Declined for a loan, can anyone explain?

Duncombe

Anyone who sees a car as an investment that will not depreciate is an absolute fool.

jon_boy75

to answer your question, only Tesco will really know why you were declined, and chances are you will never really find out...it's just guesswork as each lenders criteria is different

in future, try to use one of the quotation searches that give you a more tailored list of potential lenders, based on your circumstances, without leaving a footprint on your credit file (not a visible one anyway)

the ones I can think of are moneysupermarket, the lending wizard, experians own one, confused.com (only for cards i think), or, look at Zopa or Yes Secure for peer to peer lending

my only opinion on the matter is to think forward, if you think it's affordable then that's your choice. if possible dont ever go above what your paying now, particularly not in todays climate

enjoy the car, if you get it!

Berto

Duncombe wrote: »

Anyone who sees a car as an investment that will not depreciate is an absolute fool.

:rotfl:

Thanks for the advice jon_boy75

gordikin

Duncombe wrote: »

Anyone who sees a car as an investment that will not depreciate is an absolute fool.

It's not a micra the OP wants to buy. Had you not skim read this thread you'd have noticed that it's a 'classic' car the OP wants to purchase and they do 'tend' to increase in value over time.

AMILLIONDOLLARS

I think a lots of the comments made on this forum is due to general concern about a person's finances. If we can prevent one person getting into serious debt, its worth the advice being given. No one wants the OP, or anyone else ending up on the Debt Free Wannbe Board, if it can be prevented in the first place.

AMD

jon_boy75

the good advice is really nice, but some of the comments of late have been plain unhelpful and negative

obviously, some postings are ludicrous, but there's nowt wrong with this person asking, and his/her explanation is open and honest.

I've been on here for years, as have many of you, and there's a definite trend towards sarcastic, negative comments of late

just because times are tough, it's not up to us to take it out on those in need...and yes, read the full post before the knee jerk reactions

onlypaddy

Berto wrote: »

Could you explain how please?

I know in the end i will be paying more for my borrowing, but other than the mortgage my other commitments will be finished in 2018. In that time I will have managed to live comfortably, enjoyed myself and even if work quiets down I will still manage to make my payments. My original plan to be debt free by 2014 will be pushed back but I fell happy knowing that.

How do you know you'll be debt free in 2018? What if you total the car you want, or leave the keys in it and it gets nicked and insurance doesnt pay out. How will you finance that?

What if you lose your job. You'll say there's no chance of that, but what if you get !!!!!! at the christmas do and spark out the boss' wife?

What if a freak tornado takes the back wall of your house into the neighbors garden?

There's no telling what will happen in life. The key is to be ready for it, and constantly topping up your debt isn't the way to do this, no matter how you feel or how much you use Carpe Diem as an excuse...

onlypaddy

jon_boy75 wrote: »

the good advice is really nice, but some of the comments of late have been plain unhelpful and negative

obviously, some postings are ludicrous, but there's nowt wrong with this person asking, and his/her explanation is open and honest.

I've been on here for years, as have many of you, and there's a definite trend towards sarcastic, negative comments of late

just because times are tough, it's not up to us to take it out on those in need...and yes, read the full post before the knee jerk reactions

Yes, but anyone who reads posts that don't give the full picture can't give the right advice. I've read too many horror stories on DFW board that go along these exact lines until something unexpected has come up and left people up the creek.

The good people on here give advice based on the situation as they see it. The not so good people on here, snipe at posts they dont like the sound of, and bury their head in the sand even when the answers are plain to see.

chesky369

......Three years ago the loan would probably have been approved......

Absolutely true - and the result is that the CAB is now seeing so many people who are now in trouble and getting further and further into serious debt; they've taken out loans on what they considered to be a level which they could deal with and now many are on short time or have lost their jobs and are discovering that JSA just won't hack it.

jon_boy75

onlypaddy wrote: »

Yes, but anyone who reads posts that don't give the full picture can't give the right advice. I've read too many horror stories on DFW board that go along these exact lines until something unexpected has come up and left people up the creek.

The good people on here give advice based on the situation as they see it. The not so good people on here, snipe at posts they dont like the sound of, and bury their head in the sand even when the answers are plain to see.

i agree, but working on the assumption that everyone looking for a loan will eventually fall into unmanageable debt is also wrong

the OP wasn't looking for debt advice, they were looking for a specific answer to a specific question, and eventually gave enough details for that to be provided

hey, i'm not arguing here, just saying i've noticed a trend is all