Loan refusal - please read

wuckfit

Neil_Wootton wrote: »

in actual fact if you read my replies correctly at no point have i actually called anyone a donkey fiddler - read point 4 again carefully.

Some more useful info aswell - thanks people

here it is before he edits it:

Neil_Wootton wrote:

4. How dare you assume I am poor - NOt only do thousands of people wuith similar or even lower wages get approved for loans and finance every day on such items, i know at least 4 off the top of my head. On the basis you have used to suggest i am poor, you must obviously fiddle with donkeys!

looks like he called someone a donkey fiddler to me.

And just to be useful: the people with similar or lower wages getting approved for finance either have a better credit score or are going to the sub-prime market.

places like "Yes car credit" exist because there are people in a similar situation as you who desperately want a car but can't get credit on the high street. However, the interest rates are much higher.

So either start saving up a hefty deposit for the car you want, or look at the sub-prime, more expensive ways of financing it, if they'll take you on.

CHR15

The little charmer!!

Must be somebodys pride and joy that one!

catherinerose

been reading through some of your posts Neil. imao the people that keep quoting you and going on about a 10k car and the value going down may have no clue about cars. i am not sure in a lotus elise case but some older cars do go up in value if sold to the correct market i.e old gold gti's classic cars.

you may get a car for 10k and not have many running costs(low tax and low fuel and less wear and tear being newer) could get a car for 3-5k and costs more running with higher tax, fuel and more wear and tear. for all anybody knows it may make better business sense.

i think it is stupid re places not lending but know they are not obliged to however i do think places should explain why so you know what to change lifestyle wise to help correct this.

Apples2

LilacPixie

Clive_Woody wrote: »

I got a brand new Octavia vRS a few months ago, drives like a dream and came with 0% finance and 17.5% off list price. No MOT needed for years.

No idea how this helps the OP, but seeing as so many have gone off at tangents I felt the need to join in.

OOO nice car. What colour did you get??

I wouldn't borrow money for a depreciating asset. My dads car however I would but wouldn't get the kids seats in it. You do get some funny glances when you take it to morrisons for the grocery shop

Neil_Wootton

I dont now nor have i ever had any intention of editing my posts - if you must draw attention to something then quote all relevant parts.

Highlight that whole sentence then take it in context by referring back to the rest of the paragraph and to anyone with even a basic grasp of the English language it should and in fact does read that i am not directly suggesting the Person in question IS a Donkey Fiddler, merely that the logic/sense/assumptions they used in suggesting i am poor are such that you could use these same principles to suggest that the antagonistic git in question is a donkey fiddler, that their dad sucks of badgers or that their brother is a !!!!!!

Catherine you are correct about the assumption it is a depreciating asset - assuming correct mainetenance and reasonable condition, Series 1 Elises are closer to being an appreciating asset given their comparative rarity to the Series 2. And i agree with your last point there as it goes - surely if we are all to be guided into being responsible borrowers we should have some route to specific information about how we can become such!


P.S. I am in no way suggesting that this apples person has a dad who molests badgers or a !!!!!philic sibling, but then i'm sure someone will choose to read it as otherwise!

Neil_Wootton

that vRS is an amazing car and at VAT of at 0 percent seems like a steal - where did you find that deal then, was it finance deal through work or some such??

Clive_Woody

Neil_Wootton wrote: »

that vRS is an amazing car and at VAT of at 0 percent seems like a steal - where did you find that deal then, was it finance deal through work or some such??

Standard Skoda deal, check out their website for all sorts of deals. I think they have extended it until end of December for the vRS models. You need a 50% deposit and obviously they do a credit check. VAT off also applies to all extras too.

Lots of new cars do 0% finance, Vauxhall, Seat, Mazda, Skoda, VW to mention a few I looked at before settling on the vRS. For all of them you will generally need a deposit in the range of 30-50%, with repayments spread over 2-4yrs.

Many on here swear by buying a cheapy second hand car and good for them, for many this is the most appropriate way of driving. I can afford to buy new cars and take advantage of the warranty and have the fun of being the first owner.

I mean no disrespect but your circumstances, from what little of it I know from on here, you will struggle to get a £10k loan and would have similar issues buying a new car on 0% finance.

RuthnJasper

Neil_Wootton wrote: »

4. How dare you assume I am poor - NOt only do thousands of people wuith similar or even lower wages get approved for loans and finance every day on such items, i know at least 4 off the top of my head. On the basis you have used to suggest i am poor, you must obviously fiddle with donkeys!

Sorry Neil. Your words, not mine, mate.

Ruth x

ClaireC81

I think some people have been cruel to Neil on here!

All he wants to know is what the bank's assessment processes are, and what the options are. It's more helpful for others to read if his actual queries are answered

Having said that...

Loan amount vs income amount - As a guide, I think applying for less than half your salary would get a better result.

Credit card history - Maybe get one or two at whatever rate you can, spend £100-£200 on each, then pay them back at more than the minimum payment for 6 to 12 months. Yes it'll be costly in interest, but perhaps think of it as the price for improving your credit record. It's unfair, but it's the way it works.

Loan applications - Always leave at least six months between them (you probably know this).