New loan app!

andrewh

Hi folks,

Need a bit of help!

Me and my partner are looking to get a loan to consolidate and to also get a new car. It will be in the region of about £13.5k. Do the banks look good on both of us taking the loan out together or what is the story?

Also who is the best to go with at the moment?

Thanks for any help in the mean time

Andrew

LoopyPrune

Supply more info. Income, outgoings, any past credit both good and bad.

PNPSUKNET

as above, but yes its better if two are on an application as gives them a bit more to go at.

andrewh

Myself:

Roughly £1100 income with about £430 outgoings
Partner roughly £1300 incoming with about £350 outgoings.

Credit history MAY be bad, we just dont know. Thing is she has a few things in her name for other people.

Any idea where we may be able to check her credit file tonight? I joined her up for experian and they are sending out a stupid code!!

Thanks for the help!!!

LoopyPrune

Your uncertainty means your chance of getting a 13.5k loan are slim. To be able to catch a loan of that size you need to be the best customer the bank could ever want. You need to be able to say nope not a single blemish on either of our credit histories in the last 6 years. You need to be active with credit cards or other financial agreements (too little is as bad as too much). You both need to on the voters poll and not be prone to moving every few months. As PNPSUKNET has said, yes 2 people on the application can be good as it means they have 2 people to chase instead of 1 if things go south for the winter. BUT it also be bad because even if one has a glittering credit file the other only needs to have missed a default or 2 and the application isnt going nowhere. Banks aint dishing out money like they once did, so you need to show them your good for it by following any number of guides on MSE.

Ok lets get down to it and see If we can find a route for you. Firstly you say the loan is to be used for 2 parts. Consolidation and new car. What are you consolidating and for how much and what is their current APR deals. Do you need the new car? Is it a luxury purchase or a necessity? Are you home owners? Im also concerned that your partner has other peoples debt in her name (don't want to poke into your personal life) which is never a good thing.

**Make sure to cancel that Experian trial otherwise they will bill you for following months**

andrewh

Thanks for the feedback.

I take on board what you are saying. Regards finance blemish etc there are a couple on mines not going to admit that there is not.

Regards The reasoning. Firstly it would be to take on board my loan, her loan and the new car. My loan has £7900 left, apr about 17%, my partner has about £400 left and apr about 11%. Happy to leave that to one side however! The car...its a bit of both, neccesity because her one just now is not doing too great and it would cost a lot of money to sort out etc. Might be a bit steep asking for c5k for a new car for her!. We could go to 11k. Also we are not home-owners...


Regards things in other peoples name it is nothing major. it is just she had a catalogue etc and her mum uses it too.

Thanks for the help!

LoopyPrune

Theory time. Lets take Tesco Finance cause their calc is quick and easy to use.

£13000 over 5yrs, 8.3 apr, £263.57 per month. £2814 in interest. APR is dependent on circumstances. 8.3 being the very best to get your attention.

£11000 over 5yrs, 8.3 apr, £223.02 per month. £2381 in interest.

Take these numbers as a guide because even If they passed you chances are you will be on a higher APR. The fact your not homeowners works against you and leads me to my honest opinion, that you wont get 13.5k. You may try by all means but for every try you mark your credit file with a search for the next bank to see. Get turned down for 3 times and I would call it aday and wait atleast 6 months.