Don't only go for the best rate on offer

dvdhat

I was looking for a load to buy a new (3 yr old) car and the best rates on offer were with Sainsburys bank (I have a Nector card) and M&S. Both were advertising a rate of 6.9%.

I initially approached Sainsburys, filling in an on line form, which then told me to call and discuss the loan. During the telephone call I was told that my credit rating was such that the loan would be at a rate of 7.9%! I have no outstanding debts on cards etc only a mortgage. I asked why I was not able to get the published rate and I was told that it was purely down to the information that they had.

I then approched M&S. My details were the same and my application for a loan was accepted at a rate of 6.9%! I assume that they had access to the same details about me and I even called them to confirm that the rate was correct.

I am not sure what was going on, but what I am certain about is that you need to shop around as the best deal may not always be available to you, even though you think that your credit rating is excellent.

becsxxx

Totally agree, have just had exactly the same (extremely frustrating) experience with Sainsburys - and incredibly poor customer service meaning I had to repeat my details 6 times!!! I have always been a top credit scorer and after being asked some random questions (eg: why do I pay £25 a month for my sofa to DFS?) got offered a rate of 8.2%! In the end went to my own bank (First Direct) online, spent 30 seconds filling in the form and got a rate of 7.5% and instant transfer to my current account! Will be cancelling my current Sainsbury's products.

PNPSUKNET

there is no such thing as a top credit scorer, each lender sees each person different