Can anyone recommend a loan??

netgear11

Basically...

My credit isn't great. I have defaulted on my first and only CC... My student Mastercard! Only because I spent £100 and couldn't ever afford to repay, what with the added charges lol. Sorted last year.

Other than that, never had bad credit.

Right now, I need about a £7,500 loan for a new car, to be paid over a 6 month-1 year period.

Situation is: Living at home with parents. 23 years old.

On Tuesday I start a new 19k p/y job and in September I start my real graduate £27k p/y job.

Advice and guidance please .

di3004

netgear11 wrote: »

Basically...

My credit isn't great. I have defaulted on my first and only CC... My student Mastercard! Only because I spent £100 and couldn't ever afford to repay, what with the added charges lol. Sorted last year.

Other than that, never had bad credit.

Right now, I need about a £7,500 loan for a new car, to be paid over a 6 month-1 year period.

Situation is: Living at home with parents. 23 years old.

On Tuesday I start a new 19k p/y job and in September I start my real graduate £27k p/y job.

Advice and guidance please .

Hi there

I'm sure someone with this experience will post soon, but check this link here:
http://www.moneysavingexpert.com/loans/cheap-personal-loans#obtain

useful information within the link as well.

Good luck.

Remember for insurance, you do not have to take on the loan providers cover, you can purchase this separately.
Don't think you should take out the insurance cover to be accepted for a loan, and the stand alone insurance is normally lots cheaper than those with the same provider, and also the loan provider adds the insurance within the loan, which takes the payments up higher, its up to you but personally go for a stand alone suitable insurance cover to keep repayments down.;)
http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

netgear11

Thanks di3004.

Anyone else have any information and where I can turn??

Steve187_2

Netgear,

Whatever you decide to do, make sure that you dont get desperate for it!! there really are people/companies out there looking for suckers who really need cash and you will end up paying an absolute fortune.

I defaulted a CC and im also 23 and found that car finance was the best option for me at the time but once the numbers add up its scary, make sure you either get a low... ish interest loan or try to save for a while until you have a sizeable deposit which should get you a good a good rate for finance

Steve

StuTheDon

Hi,

I'd say your first stop should be your own bank. I'd say you are unlikely to get a loan for that amount from anyone else. if you do the APR will be extremely high.

Whatever you do, do not goto a broker that charges an intial fee to get you a loan - almost always a scam.

I'm sure you know yoru reasons, but do you really need a £7.5k car? Plenty of decent motors out there for half that price.

Another option if you got a cheaper motor is to put it on a 0% credit card (be careful about any additional fees). This might work for you as you are lookign to pay it off in a year - and you'd pay no interest.

Lastly, dont make heaps of loan applications if you are turned down - this will further damage your credit record.

Cheers,

Stu

netgear11

StuTheDon wrote: »

Hi,

I'd say your first stop should be your own bank. I'd say you are unlikely to get a loan for that amount from anyone else. if you do the APR will be extremely high.

Whatever you do, do not goto a broker that charges an intial fee to get you a loan - almost always a scam.

I'm sure you know yoru reasons, but do you really need a £7.5k car? Plenty of decent motors out there for half that price.

Another option if you got a cheaper motor is to put it on a 0% credit card (be careful about any additional fees). This might work for you as you are lookign to pay it off in a year - and you'd pay no interest.

Lastly, dont make heaps of loan applications if you are turned down - this will further damage your credit record.

Cheers,

Stu

The bold bt sounds interesting... Is this still possible considering I have already defaulted on my one and only CC last year?

Thanks for your advice so far guys .

inmypocketnottheirs

netgear11 wrote: »

Basically...

My credit isn't great. I have defaulted on my first and only CC...

Other than that, never had bad credit.

.

And, you have never had good credit either.....

Do you really need to spend £7,500 on a depreciating asset?

netgear11

Well, realistically I would prefer to lend about £5000-£6000 max, which will cover me for a decent car and insurance.

That amount is easily repayable so cannot see me getting rejected??

CLAPTON

Well, if your credit files show a default and you have only just started a job, I would be surprised if any main stream lender will give you a loan...

either save up the money or maybe bank of mom and dad may provide.

netgear11

tut tut, what is the world coming to where the sub-primers aren't targets anymore? a disgrace!!

in all seriousness, I am a bloody good investment.. Especially for £5-6000

Tassotti

Computer says ......Unemployed.....Doesn't pay back loans.....NO!

'bloody good investment' Hmmm

I'm a sub sub prime lender and I wouldn't lend to you..