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  • FIRST POST
    • TheDebtinator
    • By TheDebtinator 8th Jun 17, 2:56 PM
    • 234Posts
    • 63Thanks
    TheDebtinator
    Applying for a loan..
    • #1
    • 8th Jun 17, 2:56 PM
    Applying for a loan.. 8th Jun 17 at 2:56 PM
    I've recently moved house. The electoral role has updated but obviously I am waiting for this to hit my credit files. Once they are up to date with my new information, how long afterwards should I leave it before applying for a loan?

    Do I stand more chance getting a loan from my bank or does it not matter? I have been with my bank for 18 years.

    Thanks.
Page 1
    • bengalknights
    • By bengalknights 9th Jun 17, 10:23 AM
    • 4,158 Posts
    • 1,519 Thanks
    bengalknights
    • #2
    • 9th Jun 17, 10:23 AM
    • #2
    • 9th Jun 17, 10:23 AM
    If you need one now you probably stand a good chance using old address or your own bank
    • TheDebtinator
    • By TheDebtinator 9th Jun 17, 10:40 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #3
    • 9th Jun 17, 10:40 AM
    • #3
    • 9th Jun 17, 10:40 AM
    I don't need one at the moment but I will do at some point as I need to replace my 16 year old car..
    • Candyapple
    • By Candyapple 9th Jun 17, 10:50 AM
    • 2,472 Posts
    • 1,848 Thanks
    Candyapple
    • #4
    • 9th Jun 17, 10:50 AM
    • #4
    • 9th Jun 17, 10:50 AM
    Do I stand more chance getting a loan from my bank or does it not matter? I have been with my bank for 18 years.
    Originally posted by TheDebtinator
    Financial loyalty counts for nothing these days - it's all based on numbers entered into a computer and whether you match the lender's criteria.

    There is no right or wrong length of time to wait before applying, obviously the longer you are on the ER the better and min 6 months is probably ideal, but if you need to apply then make sure you check your eligibility first:

    https://www.moneysavingexpert.com/eligibility/loans-calculator/
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • TheDebtinator
    • By TheDebtinator 9th Jun 17, 12:01 PM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #5
    • 9th Jun 17, 12:01 PM
    • #5
    • 9th Jun 17, 12:01 PM
    I checked that yesterday. I apparently have a 95% chance with Santander (who are also my mortgage provider). £10k over 5 years at 3.1% representative (not guaranteed I know). Same with Ikano at 3.0% and 90% chance with Sainsbury's at 2.8%. I did a check yesterday at 6 years and Sainsbury's were the only ones to say I had a 90% chance at 4.8%.

    I can borrow upto £11k at 0% for 2 years with a 4.4% transfer fee from my credit card as well.
    • TrustyOven
    • By TrustyOven 9th Jun 17, 12:49 PM
    • 669 Posts
    • 709 Thanks
    TrustyOven
    • #6
    • 9th Jun 17, 12:49 PM
    • #6
    • 9th Jun 17, 12:49 PM
    I don't need one at the moment but I will do at some point as I need to replace my 16 year old car..
    Originally posted by TheDebtinator
    What's wrong with it?
    You could always DIY fix it.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • TheDebtinator
    • By TheDebtinator 9th Jun 17, 3:30 PM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    • #7
    • 9th Jun 17, 3:30 PM
    • #7
    • 9th Jun 17, 3:30 PM
    What's wrong with it?
    You could always DIY fix it.
    Originally posted by TrustyOven
    It's beyond DIY fix lol. I just want something newer. Old BMW's throw up big issues which I am no longer prepared to put up with.
    • TrustyOven
    • By TrustyOven 9th Jun 17, 6:16 PM
    • 669 Posts
    • 709 Thanks
    TrustyOven
    • #8
    • 9th Jun 17, 6:16 PM
    • #8
    • 9th Jun 17, 6:16 PM
    It's beyond DIY fix lol. I just want something newer. Old BMW's throw up big issues which I am no longer prepared to put up with.
    Originally posted by TheDebtinator
    Old BMWs may have less tech inside them and thus could be cheaper and simpler to fix than newer cars.

    You could probably DIY and save yourself a lot of money and not have to get a loan and pay interest on the loan and be indebted to someone.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • Grzegorz Kowalski
    • By Grzegorz Kowalski 9th Jun 17, 9:30 PM
    • 18 Posts
    • 8 Thanks
    Grzegorz Kowalski
    • #9
    • 9th Jun 17, 9:30 PM
    • #9
    • 9th Jun 17, 9:30 PM
    Old BMWs may have less tech inside them and thus could be cheaper and simpler to fix than newer cars.

