Loan Help Please

mum_of_lewis

Hi,

Im looking to take out a loan for £7500 for a car .. i have 1 credit card £500 owed and i catalouge £0 owed. The £500 would be cleared from this loan. i have checked my credit file on credit expert and all is fine with greens all across the board.

Where would i have most luck with? what do you think of my chances? i have been with my bank since 2003 but dont have an overdraft.

Is there any banks that check experian?

Thanks
Janette x

Tixy

The credit card shouldn't be large enough balance to cause much of an issue. What is the limit on the card?
How much do you earn?

mum_of_lewis

Hi,

Thanks for replying..

Take home pay £1200 outgoings £500 . credit card limit is£750.

Thanks

Janette x

Tixy

As to which CRA banks check you could try looking on this thread Credit Reference Agencies - Who Really Uses Who? II I'm not sure of its accuracy but it should give you an indication if you look at the loans part at the beginning of the thread.

Tixy

On that take home pay I would think £7500 might be a bit high - you may be accepted but it would probably be at about the max you would be able to get, you may have more chance of a slightly lower loan if that was an option.
Presumably you are thinking about a personal loan rather than car finance?

mum_of_lewis

I was thinking of trying sainsburys. Are these quite good? ive not applied for a loan for years and it worries me!!

Janette xx

GAH

Who do you bank with?

mum_of_lewis

I bank with rbs but have no credit facilities with them. had the account since 2003..

Thanks
Janette x

anniecave

How long were you thinking of taking the loan over? Bear in mind cars depreciate over time, so you will need to be thinking of how to purchase another one in the future, and preferably not with another loan.
Do you really need that much for the car? Have you worked out how much the car will lose in value each year, and would a smaller/older car be an alternative option?
If you currently have insurance for an older car, have you budgeted in the extra cost of insurance?