High Street Banks

WildWayz

I would definately try your bank for a loan.
I went bankrupt 6 years ago, but have never missed any payments since.
My bankruptcy and defaults dropped off my account this month, and considering a drunk driver smashed into our car, I thought I'd get a loan out for a new car (been wanting one for a while). So I applied yesterday online at HSBC for an £18,000 loan. Was called today to say I have been accepted but needed to go into the bank to sign the forms - no problem.

So as of 11am this morning, I have £18,000 in my account! Payment is over 5 years with January payments being skipped (which is quite nice). APR is 8.7%.

So, try your luck with your own bank as they'll have your account history infront of them. I didnt even have to provide proofs!

vaporate

18k for a car!!!!

I wouldnt spend more than £4000

WildWayz

I've had no end of cars that have been a problem cos I've bought cheap cars
My current car (Nissan Almera Tino Twister) costs loads to run - £215 a year tax, 300 miles out of a tank (£55 to fill up) etc It's been stable though - which is good, but it's done 75,000 miles and may end up being written off. I want a car that is reliable, economic and newish...

Not going to spend all £18,000 on the car - also going to decorate our house, install a new boiler system (our one is over 20 years old and isnt efficient!) etc

kissablekate

are you going to be able to manage this debt then???

stebiz

WildWayz wrote: »

I would definately try your bank for a loan.
I went bankrupt 6 years ago, but have never missed any payments since.
My bankruptcy and defaults dropped off my account this month, and considering a drunk driver smashed into our car, I thought I'd get a loan out for a new car (been wanting one for a while). So I applied yesterday online at HSBC for an £18,000 loan. Was called today to say I have been accepted but needed to go into the bank to sign the forms - no problem.

So as of 11am this morning, I have £18,000 in my account! Payment is over 5 years with January payments being skipped (which is quite nice). APR is 8.7%.

So, try your luck with your own bank as they'll have your account history infront of them. I didnt even have to provide proofs!

I don't mean any offence but why were you made bankrupt and why did you have defaults in the beginning. Lesson learnt and all that???

Lehman

Luckly you. I was turned down by HSBC for a mortgage.

Rob_Marx

i'm giving odds of 3/1 that this guy is bankrupt again by next xmas

KSoni

Rob_Marx wrote: »

i'm giving odds of 3/1 that this guy is bankrupt again by next xmas

You are speaking my mind.

WildWayz

You know what? I am not going to be bankrupt again in a year! I was young when I went bankrupt - I HAVE learnt my lesson and when we have £1500 of spare cash after all the bills have gone out, then £370 a month isnt a big hit.

Tirian

Not being funny, but if you £1500 a month spare, why not save for a year and buy the car outright, save yourself four years of repayments and goodness knows how much in interest?

nekosuki

Rob_Marx wrote: »

i'm giving odds of 3/1 that this guy is bankrupt again by next xmas

That's a bit harsh! 6 years of a pants credit file really does change your perspective (speak from experience).

Tirian wrote: »

Not being funny, but if you £1500 a month spare, why not save for a year and buy the car outright, save yourself four years of repayments and goodness knows how much in interest?

If I was in the OP's position, I would rather buy the car now, pay the £2k of interest and:

• have a reliable car
• have a more economic car
• have a more environmentally friendly car
• have a new boiler
• improve my relationship with the bank through repaying on time

I agree, it's downright annoying when your long time bank turns you down for a product but it's good to know that banks are lending money again at fairly reasonable rates.