Has anyone here managed to get a loan for circa £10k where the APR is actually as stated?

I’m thinking of getting a camper and there are lots of 3%ish loans about over 5 years and for my situation paying £1k on a £10k loan over 5 years is acceptable.

However when I did an initial quote with my local bank (natwest) they are more than happy to lend but for 6%ish… It’s a bit frustrating as I have no debts other than a mortgage and my take home is very comfortable so not sure what would be making them offer me less unless thats just how personal bank loans work?

Before I get carried away and get a proper hard search quote I’m doing some research to see if I can find any that provide what they say… any good stories around?

Sign up for one of the credit ref sites? I use http://www.noddle.co.uk

They then show you loans and cards based on your credit rating.

I’ve applied for two cards through Noddle and got the rates stated.

They have to provide 51% of loans at the rate advertised. Once they’ve hit that quota they can offer whatever they want.
I applied for a loan last year, exact same loan, amount and payback as a friend had just done. He got the rate, I got offered 3.5x higher APR. We both have the same disposable income and I’ve a much higher credit rating.

They don’t have to advertise how they decide who gets what, it’s all a computer algorithm

I asked the same question a while back.
I was advised to try tescos online. I did and it came back at 3% ish APR as advertised

Can second Tesco bank, I got a 3%er from them.

Excellent rate from Zopa for my car a few years back. Interest is so low, I didn’t pay it off when I could’ve. Worth a look, I reckon.

It depends on your financial circumstances – as said by spawnofyorkshire, once they have sold ‘enough’ or if you are a higher risk, you will not get the lowest rate.

We have Sainsburys, at the advertised rate, but we have ‘perfect’ credit score.

RBS silly %apr up to about £7k then the rate really drops. I borrowed some and actually borrowed more than I needed as the overall cost was going to be lower.

Have a look at whoever you bank with.

HSBC offer decent rates to customers once you get above £7k – I think it’s 3.3% at the moment and when my Wife bought her current car, I think Barclays gave her 3.8%.

its worth noting that a high credit rating doesn’t necessarily mean you’ll get a better rate. banks often have a desired ‘mix’ of loans – someone who defaults once in a while and pays some fines (but does pay their entire loan off) is a better bet in good times than someone who pays on the dot every time

Personal circumstances means you may not get the advertised rate.

Halifax cane up good for me was cheaper to add a few £100 to get the lower rate.

but we have ‘perfect’ credit score

So do I with the credit agency that were checked for the loan application i mentioned. Means diddly squat if computer still says no

I can now get a guaranteed rate through Zopa due to my credit rating so I’m going to start fishing for quotes for a new kitchen

I’m with FirstDirect and got a decent sized loan into my account within minutes at the advertised 3.3% rate.

Mind you we have more than the loan amount in a savings account (that we don’t want to empty and it’s so cheap to borrow at present)

Thanks for the words of encouragement! Loan approved within minutes with Zopa. Hopefully bagged myself and Dez £50 reward each too! 3.2% on 15k over 5 years – as advertised! awesome.

There’s no such thing as a ‘perfect’ credit score, you can have an unblemished history which gets to a 3rd of the way to very cheap, low rate, low risk credit.

Money Saving Expert has a facility to use a ‘soft search’ and a fairly decent indication of acceptance and rate from a list of providers, try that.

I’ve used MSE soft search, looking for a credit card, it was quick and made the application even easier as I “had been pre-approved by a partner agency”.

Had you considered a 0% credit card? Could work out cheaper depending on fees etc.

Halifax gave my wife a 10k loan at the advertised low rate so worth a try.

firstdirect, advertised 3.3% apr, gave me 3.3% apr…