M&S car loan

twins2

Hi. I'm new to this please be nice?

Has anyone managed to get an M&S car loan at the headline rate of 6%? With an Experian credit rating of 999/1000 we were offered 9%as apparently we don't meet the credit rating to get 6%! It seems that M&S don't follow the lead credit rating company. Shocking - is it surprising the economy is in such a mess when they won't lend at best rates to best risks??

Wutang_2

Twinsy, what are you talking about? You say go easy but what on earth is this to do with the global economic crisis? I want to say more but I can't.....(Has moneysupermarket already started intervening by the way?)

DCFC79

twins2 wrote: »

Hi. I'm new to this please be nice?

Has anyone managed to get an M&S car loan at the headline rate of 6%? With an Experian credit rating of 999/1000 we were offered 9%as apparently we don't meet the credit rating to get 6%! It seems that M&S don't follow the lead credit rating company. Shocking - is it surprising the economy is in such a mess when they won't lend at best rates to best risks??

Just because you have a credit rating of 999 it doesn't automatically qualify you for the 6% rate, you just dont meet the criteria for M&S(each lender has they're own criteria borrowers are scored on so experian/credit expert score is worthless), get over it and move on. The 9% isnt too bad so why not accept it.

bigadaj

There are plenty of reports on here of people having a similar credit rating to yours who have recently been bankrupt, on DMP, CCJs etc so you can't put any credence on this.

poppasmurf_bewdley

twins2 wrote: »

Hi. I'm new to this please be nice?

It seems that M&S don't follow the lead credit rating company. Shocking - is it surprising the economy is in such a mess when they won't lend at best rates to best risks??

Are you sure it's not a case of a Credit Rating Company not following a leading loan company?

A credit rating of 999 out of 1000 means absolutely nothing. I'll give you one of 1000. There, is that better?

A company giving you a credit rating of 999 is for one thing only - to get money out of your pocket! Haven't you realised that yet?

twins2

Gosh guys you really don't get it do you? How bitter and twisted. A fair question and not one of you able to actually answer decently.

dealer_wins

twins2 wrote: »

Hi. I'm new to this please be nice?

Has anyone managed to get an M&S car loan at the headline rate of 6%? With an Experian credit rating of 999/1000 we were offered 9%as apparently we don't meet the credit rating to get 6%! It seems that M&S don't follow the lead credit rating company. Shocking - is it surprising the economy is in such a mess when they won't lend at best rates to best risks??

Your credit score has a limited bearing on what loan amount/rate companies are willing to lend to you.

More important than an almost random 3 digit number are:

Previous borrowing history.
Account history.
Income/Occupation history
Residential status.
Savings/Assets.

etc etc


And the economy is in a mess because UK plc are spending more than they receive in taxes, nothing to do with M&S not lending to you and other 999ers at 6% LOL

jon142

I can see the OPS problem,

He has a top of the line credit score 999 with experian.

for m&s to show 6% as a typical rate. 51% of applicants must get 6%.

if the OP has 999 score why isn't he getting the 6% given to 51% of applicants.

I can understand your frustration OP but there are too many variables for anyone to answer.

But now you've applied OP they will have searched your file and left a footprint meaning the next loan quote might be worse now too.

DCFC79

twins2 wrote: »

Gosh guys you really don't get it do you? How bitter and twisted. A fair question and not one of you able to actually answer decently.

Yes we all have answered the question, some replies have been better explained than others

poppasmurf_bewdley

jon142 wrote: »

I can see the OPS problem,

He has a top of the line credit score 999 with experian.

for m&s to show 6% as a typical rate. 51% of applicants must get 6%.

if the OP has 999 score why isn't he getting the 6% given to 51% of applicants.

I can understand your frustration OP but there are too many variables for anyone to answer.

But now you've applied OP they will have searched your file and left a footprint meaning the next loan quote might be worse now too.

Another one who doesn't appreciate that a credit score of 999 out of 1000 means zilch, nothing, diddly squat, zero. Unless that credit score is given by the company lending the money.

Each loan company has its own criteria. No Credit Reference Agency knows what those criteria are.

Would you loan money to someone on the say-so of a third party?

M&S Finance won't be told who to lend to, and neither will any other loan company.

bankhater_1965

can someone pleassse tell me why its unacceptable to save up for a car or buy one thats within your meens for cash ??? thanks