How high above the 'representative' APR have you been offered?

rsjg80

Seems to be a relatively unanswered question, what kind of APR have people been offered when having a loan accepted?

It's well known that lenders offer very attractive rates to 51% of their customers based on their advertised representative rate but I wondered how much higher they go for others? Double? Quadruple?

I'm wondering primarily because I applied for a Santander loan and was accepted within minutes and after initially being quite happy I suddenly realised they hadn't mentioned the APR after I'd applied using their 4.3% calculator as part of the process so I'm waiting on paperwork to come through post. If it's too high then I'll reject it - I'm fortunate enough to be in a position where it's not vital but would have just got rid of an old HPI on high rate (17% three years ago) and help me buy newer car at much lower rate.

So what could I expect based on your experiences? Advertised? Couple of percent increase? Double? Quadruple? Obviously it's a little bit of a "how long is a piece of string question" based on everyones personal situation but wondered what people had been offered after being accepted for a loan.

Tixy

I was once offered a loan at a couple of percentage points more than the representative APR.

I've seen a lot of posts where people have been offered loans at around twice the rep APR for that product and a small number where it has probably been closer to 3 x.

rsjg80

Interesting. I'm happy for it to go as high as double, still would save me money. Any higher than that though and the benefit disappears,

I think companies should list average APR as otherwise they can give 51% low rate and everyone else 30% or something! Maybe also have to put the lowest and highest rates they offer somewhere in their adverts so you know that if you're accepted it could be as high as x%

BillJones

I took out some car finance last year (small fraction of the cost, but it got me £10k off). Representative was 4.1% APR, and that's what I was given.

So, zero, for me.

Clive_Woody

I went to buy a Skoda on 0% finance, the APR they offered was over x100 of this!!!!

rsjg80

Clive_Woody wrote: »

I went to buy a Skoda on 0% finance, the APR they offered was over x100 of this!!!!

I assume this is the mathematical '0 x 100 is.... 0' comment!

I'll be interested in what they offer me naturally but I'm genuinely interested in what other people have experienced. Has anyone really got accepted then found it was ten times higher or something ridiculous?! Has anyone ever got lower?!

Gaz83

Clive_Woody wrote: »

I went to buy a Skoda on 0% finance, the APR they offered was over x100 of this!!!!

So you didn't actually get 0%?

Clive_Woody

Gaz83 wrote: »

So you didn't actually get 0%?

It was actually 101 x 0% they offered me in the end:eek:

I accepted. Great cars too.

thebritishbloke

My first credit card was an Aquis (Vanquis) card which I got shortly after I turned 18. The representative was 29.9%, I got 69.9%. Probably because I had like 4 searches before it as everywhere else refused me at first.

Recently got accepted for a HP/PCP on a Citroen, stated APR was 4.9% I believe. I figured it would have been given higher for someone my age, yet I was still on 4.9%.

rsjg80

Just to round this thread up, today the letter came through. 9.0% which is just over double 'representative' rate. Still worth accepting as beats current debt APR.

Might try seeing if my bank can 'beat' it before I sign final form but not overly optimistic of that one!