Need a loan-bad credit

mt50

hi, i'm new here but i need a loan to buy a car(when i pass my test) only looking to get a loan of upto £3k to be paid back over 2years(car and insurance for the first year this will cover)

i have a low credit rating, not really sure why i'm 20 have not missed payments on anything i own for atleast 6months if not 12months.
i owe £400 on my credit card(which i would pay off with some of the loan)
£500 with littlewoods(never missed a payment and this is interest free so just pay what i need to each month via DD so i don't forget) thats all i own.
do have 4phone contracts but have never missed a payment. been on the electrol register for 2years now i think?

right well i tried zopa and they turned me down as do most of the big ones.

anyone know where i can get a loan? don't mind paying a little over the odds(£139-£150 is for good credit) so i guess £180-£190 a month i would pay.

thanks for any advice

webwiz

I don't know when Zopa turned you down but they have just started up a "C" market for people whose credit rating is not so good so it might be worth asking again

mt50

ok just as a little update to try and get some more help, i've checked my credit rating on equifax and its gone up to 324(in the poor rating now)
was in the very poor cat last time i checked 3-4months ago. so it's getting better. missed 1 payment on my credit card in 12months(dec last year) everything else is upto date.for over 12months :T, so is there any companys that will let me have a loan? i can pay upto £200 a month easy £250 is fine to but i'd like to spend under £200 to let me save and pay off my credit card and littlewoods.

thanks

cazziebo

I was emailed this by moneysupermarket.com

http://www.moneysupermarket.com/cards/credit_card.asp

You put in your details and it gives you info on credit cards and loans you can get by assessing your credit rating. Doesn't credit check you, you input the info yourself

although I would advise you not to take out a loan to pay other debt. I got caught in a very vicious circle that way and still struggling to get out

jonesMUFCforever

I know you will probably flame for saying this BUT if you can afford to repay £200 - £250 why do you not have any savings towards at least the insurance if not the cost of the car?
You say you have poor credit rating (based on a flawed system?) but it comes down to whether you can REALLY afford £250 a month + plus cost of running car etc (by the way not a good idea to have a 2 year loan to pay a single year's insurance - what happens in a year's time? You may have earned a small no claims discount but not a great amount in ££).
It is easy to say now I can afford £xx per month but unless you are saving it now you are saying that you can not aford it.
Not what you probably want to hear but I hope you take the advice in the spirit it is offered.

mt50

ejones- no offence taken, the way i'm looking at it is, i pay £250 a month now to get to work. so if i get a loan and pay say £150 a month i will beable to save £100 a month so take fuel/taxetc off that i'd say £50 will be saved a month, also what i forgot to say is now i'm paying off my credit card and other stuff i own again i will be better off by around £75-£100 a month.
so the insurance for year 2 would be saved from this, thats how i worked it out. also if i ever did overtime at work that would be extra to save(but i don't add that as i cant say for example i will do 10hours a month everymonth as it don't work like that so any extra is a bonus)

and the saving up part i really should have but everytime it got to pay day i just felt the need to spend it on stuff i don't even need(managed to stop that now though )

thanks

jonesMUFCforever

Quote from mt50
''and the saving up part i really should have but everytime it got to pay day i just felt the need to spend it on stuff i don't even need(managed to stop that now though )

thanks''


This is the worrying part of your answer!
Things will always crop up - more so with a car to run.

Good luck anyway with whatever you decide to do.