Help.......Loan advice needed!

charlotte84

hi,

i was hoping someone can help me. Im a 25yr old woman wanting to get a 5k loan to buy myself a better car. The problem is although i work over 37hrs a week i am not on a permanent contract i am just a casual between venues. How do i go getting a loan. I can guarantee i do over 37hrs a week just not on paper. I do have a credit card that i have had for several yrs which i make regualr payments on so surely that will help?

Mols

Hi

The best place to start will be with your bank.

If you have an account with them you will already have a banking relationship with them.

They will already have a pre-approved loan limit on their systems that would be available to you.

Are you able to go into your local branch or book an appointment to discuss taking out a loan with them?

charlotte84

hi,

yes my bank was my one of my ideas but ive looked into it online and it has a much higher interest rate.

i will certainly get in touch with them.

many thanx

charl

jonesMUFCforever

Many banks will now only lend to existing customers.
The days you could virtually walk into any bank and out with the money have long gone.

I would go for a face to face meeting with the bank - ask if they have room to reduce the quoted rate.

AllieBallie

Hey Charlotte, welcome to the forum

I don't have any advice regarding the loan, however, I wondered if it would be possible to buy a cheaper run around for a few hundred quid instead of one for £5k - that way it might be possible for you to save up over a few months and buy the car outright as opposed to getting a loan which may or may not have a high(er) interest rate. I know this way is not as nice having a more expensive car but if it's for getting you out and about or commuting then it might save you a fortune in interest! I bought my car a few months ago and it cost less than £600, it's in good nick and, although it wouldn't win first place at a beauty pageant, it does the job!

Just a thought for you, I realise it might not be possible if you're looking for a specific car or a bigger car, or you just might not want to, but I thought I'd reply since I'd been in a similar situation recently