Barclays Loan

The_representative

Hi folks

My car is old and I think probably not going to last too much longer - I work 23 miles away from home and so need it to keep my job and get to work each day.

I have had one CCJ in the past, which is satisfied and due to be wiped off my file in a years time, other than that I only have a contract mobile phone on credit. I have been a Barclays customer for 4.5 years now, and have booked an appointment to go and see them about taking out a small loan of £5,000 to buy something a little more recent. My credit score is 803 when I checked with Experian.

Do you think Barclays are likely to turn me down. I earn enough to be able to afford repayments of up to £350 a month( well within the limit for a 5k loan) and I have always kept my account in good order i.e. in credit and never in the red, with no direct debits ever bouncing or anything.

Any help would be appreciated

Tixy

The issue they may have is that as you have no credit with them they cannot judge how you will manage a loan.

But that said your bank is a good place to start. Talk it through with them before they actually process an application. They should have a good idea whether you'll be accepted. Don't be talked into getting more than £5k if you know that is all you need (eg if they say get £7k as its a lower apr you'd still pay more overall).
They may say you'll only be approved for less than you wanted, say £2k -£3k. If so don't write it off as unsuitable straight away, have a think about whether you could get a suitable car for that amount. As if your own bank won't lend other lenders might view you the same.

katsu

You can get great second hand cars for way less than £5k. £2-3k would be more than adequate and careful searching would get you a good car for under £1k.

If you can get a loan, get a smaller loan and end up paying it off sooner.

PNPSUKNET

sign up for online banking and it will tell you any pre-approved offers.