Getting another personal loan

DJXFM

Hi,

I'm looking to buy a new car and want to finance most of it with a bank loan rather than going through the expensive dealer route. I am a homeowner and have a HSBC professional studies loan which I pay every month and no outstanding credit cards. I have an excellent credit rating but will the pro studies loan put off any future unsecured credit? The HSBC loan is currently 28k and I want to borrow 17k so HSBC aren't interested.

Any thoughts?

Driver8

Ask yourself this. Do you REALLY want to be paying off a loan for 17k for years on end in this economic climate?

As soon as you drive the car off the forecourt bang goes 30% straight away, money you will never ever see again.

Does the car have to be new? For a couple of grand now you can get a decent car which would last a couple of years till you have got the other loan paid down a lot more.

I would seriously think about borrowing 17 THOUSAND POUNDS. Let the amount sink in then SERIOUSLY ask yourself, do i need a new car.

CLAPTON

so you owe 28k and want to borrow 17k so your total debt will be 45k
the word on the street is that banks don't like debt to income ratios of more than 50% so if your income is over 90k then you should be OK; howevr one never knows what lenders will do until you apply.

DCFC79

Is it essential you buy a new car,

DJXFM

It's a second hand car but a new one for me! The car I'm looking at has already depreciated 10k in its first year so I'm more than happy to take it on the the moment as it'll last me 10 years and the worst of it's depreciation has already gone. My current car is not suitable for my 200 mile commute to my new job so I'm trying to establish if there's a way around taking the dealership's finance which will save me money on their bad interest rates and give me more haggling power in the showroom! I guess the easiest way is to go with their offer and secure the loan against the car.

CH27

£17K for a second hand car:eek:

opinions4u

Not being funny, and I don't know your specific circumstances, but £45k of unsecured debt sounds completely bonkers.

iolanthe07

opinions4u wrote: »

Not being funny, and I don't know your specific circumstances, but £45k of unsecured debt sounds completely bonkers.

Maybe not if the guy is earning £100+K.

opinions4u

iolanthe07 wrote: »

Maybe not if the guy is earning £100+K.

Even moreso if he earns enough to save the cash.

LovelyLeeds

The OP must think that everyone just dives in with outraged opinions regarding his wish for a £17K loan, on top of the loan he already has. But the thing is, when I read this post, all I could hear was klaxon alerts myself, so therefore I join in the 'what the heck' posts!
Even if the OP is earning the required ratio of £100K, what on earth possesses someone to think £45K of debt is ok? I cannot get in to the mindset of people who use credit with such ease.

If your own bank aren't interested, then I suspect the loan rate you wish for will not exist.

Come back and post the outcome wont you?

Dave101t

by all means take out another loan, see you on the bankruptcy thread in 3 years....