experience, do you think there is a better way of getting a 7.5k to buy a car (used, newish though) and not pay too much interest with an ability to make overpayments and repay earlier?
My CC only allows for 1.5k cash, and the car dealer won't take more than 2.5k on normal CC charge.