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Help please!
My daughter's boyfriend who is in the army, he is 19 nearly 20, took out a 12K loan for a car last August over 4 years at 16.9%!!!!!
He wants to change it to another company at a lower rate to reduce his payments. He is on 16K a year, what are his chances? He has been making enquiries at couple of banks but they couldn't help him,he does not have any bad credit.
He wants to change it to another company at a lower rate to reduce his payments. He is on 16K a year, what are his chances? He has been making enquiries at couple of banks but they couldn't help him,he does not have any bad credit.
2013
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £300
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £300
0
Comments
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My daughter's boyfriend who is in the army, he is 19 nearly 20, took out a 12K loan for a car last August over 4 years at 16.9%!!!!!
16.9%!!!!!
Why the exclamation marks?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Because i haven't taken out a loan for years and i thought that was high. Is it not?2013
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £3000 -
while I'm surprised that a bank would lend 12k to some-one earning only 16k the interest rate while high is not altogether unreasonable
Is the loan an HP agreement?
there is virtually no chance of any-one giving a personal loan of 12k as they would probably view his debt as 12k+12k as there is no guarentee that he would repay the first loan.0 -
he took out the agreement, check the contract for transfer/settlement terms.
and let him learn for himself.Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
thanks for you comments. Yes he is learning himself the hard way lol. He also has just learnt that he should have been given a forces discount by the garage but he didn't. He is going back today but it was last August.
If he keeps applying for loans and is turned down , doesn't that hurt his credit scores?2013
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £3000 -
Yes, multiple credit searches in a short space of time will be damaging.0
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Hmmm, decide in haste and repent at leisure, it would seem is the case here.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
He is a nice lad, young but he will learn.2013
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £3000 -
He is a nice lad, young but he will learn.
Hopefully one lesson he'll learn is that it doesn't make sense to buy a car that costs 9 month's wages (or that he's working for over a year just to pay for the car if he includes the interest payments).loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Hopefully one lesson he'll learn is that it doesn't make sense to buy a car that costs 9 month's wages (or that he's working for over a year just to pay for the car if he includes the interest payments).
Yes hopefully he will
2013
Necklace, £500, Marquee, Tickets Home Improv show, Patternity Tights.tickets to Cruise Show,kindle cover, 2 tickets Brisfest. Tin of personalised chocolates.Hawking DVD, McCain voucher, clay modelling set,Chocolate, Book,Raleigh 125th Book.
2014
tickets to Gadget show, Hotel Spa break for 2 + £3000
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