Cant seem to get a loan?

m0jo

i'm after 5k for a used car.

i'm 25 home owner (with mortgage)
single
earn over 25k
i have 1 credit card with the halfax its cashback with no outstanding balance its paid off each month fully.
I have no debts and cant think of any reason why i wouldn't be accepted... However i keep getting declined?

Any ideas?

I obtained a credit report from equifax as i've previously used experien it showed that i have no previous problems with repayments.

i have been accepted with A&L rate 8.9% fixed over 3 years but was hoping for a better deal. I've been declined with natwest, yourpersonalloan, M&S and sainsburys



Any help pointers, appreciated obviously i cant keep trying else i will get a bad rating lol

corkheel

try this it may be of some help i hope. good luck.

http://www.experian.co.uk/creditreporttv/?sc=410006

CLAPTON

8.9% is quite a good rate

Cash_Waster

corkheel wrote: »

try this it may be of some help i hope. good luck.

http://www.experian.co.uk/creditreporttv/?sc=410006

He has already said he has got his credit report!

I'm no expert but I would have thought 8.9% was about as good as you are going to get at the minute with a perfect credit rating.

Idiophreak

Could maybe try the local car dealerships - see if they're doing any finance deals at the mo...

Nigella_2

Every time you apply for a loan it leaves a foot print on your credit report, have you made too many applications at one time without a gap of a few months??

Are on the electoral roll ??

Have you lived at your address long??

m0jo

lived at the address 2.5 years and held my job for 2.5 years previous job 3 years.

I am on the electoral roll.

I wanted to buy the car private so this was my reasons for opting for personal finance.

I just wondered really if there was a way of attaining 7.9% i suppose i'll have to visit my bank and try haggle the rate... can you even do this??

Rafter

A 1% difference in the interest rate is going to make about £2 per month difference in the loan payment or £77 over the 3 years of the loan.

Loan companies are being really strict at the moment. Could be it is nothing to do with your credit rating or current debts, but just they are not lending to people earning <£30k or who are under 30.

Seems that the only way to get loans from some banks is if you don't really need them at the moment!

R.