Has anyone used Zuto to buy a car?

[Derek Smith]

I've been turned down for credit due to age - soft search only. I'm 74.

According to a credit rating company, I'm excellent. I pay off my credit card each month and have never missed any payments, such as mortgage, rates and such.

I searched online and one of the options that came up was Zuto. I've never heard of them and am a little wary. Anyone with experience of them?

Failing that, any credit companies that will lend to the bemused and decrepit would be appreciated.

[shiversaint]

I think I got a quote from Zuto at it was an absurd APR, like 29% or something.

Have you gone to your bank for a personal loan? This is always the best option for people with good credit ratings, it's very difficult to beat personal loan rates from whoever you bank with. Supermarket banks may also be an option.

Who declined you on the soft search, was it just a dealership finance product?

[Wagonwheel555]

Have you tried your own bank? Mine tell me how much they are willing to lend me and my chances of acceptance before I even made an application

[Derek Smith]

Thanks for the replies.

I've got an offer of 5.4% from Zuto. I went to the AA, and got a flat rejection as I was filling the form. 74 is, it seems, too old.

I've been in contact with TSB, who haven't got back to me, and Barclays online rejects my form at the page with my personal details, my assumption being that it is age, but it seems I'll have to phone.

I've got a good credit score, but I'm a bit of a novice when it comes to loans. I took out a loan for one of my kids three or four years ago with TSB and I got their base rate. I was a bit upset that they didn't reply to my application, as you can imagine.

I've not heard of Zuto, but then, I've not heard of many.

[Wagonwheel555]

Derek Smith said:

Thanks for the replies.

I've got an offer of 5.4% from Zuto. I went to the AA, and got a flat rejection as I was filling the form. 74 is, it seems, too old.

I've been in contact with TSB, who haven't got back to me, and Barclays online rejects my form at the page with my personal details, my assumption being that it is age, but it seems I'll have to phone.

I've got a good credit score, but I'm a bit of a novice when it comes to loans. I took out a loan for one of my kids three or four years ago with TSB and I got their base rate. I was a bit upset that they didn't reply to my application, as you can imagine.

I've not heard of Zuto, but then, I've not heard of many.

5.4% is not awful by any stretch actually.

There are some 2.9% deals about but I am not sure how many get these. We got 2.9% last year with Lloyds but if I want to top the loan up now or take out a second one it shows as 3.9% or jumps to 6.9% if I want to borrow above £13k so its all over the place.

[vikingaero]

Zuto are a decent broker with access to a lot of schemes where people don't fit the criteria, such as your age, bad credit, no credit history etc. They still do normal lending. I used them once to finance my aunts car purchase in 2019.

[Dave Hedgehog]

Wagonwheel555 said:

Have you tried your own bank? Mine tell me how much they are willing to lend me and my chances of acceptance before I even made an application

yep, your own bank is often the best, normally having offers in their app

my bank also offers loans at low rates secured against a property with a short term lien

[Derek Smith]

Thanks, guys.

[NicheMonkey]

I used Zuto back in 2017, it was a competitive interest rate and the service I got was actually pretty good, aftersales customer service was good too. No hard selling and advised which dealers to avoid even though they were AA or RAC approved.

[WRumbled]

No experience of them, but Zuto are the broker that AutoTrader have listed on their site if you check out the financing options, so they can't be all bad?

[shiversaint]

5.4% is not at all bad.

[Derek Smith]

Thanks, guys.

I didn't go with Zuto in the end, and opted for Santander. Should have done that first of all.

Picking my 2018 Golf up on Monday. Oddly enough, the car was local and I thought I'd try it, despite being a bit over my budget. I wanted a base to compare other cars to. I felt guilty, wasting their time, but I thought I'd be giving them a chance to convince me. And I never, ever go for the first one I try.

They convinced me, and with the lower APR, I could sort of justify it. Almost. Well nearly.

I couldn't get the bloke to drop the price significantly. I got £250, at that was only, I think, to shut me up.

Thanks again for everyone's help.