We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First time borrower
Options
I've been refused by my own bank for a loan for my first car. They said it was because I haven't had credit before.
I do have a student loan of £1900 (I've just finished my first year so not required to pay it back yet)
I don't have any credit cards or outstanding debt (well I owe my mum a bit :rotfl:) I'm a mature student with children. My main income is my bursary, student loan, ctc and cb.
I've checked my credit report and came into the 'fair' category, with 767. It said there are no negative factors affecting my score.
Has anyone got any advice for me? I don't want to try loads of companies I know lots of credit searches go against you.
Many thanks!
I do have a student loan of £1900 (I've just finished my first year so not required to pay it back yet)
I don't have any credit cards or outstanding debt (well I owe my mum a bit :rotfl:) I'm a mature student with children. My main income is my bursary, student loan, ctc and cb.
I've checked my credit report and came into the 'fair' category, with 767. It said there are no negative factors affecting my score.
Has anyone got any advice for me? I don't want to try loads of companies I know lots of credit searches go against you.
Many thanks!
0
Comments
-
ensure that you are on the electoral register, and check your credit report with all three credit reference agencies.
Look at Martin's sectoin on building up a good credit history http://www.moneysavingexpert.com/loans/credit-rating-credit-score0 -
what is your annual income?0
-
having lasted all these years without needing credit, and with a decent income why not just buy a cheap car without borrowing?0
-
having lasted all these years without needing credit, and with a decent income why not just buy a cheap car without borrowing?
:rotfl: all these years! I'm 27 lol!
I need to spend more as I'll be doing more miles than average. I'm currently paying extortionate amounts for the train.
My income is not as good as it sounds, with 4 children a hefty proportion goes on childcare (and public transport).
I've managed to save a little bit so wouldn't need a loan for the full amount.0 -
In this period of history, being 27 and not having ever had a loan is pretty good going.
I don't understand why you need to spend 'more'
'more' that what?
plenty of cheap reliable cars0 -
I completely agree but I know nothing about cars and have no-one to help. I presume cars from a garage (therefore more expensive?) come with some kind of guarantee?
Thanks for all your help :-)0 -
As are getting a busary I assume you need to travel to placements. Although having a car will make this easier it can be a real financial drain. Most Second hand cars are only covered for 3 months under warranty from a garage and not a good idea to get a new car as a first car.
You also need to factor in running costs, tax, mot and repairs (I budget £500 a year)
Does any of your friends have partners who could help you pick up a cheap second hand one?0 -
Thanks, I'm currently paying over £300 a month for public transport so that'll help towards the cost. I have to travel to uni as well as placement.
I wasn't going for a new car, have been warned off them before!
My sisters boyfriend has offered to help me when I'm ready but he doesn't live in the same city so makes it a bit more difficult.
Even if I get a cheaper car I still need to borrow a bit of money :-)0 -
just show your costings0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards