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Apply to Sainbury's bank for a car purchase loan

You can fund your next car purchase with a loan from Sainbury's Bank.

Sainbury's Bank could provide you with a loan at 6.7% APR representative if you were to take a loan of £7,500 to £14,000. If you apply for a loan of £10,000 at 6.7% APR, your monthly payments would be £198 over 60 months. The total amount you would pay would be £11,868. You can take a two-month repayment holiday, if required. Other loan amounts are available at different APR rates.

You can apply online, but you need to hold a Nectar Card for the best deals. If you do not have a Nectar Card, then different rates apply. However, applying for a Nectar Card is easy; just pick up an application form in store.

When you apply online for a loan, you will need information on your residential status for at least the last three years. You should be on the Electoral Roll as this will help the bank verify your address. You will also need to provide your bank or building society details. This is not only for the loan provider to pay your loan to you, but allows the loan provider to set up a regular Direct Debit to cover your repayments. You will most likely have to provide some indication of your incomings and outgoings so that the loan provider can roughly assess your ability to repay your loan. You may also have to include details of your employment, salary and the length of time you have worked at your current job.

Standard lending conditions are likely to apply to all loan applications. You must be over 18 and be permanently resident in the UK. You must not have been declined for credit recently or have a poor credit history or any County Court Judgements, defaults or be declared bankrupt.

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