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I recently applied for a £15,000 loan with M&S. The APR advertised was 5.4%, their loan calculator said 7.6% and when I applied they said were unable to help me! I want to find the cheapest loan I can but I do need it reasonably quickly as I have found a car I want to buy. What is the lowest rate you can offer me please? PS I am a home owner and have a good credit history.



Hi Stephen, making sure that you get the most competitive finance deal available to you can be confusing at the best of times. Banks will advertise a very low rate but won’t actually give it to everyone and they are allowed to do this as long as they give it to about 50% of people who apply.

Their adverts are supposed to catch your attention and then it will either be unavailable or they offer you a different rate, so the only way of really knowing what is available to you is to apply and see what you are offered.

APRs are also confusing as they can be calculated differently from one lender to another so the best way to compare loans is by comparing the monthly payments.

Unlike banks we can assess your information in house and then send your details to the lender who we know will give you the lowest rate available for your circumstances and the type of vehicle you want to buy.

Most of our loans are secured on the vehicle that you buy which means that our Lenders are more likely to accept your application and at the best interest rate available to you in the marketplace.

To answer your question about the lowest rate available to you is a difficult one without getting more information from you and doing a credit search.  You can try our loan calculator which will give you an indication of payment depending on your credit history and on the type of vehicle you want to buy.

These days any rate below 10% is good and because of the mess that banks got into over recent years they are less and less likely to offer the sort of rates that M&S advertise unless your credit score is in the top 5% of borrowers.

So don’t be too upset that they said no as they say no to a large percentage of people who apply.

I hope this is helps you understand our industry more and we do guarantee to do our very best to get you the cheapest car finance deal that we can.

You can either give one of our advisors a call for further advice on 0800 066 2888 or complete our quick and easy application form and we will get back to you within 60 minutes during working hours with a decision.



About The Expert

Jon Le Roux is co-founder and company director of The Car Loan Warehouse. Being a mad engineering and motorsport enthusiast, I spend more hours than is healthy, watching, reading or talking about cars, boats, motorbikes…..basically anything with an engine.