sainsburys bank loans

sm82

Does anyone have any experience with Sainsburys Bank Loan? Specifically the offer they quote " we will beat any like for like quote?"

I'm currently considering using a bank loan for my next car, and the best rate I've seen around is the derbyshire loan at 5%. Now according to the T&Cs on the Sainsburys website, they would guarantee to beat any like for like quote as long as you haven't signed up for the sainsburys loan yet by 0.1%?

Does this meant that if I applied for both the sainsburys and derbyshire loans (obviously not accepting either!), and let sainsburys know, they would drop their rate to 4.9%?

Caz3121

you need to be aware that these headline rates only need to be offered to 51% of accepted applicants
you could have 200 applicants, 100 declines, 51 get 5% and 49% could get a higher %...so 149/200 do NOT get the 5%...this will be based on your credit history and the criteria that the lender uses

If I read your post right this may mean if Derbyshire offer you 13.1% then Sainsbury's would offer 13% but it may be risky making multiple applications

sm82

it would be risky even if you do not decide to accept it? I thought things were only applied to your credit file if you accepted the loan/offer etc? I don't think I should have a problem getting the full rate (in theory) as I have no outstanding debt at all, and earn a decent salary, however as you say you can't predict the lenders!

CLAPTON

I don't know the answer to your query but a 5% rate is pretty good so maybe apply and see what they offer

R_P_W

sm82 wrote: »

it would be risky even if you do not decide to accept it? I thought things were only applied to your credit file if you accepted the loan/offer etc? I don't think I should have a problem getting the full rate (in theory) as I have no outstanding debt at all, and earn a decent salary, however as you say you can't predict the lenders!

You can't really predict what they will offer you.

iolanthe07

Just make sure the 5% is APR and not Flat Rate. You need to double flat rate to arrive at an approximate APR.

sm82

Well I did apply to Sainburys as they were advertising a rate sale at 4.9%. I did this after checking my credit file. Excellent rating, so I thought shouldn't be a problem. Applied and accepted in principle. Then got an email through saying "fine we've approved, but we're changing the T&Cs". Rang to check this, and they are putting the loan up to 5.9%!! Cheeky! Thus cancelled! As I've signed no documents etc, everything should be ok. I know that the search will be on my file however.

Decided to go for Derbyshire Loan instead, and was offered 5.4% after their checks, and have a printed contract to that effect. Money should be in my account shortly.

If I've signed (even electronically) the document saying they are offering it at 5.4%, can they then just raise the rate? Also can you call to discuss your credit file with Credit agencies for free or do they charge for this?

CLAPTON

sm82 wrote: »

Well I did apply to Sainburys as they were advertising a rate sale at 4.9%. I did this after checking my credit file. Excellent rating, so I thought shouldn't be a problem. Applied and accepted in principle. Then got an email through saying "fine we've approved, but we're changing the T&Cs". Rang to check this, and they are putting the loan up to 5.9%!! Cheeky! Thus cancelled! As I've signed no documents etc, everything should be ok. I know that the search will be on my file however.

Decided to go for Derbyshire Loan instead, and was offered 5.4% after their checks, and have a printed contract to that effect. Money should be in my account shortly.

If I've signed (even electronically) the document saying they are offering it at 5.4%, can they then just raise the rate? Also can you call to discuss your credit file with Credit agencies for free or do they charge for this?

you can get the statutory credit record from each of the three agencies for £2 each (you need to look very carefully on their websites)


they also do a one month 'free' online access but make sure you cancel before in runs out

sm82

Just checked my credit file with another one of the agencies (already checked equifax and practically perfect score). Perfect score here as well. Go figure!

As mentioned, if I've electronically signed a document saying they offer a rate at X%, can they then change the %? Or do they have to stick to their offer?

[Deleted User]

sm82 wrote: »

Just checked my credit file with another one of the agencies (already checked equifax and practically perfect score). Perfect score here as well. Go figure!

That's why the scores are irrelevant. You're the only one who gets to see them.

sm82 wrote: »

As mentioned, if I've electronically signed a document saying they offer a rate at X%, can they then change the %? Or do they have to stick to their offer?

They only need to offer 51% of successful applicant the headline rate. Others can be offered something higher. You then have the choice of accepting that or not.

sm82

Deleted_User wrote: »

That's why the scores are irrelevant. You're the only one who gets to see them.

If the scores are irrelevant, why do they even bother having agencies, when the banks etc just decide on their own whether to give you a loan or not?

They only need to offer 51% of successful applicant the headline rate. Others can be offered something higher. You then have the choice of accepting that or not.

I'm aware of this. What I meant is that I have a document which states " we give this loan at 5.4% to you". I have electronically signed this, which they have accepted. They mention that there will be a few further checks basically on who I am and income (as I'm not a nationwide customer). Can this rate still be revoked?