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Loan acceptance rates?
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# 1
pk83
Old 08-05-2010, 8:55 PM
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Default Loan acceptance rates?

I'm planning on applying for a 9k loan and was wondering which banks offer the highest acceptance rates for people with very good credit ratings? I know that credit is becoming more difficult to get so would like to apply with the bank offering the highest acceptance rates to try an avoid rejection which would obviously be detrimental to my credit rating.

Many thx!
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# 2
woodbine
Old 08-05-2010, 8:57 PM
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I doubt you would get such info in a forum like this,sure people will be able to tell you if they were accepted but not the overall acceptance rate
~~~JOHN~~~



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# 3
pk83
Old 11-05-2010, 8:51 AM
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Are there particular banks which are more car loan friendly than others? Apart from of course Ocean Finance or Black Horse which seem to have higher rates than high street banks.

Thanks
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# 4
CLAPTON
Old 11-05-2010, 8:56 AM
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whether you're accepted for credit will depend upon lots of things
your salary, your debts, your credit record, renting or purchasing, employment etc
done of which you have mentioned.
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# 5
pk83
Old 11-05-2010, 9:25 AM
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Quote:
Originally Posted by CLAPTON View Post
whether you're accepted for credit will depend upon lots of things
your salary, your debts, your credit record, renting or purchasing, employment etc
done of which you have mentioned.
Hi Clapton, my salary is 28k basic with around an extra 2k per annum for overtime.

I have a joint wedding loan with my wife with around 6k left to pay over the next two years.

I have 2k left to pay on my existing car loan which I will clear with the proceeds of selling my existing car for 3.5k. I also owe around 2.5k on a credit card (transferred outstanding balances to it to avail of 0% offer).

I also own my own home and have a mortgage with my wife for around 115k. I've been in my current job for nearly two years.

I have never missed any payments and would say I have an excellent credit history. My Experian credit report was 999 when I checked it a couple of months ago (although I know this doesn't really mean anything).

Thanks
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# 6
asandwhen
Old 11-05-2010, 9:38 AM
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Quote:
Originally Posted by pk83 View Post
Hi Clapton, my salary is 28k basic with around an extra 2k per annum for overtime.

I have a joint wedding loan with my wife with around 6k left to pay over the next two years.

I have 2k left to pay on my existing car loan which I will clear with the proceeds of selling my existing car for 3.5k. I also owe around 2.5k on a credit card (transferred outstanding balances to it to avail of 0% offer).

I also own my own home and have a mortgage with my wife for around 115k. I've been in my current job for nearly two years.

I have never missed any payments and would say I have an excellent credit history. My Experian credit report was 999 when I checked it a couple of months ago (although I know this doesn't really mean anything).

Thanks
Your earnings, debt and credit rating are very similar to mine and I was accepted by Sainsburys bank a few months ago for a 12,000 loan at 7.9% - they even said they could lend me alot more if I needed it.
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# 7
CLAPTON
Old 11-05-2010, 10:32 AM
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you have debts at the moment of 11.5k and are looking to borrow another 9k so a potential lender will see a debt level of 20.5k on a salary of 28-30k

that's rather high in proportion to your income and in the current climate many lenders will turn you down.
however maybe asandwhen in right so maybe try Sainsbury

personally I would buy a cheaper car or continue with the current one and concentrate on clearing the existing debts so you can enjoy your full salary rather than getting new ones and having to spend a lot of your salary paying them back.
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# 8
yummymummy1987
Old 11-05-2010, 11:53 AM
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I would also try sainsburys, we got accepted today for 9.8% whereas my bank wanted 16.9% and we are in the black all month. around 1750 going in each month so i thought my bank would have been the best place to try unfortunatly not
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# 9
pk83
Old 11-05-2010, 8:28 PM
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Thanks for the responses folks it looks like Sainsbury's may be a possibility. I was thinking of trying Nationwide first as I currently have a loan with them which is due to finish soon and they are frequently sending me letters to ask if I want to top it up or take out another one which I would presume is a good sign?
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# 10
jamesd
Old 12-05-2010, 6:23 AM
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Try the cheapest first. If turned down you can try Nationwide.
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