Loan for £5000 with bad credit

triticale

I just got a Mk2 mondeo with 6 months MOT for £300.

Why not get a similar runaround and then save the £200pm until you have enough?

A £5000 loan paid off with £200pm would have you stuck with the debt for over two years.

immoral_angeluk

You won't get one with any kind of reputable lender. I have good credit/income/low debts etc and no real reason for banks to reject me... but I had to take a 5k loan with my own bank to appeal before it was accepted... so the chances of someone getting one with an non perfect credit history is little to none.

masterlumps

the finance company 'got wind' that you would be using a car you were buying as a taxi? how do they 'get wind' and it makes no difference to them, over 3 quarters of the taxis here are on finance from dealers, probably a mass of them arnold clark!

age limits are strict in some areas, other areas it just mean the car is subject to more regular testing

tax credit money put in another account is not a safe bet for a finance company, if you are able to claim £200 a month in tax credits all you are proving to the finance company is that you are on a low income

and why can you not use your taxi earnings as income with the finance company? just show them your books, tax records etc

a safer and cheaper alternative as you only work weekends taxi-ing would be to give up your plate and drive for someone else, someone who can get a loan for a car that way you have no repair bills, no testing costs etc etc etc need i go on

Fiddlestick

masterlumps wrote: »

and why can you not use your taxi earnings as income with the finance company? just show them your books, tax records etc

Why do you think?

Fiddlestick

housebuyer_abc wrote: »

Maybe there are no books and tax records

Give the man a prize :j

masterlumps

housebuyer_abc wrote: »

Maybe there are no books and tax records

Fiddlestick wrote: »

Give the man a prize :j

:T:rotfl::T:rotfl::T

housebuyer_abc

immoral_angeluk wrote: »

You won't get one with any kind of reputable lender. I have good credit/income/low debts etc and no real reason for banks to reject me... but I had to take a 5k loan with my own bank to appeal before it was accepted... so the chances of someone getting one with an non perfect credit history is little to none.

I hate to point out the obvious but just because you consider yourself to have an excellent credit rating (yet can't get credit) doesn't mean others will be subject to the same problems

housebuyer_abc

Fiddlestick wrote: »

Give the man a prize :j

Sarcasm -it's a lost art - thanks for resurrecting it!!!

immoral_angeluk

housebuyer_abc wrote: »

I hate to point out the obvious but just because you consider yourself to have an excellent credit rating (yet can't get credit) doesn't mean others will be subject to the same problems

Oh I know... I'm just saying that it's hard enough to get credit as it is at the moment!

only1woz

Hey guys, haven't been online all week.

I do pay my tax, but keeping books isn't really my strong point. Not for any dubious reasons, I am just really bad with paperwork and keeping records and stuff like that.

Masterlumps, they "got wind" that it was for a taxi because when they asked for a household bill from less than 90 days ago, the only thing I had lying around was a letter from the council regarding my taxi. I sent this away because I didn't ever imagine that it would be a problem. They've basically said "we don't deal with taxis", so I was !!!!ed. They said they would still give me the loan, but only for a car with 3 doors, or less than 1.6 engine ie a car that cannot be used as a taxi.

Anyway, I got my old car back from Arnold (minus my CD player, which was nicked when in their care! lol) and took it to my mates mechanic, who he says is a brilliant guy, and cheap too! So I took it to him, and got it back the next day, and it only cost me £75 quid.

I will need a new car at some point, so I'm gonna let my £200 build up over the next year or so, and I've also joined a credit union so with that in mind, and building up my credit over the next year, things shouldn't be as tough next time around.

Cheers to all for your input, help and suggestions.