declined loan don know what to do next?

suzanneswan_2

Hi I am a mother of 3 under 3 and passed my driving test in april been saving since then. Managed to save a little but not enought for the kind of car I need to cart my 3 around in. My husband applied for a load and was declined I dont know why as we have held a bank account with alliance and liecester for 5 years, I have a credit card with them and a savings account. But we have been declined I have a very sick little boy and needed to take him to the dr and I had to call drs ogranise a lift with father in law which made me realise I need a car cant keep doing this we get the bus alot but when they are sick i cant really dont know what to do about the loan and hoping someone can put me in the right direction to a solution?

Tixy

How much was the loan you applied for? (or husband applied for?)

How much does he earn? How much do you earn?
What existing debts do you each have?
What are you credit histories like? do you have any missed payment markers? any defaults or CCJs?

How much do you have in savings?

sterlingstash

Depending on how much you want to borrow, might a 0% credit card be the way to go, if you can get accepted? I have just done balance transfer on that 24 month Barclaycard to help fund a new motorbike.

As a slightly different take on things, owning and running a car probably easily costs upwards of £1k a year (£300 ins, £200 tax, £200 maintenance plus £££ petrol) on top of the payments on whatever you plan to borrow to fund it. That works out to be loads and loads of taxi rides! It is definitely convenient to have your own vehicle, but why not treat yourself to a taxi whenever you need to (even if that is twice a week or more) and be happy knowing it is still way cheaper than all the hassles of car ownership?

missile

I would seriously question "need a car". Cars are expensive, not just to buy but to insure, tax and run.

IMHO you might be cheaper taking a taxi when you need to and hire a car for longer family outings.

If you do need a car, any car dealer will be very pleased to arrange finance deal for you. Aliance and Liecester are dreadful and if you do need a loan, you may have more scuccess with a proper bank.

suzanneswan_2

thanks everyone comments very helpful we applied as a joint app thinking it might be better apply with hubbies name only, to those questing if I need a car I have a 3 and twins at 1 taxi wont allow me in on my own as no car seats! bus are ok if I can get one with double buggy I am aware of the costs looked into it in great detail surprised my dad with figures.

Tixy

If you have been declined once I would say no point at all in applying elsewhere until you have worked out the probable reason for the decline and tackled that issue.

suzanneswan_2

just applied in hubby accepted straight away. i have defaults and thought they were cleared as they are all paid off, anyone know how long they take to come off your credit history?

Tixy

6years from the date of default

Dabooka

Am I reading this correctly, you 3 have kids all under 3?

If so, sod the car you need to buy a telly love.

fozmcfc

Dabooka wrote: »

Am I reading this correctly, you 3 have kids all under 3?

If so, sod the car you need to buy a telly love.

Possibly triplets or twins and another child.

yorkshire-lad

Dabooka wrote: »

Am I reading this correctly, you 3 have kids all under 3?

If so, sod the car you need to buy a telly love.

you did read the first post correctly, but you missed post number 5.
their first child is 3 years old, and they have twins at 1.