    You could probably DIY and save yourself a lot of money and not have to get a loan and pay interest on the loan and be indebted to someone.
    Originally posted by TrustyOven
    I followed this advice and 10 years later, I have ended up with the garage full of tools (worth approx 5k) and the hell of experience and skills. I must admit, in the last decade, I haven't paid more for the MOT than the nominal charge :-)
    How much I have actually SAVED by doing so, it would be really difficult to estimate.
    • TheDebtinator
    • By TheDebtinator 11th Jun 17, 10:02 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    It's an M5. Therefore comes with M tax. Engine needs a complete rebuild unfortunately.
    • TrustyOven
    • By TrustyOven 11th Jun 17, 12:52 PM
    • 669 Posts
    • 709 Thanks
    TrustyOven
    It's an M5. Therefore comes with M tax. Engine needs a complete rebuild unfortunately.
    Originally posted by TheDebtinator
    Ouch!
    What exactly is wrong with it?

    How much would it cost to rebuild the engine?
    Will 10k (which you are proposing to get on loan) be enough to rebuild the engine and continue to enjoy such a lovely car?
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • TheDebtinator
    • By TheDebtinator 12th Jun 17, 11:18 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    Ouch!
    What exactly is wrong with it?

    How much would it cost to rebuild the engine?
    Will 10k (which you are proposing to get on loan) be enough to rebuild the engine and continue to enjoy such a lovely car?
    Originally posted by TrustyOven
    It needs new timing guides, chains, crankshaft rod connecting bearings and then either new piston rings or new valve stem oil seals due to high oil consumption . I've had a quote for £5k if its the rings, but the valve stem oil seals will then need new head gaskets etc and is more labour intensive, so looking at closer to £7k.

    Car is rusty as well. It has covered 144k miles after all. I'd quite like a newer M5 (the twin turbo one) as I could use most of my savings to buy one with the sale of mine (at reduced cost) and £10k loan. Man maths at work...
    • TrustyOven
    • By TrustyOven 12th Jun 17, 1:20 PM
    • 669 Posts
    • 709 Thanks
    TrustyOven
    It needs new timing guides, chains, crankshaft rod connecting bearings and then either new piston rings or new valve stem oil seals due to high oil consumption . I've had a quote for £5k if its the rings, but the valve stem oil seals will then need new head gaskets etc and is more labour intensive, so looking at closer to £7k.

    Car is rusty as well. It has covered 144k miles after all. I'd quite like a newer M5 (the twin turbo one) as I could use most of my savings to buy one with the sale of mine (at reduced cost) and £10k loan. Man maths at work...
    Originally posted by TheDebtinator
    Double-ouch!
    If you could do some or all of the engine rebuild DIY you could save money, but looks like it would be a real pain to do. And you may need a spare car to get to work / shop / get parts for rebuild. An engine rebuild is something I'd like to do at least once in my life, but I think it's not for the "faint of heart".

    Same with rust - I'm doing a bit of DIY rust treatment on my car, but there comes a time when there's too much rust to realisitically sort out. If it's a bit of welding and paint it could just be a few hundred to 1k, obviously depends on how much rust there is.

    144k miles is nothing though.

    So possibly the only money-saving I could suggest is to get a cheaper car (not 10k) and save yourself on the debt interest and this would also allow you to pay it back quicker and start saving sooner.

    Or depending on how much you can save per month, just keep running the M5 and top up oil every day/week until you get enough to buy a car with no debt.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
    • TheDebtinator
    • By TheDebtinator 12th Jun 17, 1:32 PM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    Double-ouch!
    If you could do some or all of the engine rebuild DIY you could save money, but looks like it would be a real pain to do. And you may need a spare car to get to work / shop / get parts for rebuild. An engine rebuild is something I'd like to do at least once in my life, but I think it's not for the "faint of heart".

    Same with rust - I'm doing a bit of DIY rust treatment on my car, but there comes a time when there's too much rust to realisitically sort out. If it's a bit of welding and paint it could just be a few hundred to 1k, obviously depends on how much rust there is.

    144k miles is nothing though.

    So possibly the only money-saving I could suggest is to get a cheaper car (not 10k) and save yourself on the debt interest and this would also allow you to pay it back quicker and start saving sooner.

    Or depending on how much you can save per month, just keep running the M5 and top up oil every day/week until you get enough to buy a car with no debt.
    Originally posted by TrustyOven
    If I took it apart then it would never go back together again I just dont have the time these days to mess with cars like I did .

    It's not really a DIY job. Sure it can be done DIY, but the specialist gives a 2 year warranty.

    I walk to work and my wife has a car so thats covered, though I refuse to drive her car more than 30 miles as its too small for me. We always take my car on holidays etc

    The rust is in the bonnet, front sills, rear wing, boot lid, so quite a bit. E39 BMW's rust like the best of them sadly lol.
    • TheDebtinator
    • By TheDebtinator 26th Jun 17, 11:21 AM
    • 234 Posts
    • 63 Thanks
    TheDebtinator
    To close the thread, I successfully applied for a loan with Santander. I am probably just going to buy another car, sell my M5 and pay off the loan with the money I get back.
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