Graduate loan / any loan help

newgrad_2

Hi all, noob here. I've just read Martin's graduate account guide and don't know whether to laugh or cry.

I graduated last year and have been unemployed since, but at last have finally landed my ideal job for which I need a car. I currently have a graduate account with Abbey with a £2000 overdraft which is nearly maxed out (£1900 used).

I have shown them the job offer and asked for a loan to buy the car and pay for running costs - they said no because of the overdraft (which they will not extend)

I went to other banks and they all said that to get a loan, I need to be with them for a couple of months and will need to have a couple of months salary go through first.

I've asked the DSS if there is anything I can claim for (and repay) but they said no.

It looks like I can't start this job now because I can't raise the money. I can't hire a car because I've not had my license for long enough, and getting a banger or anything else is a waste because I don't have the money for insurance, petrol etc, so finance is out as well (plus they seem to want you to be in the job also so Zopa is also out).

Any suggestions?

Morn

I take it that you showed them your salary as well?

When I graduated I opened a new account with HSBC (not recommending them specifically), I had secured a job and was given the full works for my account i.e. Overdraft up to £1500, option of a loan etc.

I had an OD on my student account but I kept money flowing into it and have nearly cleared the thing.

If your credit file is ok get into a new bank, open an account and see what they are willing to do for you?

Finally is there anything that your parents/family can help with??

Good luck

newgrad_2

There's no-one else I can borrow from. I showed my acceptance letter for the job (salary just under £17 k whilst training) but like I said, they wanted to see the money going into the account first and I simply cannot wait that long as I will need to be using the car in the first week of the job

Morn

newgrad wrote: »

There's no-one else I can borrow from. I showed my acceptance letter for the job (salary just under £17 k whilst training) but like I said, they wanted to see the money going into the account first and I simply cannot wait that long as I will need to be using the car in the first week of the job

I undestand what your saying, but did you try and open a Grad account at a different bank rather than applying for just a loan with another bank?

In terms of security etc I think they may be more on your side if you had a current account with them. (I have no basis other than my own experience on this one)

Out of interest what is the loan amount that you are after asking for? Less may make them more inclined to say yes.

Finally do you have any money save thus far for a deposit?

newgrad_2

I didn't actually apply, I was making enquiries. I know some banks will only give a loan if you have an account with them, but for the most part they said the account has to be running for a few months so that's no good to me. Even so, I don't want to have the hassle of opening new acounts etc only to find that I can't get a loan for whatever reason.

The ideal amount I'm looking for is £2000, but I could get away with less - minimum would be £1500.

CLAPTON

would a CC suffice... may be able to buy a cheap car with one and can pay car tax, insurance and petrol with one.

newgrad_2

It could be, but the interest is horrendous and the application requirements are the same - I need to be in a job!

custardy

considered leasing?
anything to ebay?

kuohu

Bus, bike or shankses pony? You don't say how far away it is.

When you start there you may be able to arrange a lift from a kind soul, if you can walk to a mutually convenient pickup location?

Morn

CLAPTON wrote: »

would a CC suffice... may be able to buy a cheap car with one and can pay car tax, insurance and petrol with one.

I was thinking this when I went home yesterday.

When I was first getting a credit profile I took a Capital One card with an extortionate interest rate. The benefit was 0% on purchases made in the first 3 months for the life of the balance.

So I brought a new PC at 0% and paid it back over a year did not make another purchase on the card and ended up quids in.

I think that this is a good avenue to try.

Good luck

newgrad_2

Thanks Morn, that's interesting on the purchase rate being 0% and I would definitely consider that, but again the problem is that I am currently unemployed and waiting for the written job offer. All the application forms I have seen ask for employer details. Can I ask how much the limit was on the card?

I need someone that will provide a loan / credit card on the basis of a written job offer being presented to them, and not having to wait until x months worth of pay comes in.

As for the other suggestions, like I said in my first post, the job is an essential car user position and I therefore need to have a car myself. To avoid the suggestions that may come, here are the options and why they are not suitable:

1. Finance / Lease. Need money to run the car as well.
2. Hire : as above but also not had license long enough
3. Borrow car : as for 1.
4. Get lifts / other forms of transport : need the car for travelling as part of the job.
5. Borrow from friends or relatives : None have the money to lend.