I applied for a small car loan from both standard bank and BMW finance. BMW approved my finance within 5 hours, and gave me a rate of prime plus 2 and no deposit required.
Standard took a day and a half (which is still fine) but require a 5% deposit (5%? that's an odd number) and will only offer me a interest rate of PRIME PLUS 6.8%. That's despite me having a credit card with them, as well as a trust business account which is in the business of buying property. I say what's the point of loyalty then? Obviously loyalty gets you a mandatory deposit and a 4.8% higher interest rate, or basically the bank tells you "we don't want your business unless you are an willing to accept our ridiculous terms".
No thanks, I'll take my business elsewhere if you don't want it.
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