Bank of Scotland's 6% Loan

ady_j

Just a quick note to tell of my experience tonight.

I'm in the process of getting a new car so the recommendation in the latest MoneySaving email of a 6% loan from Bank of Scotland was perfectly timed.

I filled out the on-line application, at the end of which I was informed to call them. This I did and was told that my application was accepted but at 10%- I politely refused their kind offer!!

I'm a pretty average guy, no major debts, no previous credit black marks and currently with a good credit rating (according to an online credit agency).

Is this 6% loan real or just a marketing ploy?

I must admit when I heard 'accepted' I was tempted to just agree to the 10% just to get something arranged.

Anybody else been successful getting the 6% deal?

jonesMUFCforever

Was the 6% offer a flat rate or the APR?
In general terms banks are tightening their lending criteria because of rising bad debts so the only customers who will get the very best rates will have to have an A1 credit rating.

Of course by filling the online application there must have been an authority on there somewhere allowing them to credit score you. Too many applications in a short space of time will damage your potential creditworthiness to a lender.

Sugar_Junkie

There will be people they offer that rate to but they will have not just a spotless credit file, but be in excellent jobs with masses of free income etc... Basically they'll be the best possible customer and therefore the lowest possible credit risk. ejones999 is completely right.

kitekid

Folks, I got the 6% rate no problems and needed the money quickly so paid for the 'courier service' to deliver my cheque - basically they will wait up to 15 mins while you read the paperwork and sign. So, I skim read (perhaps stupidly) the documents and duly sign the TWO signature boxes. Courier leaves. THEN I notice the second signature isn't actually required and signs you up for a 'Preference Account' - presumably some kind of current account that I don't want or need and never asked for or was told about on the phone or web application. No great loss but pretty darn cheeky of them to trick me like this and a bit of hassle to call up / write and cancel that I could have done without. Still, a good rate though but watch out for this!