Asda Loans 6.9% Ha Ha !!!

MarkyMarkD

Well done, ratsass - good negotiation!

I presume that the dealership must have sacrificed some margin somewhere along the way for that deal to work ... I do have to wonder whether they would have come down on the price if you'd paid with the A&L loan. But that's just me being inquisitive!

spspyrou

Looks like I was one of the lucky ones. I applied online and got one of A&L's cheap loans at the advertises 7.9%. Goodby crazy credit cards!

Well done in the your negotiations ratsass.I think at the moment we all need to be happy with our lot and a few pence here and there are fine - so long as we can get the credit at a half decent rate.

digiboyz

I havent found one loan company that doesnt have sneaky terms and conditions

LXGB

Just got stitched by ASDA Loans.

Loan calculator came up with 7.4. Apllication completed. Approved with a rate of 10.4% No cancel button, just 2 choices on how I want the funds delivered to me!

This is really unaceptable. Had to phone them this morning to put in a manual cancelation. This has of course harmed my credit rating as they did a search.


Thanks a lot ASDA, NOT! :mad:

Kavanne

The loan calculator is the TYPICAL APR, they don't HAVE to give this to you!

ToMoCo

Recenty applied for a barclaycard loan @ 7.3% APR. Told on-line I had been accepted.

Got the paper work through about a week later to sign and return @ a massive 23.9% APR:eek: .

That went straight in the shredder.

LXGB

Kavanne wrote: »

The loan calculator is the TYPICAL APR, they don't HAVE to give this to you!

That's fair enough. What I don't like is the way it just says, "Great news you're approved, how do you want your money sent to you?" in big letters with a tiny note at the bottom of the screen saying 10.4%. That and the fact there is no way to decline the offer online. Very poor setup.

Liar

mrsbneeg wrote: »

My husband has just applied for an Asda loan to finance part of a car purchase (£8000) with a typical APR 6.9%. We have a mortgage 3 credit cards (2 with a nil balance 1 is paid off in full every month). No other credit.
Application was accepted :j but the interest rate offered 15.9% :eek:. Small print underneath the interest rate offered states they only have to offer the low rate to 66% of applicants.
Obviously we will not be accepting this 'offer' but won't this application now go on his credit rating :mad: .

15.9% isnt even close to 6.9%
Not best pleased about this, has anyone else had a similar experience?

Had similar problem with NAT-WEST yesterday.I got quotation with interest rate 10.5% - 10500 loan with PPI, but when I applied for the same money without PPI I got 15.4% :mad:


I have good and exellent credit rating, no debt two credit card - always paid in full. I am NAT-WEST customer from 4 year with 350£ weekly wages.......

Kavanne

Liar wrote: »

Had similar problem with NAT-WEST yesterday.I got quotation with interest rate 10.5% - 10500 loan with PPI, but when I applied for the same money without PPI I got 15.4% :mad:


I have good and exellent credit rating, no debt two credit card - always paid in full. I am NAT-WEST customer from 4 year with 350£ weekly wages.......

Whether or not you take PPI does NOT affect the interest rate with Natwest!!

_Andy_

Liar wrote: »

Had similar problem with NAT-WEST yesterday.I got quotation with interest rate 10.5% - 10500 loan with PPI, but when I applied for the same money without PPI I got 15.4% :mad:


I have good and exellent credit rating, no debt two credit card - always paid in full. I am NAT-WEST customer from 4 year with 350£ weekly wages.......

the PPI isn't relevant. The quote you had was just that - a quote.

Once you applied it then credit scored you and based on that gave a different APR. This would have happened with or without the PPI.