Marks & Spencer Car Buying Plan
Good:
The lowest interest rates on the market for car finance
Bad:
Quite a large APR range which could make a lot of difference in the repayments
Verdict:
M&S customers get priority interest rates - if you are not a customer, have a look around elsewhere otherwise you could end up with a huge interest rate even if you have good credit
Marks & Spencer Car Buying Plan offer you between £2,500 and £25,000 for the purchase of a car, boat, motorbike or caravan. Flexible repayment options are available whereby you can defer up to 60% of the loan. At the end of the term you can either keep your car and carry on paying your monthly repayments, pay the remainder of the loan in a lump sum or sell the car to pay the loan off and start a new car buying loan. Repayment terms can be anything up to 60 months.
You can apply online or over the phone for a Marks & Spencer Car Buying Plan Loan. The online application form will take about 10 minutes to complete. You will be given a decision within 48 hours. If provisionally accepted, they will send documents and the loan agreement to your home address. You will need to sign and send back the forms. Once received, your funds should be available to you within 3-5 working days. Your monthly repayments will stay fixed for the length of the loan.
Do not apply for this loan if you are unsure how good your credit history is. You need to have a good credit history to apply and if you don't, you will be rejected. If you're rejected, this means you are less than likely going to be accepted for any other low-interest high street loans. Please also keep in mind that they base how much they can lend you and at what rate on your current financial circumstance. The more you prove you can afford the loan, the better your chances are.
Loan Calculator (Representative 6%APR)
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Avoid M&S at all costs if you're not an M&S customer. I applied for the car buying plan loan and was advised with my credit rating being excellent I should qualify for the typical APR 8.7% as most customers tend to get this rate. However, as I am not an M&S customer they quoted me a ridiculous 12.7 APR stating I was high risk as I am not an M&S customer and I don't shop with them either!
Loans £2,500 - £9,999 - up to 4 years
Loans £10,000 - £25,000 - up to 5 years
- You must have an email address
- You must be aged over 30 years old OR a homeowner
- Must have details of 3 years previous addresses
- Must provide 3 months bank statements
- You need to have an M&S Credit Card OR M&S Charge Card
- Must provide income and employment details
- Direct debit not met - £15.00
- Missed payment - £15.00
- Tracing agent to locate you if needed - £15.00
- Loans over 12 months - one month's interest
- Loans under 12 months - no charge
