How long before I should re-apply for a personal loan after rejection?

2»

Comments

  • Catherine_Johnson_2
    Catherine_Johnson_2 Posts: 406 Forumite
    purplepolarbear wrote: »
    Ummm... That is older than my current car. I don't think there is anything wrong in treating ourselves. Every other person in the world lives on credit. We work hard and have saved every penny until now for a deposit on our own place and now a wedding. We can afford the repayments so that is our decision to make.



    A couple of points....

    You're wrong, not everyone lives on credit. Many of us don't.

    Why not save up for the new car? Do you have to have it right now?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Catherine_Johnson wrote: »
    You're wrong, not everyone lives on credit.
    I read the statement differently...thought they were saying 50% do - "every other person".

    Still not sure it's correct though. ;)
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    First Anniversary Combo Breaker PPI Party Pooper Debt-free and Proud!
    Put the £700 you're no longer putting towards a wedding away and surely within the year you can get a nice car, without credit.

    £10k loan at under £200 a month, sounds like it will be at least for 7 years and mean paying back £3 - £5k in interest. In 7 years the car will be worth half or less of what you've paid for it.

    Car credit is madness, unless it involves a reasonable down deposit and 0% finance over the rest of the period. Or is paid for by a 0% purchase credit card and the purchase price is paid off before the 0% runs out.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    purplepolarbear wrote: »
    Ummm... That is older than my current car. I don't think there is anything wrong in treating ourselves. Every other person in the world lives on credit.

    Just because other people lives on credit it doesn't mean you have to do the same, why not live within your means.
  • eschaton
    eschaton Posts: 2,023 Forumite
    First Post First Anniversary Combo Breaker
    purplepolarbear wrote: »
    Every other person in the world lives on credit.

    If that happens to be true, no wonder the country is in the state that it is in.

    purplepolarbear wrote: »

    We can afford the repayments so that is our decision to make.


    The proposed lender does not appear to agree with you.

    There is nothing better than owning your car yourself and not a lender.
  • droiderm
    droiderm Posts: 778 Forumite
    First Post First Anniversary Combo Breaker
    What if everyone else was smoking crack ?
  • eschaton
    eschaton Posts: 2,023 Forumite
    First Post First Anniversary Combo Breaker
    droiderm wrote: »
    What if everyone else was smoking crack ?


    Then I guess it must be ok then :rotfl:
  • bouncydog1
    bouncydog1 Posts: 2,696 Forumite
    First Anniversary First Post Combo Breaker
    Take the car for the MOT and wait and see what they say. If it is written off, hire a car for a couple of months whilst you consider options. The thrill of a new car is great - but it's even better if its yours without any borrowing!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards