Problems with Nationwide Bank (any new bank suggestions)

[Bparb]

Hi everyone,

Bit of a weird one and I don't know where to post this but today I applied for 10k loan over 60 months to buy a car with my bank Nationwide. It got declined.
I'm not sure why as I don't have any outstanding balance on my CC, I have a full time job (30k a year), credit report has come back as Excellent (never missed a payment) and I do have just under 50k in savings. This loan would be the only monthly payment I have so not overextended. I don't know if the savings is the issue as they look at it as you can pay for it yourself but I prefer paying a car monthly as we're saving for a house!
Has anyone else ever had problems like this with Nationwide?
Any recommendations on new banks as this is the second time in 5 years I've been declined for support from them and they won't even tell me why. So I am set on leaving them now!

Nationwide tend to be risk averse with lending.

As a building society they’re great for customer service though. I’ve always had great service from them in my 20 odd years of being with them, so I wouldn’t pull your current account just because they won’t lend to you.

Lending is all about the kinds of risk the company is willing to take on, so different banks will go for different customer profiles. So just try somewhere else - use comparison websites which will give you an idea of who’s likely to accept you.

Thanks everyone for the new messages - I have it sorted now due to collect car tomorrow :)
As for Nationwide in general, I've had quite a few problems with not sending out replacements for expired cards, updating my new address wrong so I was failing security to my own account so I think off the back off this too it's time to go with a bank!

Are you planning on buying a property in the next five years?

If not, I would suggest "borrowing" the £10k from your savings and being strict with the "repayments" at the same rate you'd be paying if you borrowed it from a bank.

That way you save even more in the long run as the interest that the lender would otherwise be charging you goes straight in to the savings account. Alternatively, repay it at an amount that compensates for any lost interest on the savings.

You will pay more interest on a loan than you'll earn in interest on the savings, so it seems foolish to put the money in the bank's pocket rather than your own.

Yes, planning within 3 years when we combine mine and husbands savings, I did look at just "lending" myself the money but would like that little bit extra in there for when we do start looking!