Saintsbury's job advertised loan rates

Guru86

Good morning

Just applied for Saintsbury's bank loan and at end was accepted but unfortunately didn't get the advertised rate (even tho good credit and wage etc).

Anywho, anyone know what the non advertised rate will be?

Cheers

[Deleted User]

They'll have a range of downsell rates.

Pixie5740

Your rate will be somewhere between the representative rate and 29.9% APR. The only one who can really tell you is Sainsbury's Bank.

Money_Rollercoaster

I went for a loan with Sainsbury in May last year, advertised rate was something like 3.2% and I got 4.2%. I contacted them at Christmas to see if I could get the rate down, I applied for a replacement loan at 3.1% and received that rate, settling the original loan in the process.

Guru86

Thanks...Yes your right that only sainsburys can tell me however they don't tell you at end and have to wait for paperwork to come.

Well 4% isn't too bad hopefully get that and not the 29.9% !!!!

Money_Rollercoaster

Make sure you keep in mind how much interest is added to the account and keep an eye on other options.


Actually, I've just checked back and I was wrong, I got offered 4.6%. I think in real terms, that meant I was having to pay about £1,000 more in interest than the advertised rate. I think I worked out that refinancing the loan within a few months still cost me about £500-600 in interest, but over the period of the new loan I would still be at least be £1000 better off than that original 4.6% loan.


What I didn't try at the time was to ask Sainsbury's to look at the rate I was offered on the original loan. I don't know if anyone has successfully asked them to review their decision.


It stinks a bit that if you are to get that headline rate, you know right away, but if you aren't, you have to wait for the paperwork. I'm sure it's designed to get you to accept the offer and stop you shopping around.

DenisCooper

had the same problem today, but they did tell me over the phone, they said 8.8% when i said thats high they straight away said they can drop it to 7.4%, they then said that if i get a cheaper offer elsewhere they will beat it.

DCFC79

DenisCooper wrote: »

had the same problem today, but they did tell me over the phone, they said 8.8% when i said thats high they straight away said they can drop it to 7.4%, they then said that if i get a cheaper offer elsewhere they will beat it.

Thats high compared to what ?

DenisCooper

3.4% that was advertised

jonesMUFCforever

DenisCooper wrote: »

3.4% that was advertised

You miss-read the advert.
Does it not say from 3.4% and subject to credit scoring etc?

Pixie5740

DenisCooper wrote: »

3.4% that was advertised

Advertised as the representative rate. That means the rate is given to 51% of successful applicants, you were one of the 49%.