Sainsbury's loans still at 8% APR

Thursday, 05 November 2009 12:00

Sainsbury's shoppers can take advantage of personal loan rates of eight per cent, the bank is reminding customers this week.

The typical APR, which is available to potential borrowers applying online with a Nectar card, is being highlighted as Sainsbury's unveils research showing 26 per cent of new car buyers will finance their purchase with a loan.

And it is urging people looking for a new car to haggle over the price as this could save them hundreds of pounds.

Its research found, collectively, British motorists could save £229 million over the next six months if they were prepared to negotiate over the price of their purchase.

Steven Baillie, head of loans at Sainsbury's, said: "Our research suggested that with stereotypical British reserve, many of us don't haggle hard despite the big savings that can be made, so we'd urge car buyers to give it a go.

"As well as obtaining a good deal on a new car, it's also important to shop around for a competitive rate if you are planning to use the loan to help finance your purchase."

Compare best loan rates

• Tags:
• products and companies