Sainsbury’s car loans are suitable for people looking for additional financial sources to purchase a car.
Even if you have managed to collect some savings, you do not want to spend them all on buying a vehicle.
In order to find out more details information on what conditions are offered by Sainsbury’s Bank, you should read this review further.
About Sainsbury’s Bank
Sainsbury’s Bank plc is a UK bank that belongs to a UK supermarket chain called Sainsbury’s.
The bank was established in 1997, and today it has on offers various financial products/services, including loans.
Sainsburys Bank car loans, for instance, allow people to purchase a new car and pay for it within a chosen period of time.
In 2017, the number of their customers has reached more than 1.8 million, which is impressive.
What Do They Offer?
There are two basic types of loans offered by Sainsbury’s Bank.
Sainsbury’s customers can take advantages of their Shopper Reward Loan, which give them 5,000 bonus and double Nectar points that you can use during the first 2 years of using your loan in the form of either cashback or rewards.
The interest rates for this loan vary depending on individual circumstances of a person as well as the amount of money that he or she wants to borrow and the period of time needed to use the borrowed money.
There is also a Sainsbury’s Standard Loan that can be used to cover the costs of a new car.
It comes along with a Price Promise, which makes the bank competitive to even the lowest rates offered by other banks.
The interest rate for the Standard Loan is lower than for the Shopper Reward Loan, but no Nectar points are provided.
You can apply for a loan by phone or online.
Customers can apply for something between £1,000 and £40,000 for the period of time of 12-84 months.
The Representative APR is 3%, but it also depends on the individual circumstances of customers.
Why Should You Apply?
Obtaining a car loan from Sainsbury’s Bank can help you purchase a car in one go without asking for help your relative of friendly or spending all of your savings.
You can choose the term of the loan to make sure that you can pay it back in monthly installments without any problems.
There are no hidden fees that you may deal with, and your rate is fixed for the entire period of your loan.
Ratings and Reviews
Based on 91 reviews, the bank has a high rating of 4.5 out of 5 on Readies, but on Choose Wisely, it has only 2.4 out of 5 based on 102 reviews.
On Trustpilot, the rating is just 1.4 out of 10 based on 82 reviews.
As you can see, the customers have mixed opinions about this business, and considering the fact that there are many clients unhappy with the bank’s services, you should really think twice before you decide to use their services.
At the same time, Sainsbury’s bank is a reputable business backed by one of the most popular UK companies, so it is at least worth your efforts to consider Sainsbury’s car loans.