Loan needed, question to do with credit rating

NeverEnough

Here we go again......anyone daring to want to buy a car or seeking advice for something gets bombarded and slagged off with the usual rubbish from those with nothing better to do but prejudge the OP....

She has clearly stated that she has no financial problems and her credit cards will be virtually cleared in a few days time. She has car finance from BMW and a Tesco loan with £2k left to pay. She has a regular job with a good income. So why on earth are comments like she is "digging herself a hole to debtland" and personal snipes by KingSniper about her "attitude to money" appropriate???? Someone with no financial problems and a good job wanting to find a loan is trashed by you as having a bad attitude to money????

OP, try to look beyond the ridiculous remarks that come up with regularity on almost every loan thread, there are decent responses on here as well from genuine people who are not inclined to make personal, snide remarks about every poster who enquires about car finance and loans -

I would, however, personally have reservations about financing your boyfriends car, if I were you - it seems you have your own car via BMW finance and a loan which you are clearly able to service and no current financial problems. Your boyfriends poor credit history and default which he does not seem inclined to pay, do not augur well for you getting any loan you take out for him, paid back and it is true that there are regular posts on here of partners being dumped after they take out credit for the other one, and being left with the repayments and the car or the money vanishes with the partner.
I'd strongly advise against taking a loan to buy him a car - there is a sticky about loans to friends and family, it is a good idea to read it. He should really be trying to settle his default if he has a good income - after all, he loaned the money in the first place. If he wants a car, he should really be setting aside some of his good income every month to buy a cheap one and then, when the default finally falls off his credit file, getting his own finance to buy a more expensive / newer car - it sounds as if you aimed at having about £6K available to buy a car for him from the loan you were talking about getting - I think you should think very seriously about whether you want the burden of paying for his £6K car for some years to come if your relationship should founder at any stage as you and you alone will be responsible for paying that loan.

It would also be really foolish to associate yourself with him financially (financial suicide, in fact) as he is a delinquent debtor and your own ability to get credit will be seriously damaged by doing that - its unlikely you would be approved by any decent lender with a joint application and one of you with a current default anyway.

Its entirely your decision at the end of the day, but do beware of taking out loans for anyone else - love is certainly blind while all is well, but the repayments cause massive hardships to those left with the bills if it all goes wrong - better to protect yourself or limit your exposure to perhaps buying a cheap car for about 1K for him.

It sounds as if you have to think of yourself and a new baby sometime, so take care and good luck!

KingElvis

^^^ I'm here to help, if my gut feeling causes a reaction, then I'll still sleep at night.

My mind picks out several things that led me to make my comments.....

1..Bad credit is involved here as is non payment and escape of previous debts.
2..Wain is on the way, always a time when money is tight so probably not the best time to get a second car for someone who's already proved to be crud with money.
3..People not able to get their own credit is a very bad warning sign
4..Mention of credit cards needing to be cleared.

NeverEnough

[QUOTE=KingElvis;44697676My mind picks out several things that led me to make my comments.....

1..Bad credit is involved here as is non payment and escape of previous debts.
2..Wain is on the way, always a time when money is tight so probably not the best time to get a second car for someone who's already proved to be crud with money.
3..People not able to get their own credit is a very bad warning sign
4..Mention of credit cards needing to be cleared.[/QUOTE]

The thing is, its not the OPs bad credit and non-payment of debt, its the boyfriends. So tarring her with his mess doesn't make sense - its not her fault he won't pay his debts! She has already said her credit cards will be cleared but for £500 in a few days and she has a good credit record.

I agree she should look after her baby and her own future before she even considers buying the boyfriend a car, but its him that's "crud with money", not her - she just needs to be very aware of the pitfalls of buying cars for boyfriends who go on to dump partners with the debt and the baby (but not the car) sometime down the line. And the fact she will have to take maternity leave from her job and her income is likely to reduce at this time.

Its just not fair, though, to target her as if the bad credit, the unpaid default etc, is down to her bad attitude to finances - its the boyfriends issue and the OP needs to wake up to the warnings perhaps, but its just wrong to make out she is somehow the delinquent in this case.

KingElvis

Fair enough, I only call the shots as I see them.

In a forum, if we all has the same opinions then it wouldn't be much fun would it? I admit I tend to err on the side of caution and advise as such.

As for this thread, I've read so many similar over on the Debt Free Wannbe forum.....they tend to go like this.

""last year we were doing well then for certain reasons I had to give up work, now we are stuck with two cars we don't need, our credit cards are full and we have a wain to look after, what can we do?"

I hope it works out for the op but like I said, it looks like a slippery slope they're on. With a new born on the way I'd invest in a cheap but reliable banger if I ABSOLUTELY NEEDED another car.

chalkie99

KingElvis wrote: »

2..Wain is on the way,

Truly intuitive.

I just looked out the window and it has, indeed, started waining.