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Marks & Spencer Car Buying Plan

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Representative APR 6%

APR ranges from 6% - 16.9%

Loan Amount £2,500 - £25,000

Repayment Method Direct Debit

Payout Method Transferred into your bank account

Speed 3 - 5 working days from when they receive your forms back

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Good Stuff

The lowest interest rates on the market for car finance

Bad Stuff

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

Summary[edit]

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.

[edit]Lending Criteria

Criteria:

  • Employment:
    Full Time Work, Part Time Work, Self Employed
  • Residential Status:
    Homeowner
  • Defaults:
    No, or not in the last 6 years
  • Time In UK:
    At Least 3 Years
  • CCJs:
    No, or not in the last 6 years
  • Loan Purpose:
    Car Purchase, Boat

 

Checklist:

  • 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

[edit]Charges

Default FeesDirect debit not met - £15.00

Late Payment FeesMissed payment - £15.00
Tracing agent to locate you if needed - £15.00

Early Settlement FeesLoans over 12 months - one month's interest
Loans under 12 months - no charge

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Loanpages.co.uk is a free to use comparison site. It's important to remember that the rates displayed on our website are representative. The actual APR will depend on the lender, the loan amount and the borrower's credit circumstances. Whilst we work with a number of lenders, we never let any money we get paid affect the information that's on our site.

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