Best loan for a student getting a scooter.

Kitty_Ears

I know, the title says it all! I live my partner who has recently, after a time of unemployment, has got a full time job. :T We have money in the house again!

Out of the 2 of us, I drive but he doesn't. Getting him through driving lessons, putting him on my insurance or getting him his own car etc is going to cost a lot more than we can afford at the moment, I use the car every day for Uni and plus my car is my pride and joy and we both don't feel comfortable with him driving it! So, we decided that getting scooter would be best for him.

We have looked into it before and he's very keen. However, he has a poor credit rating and last year when he applied for the loan, he was declined. We have decided that now he's earning a full time wage, is that I take out the loan and direct debit this from my account, while he sets up a direct debit from his account to mine. Does that make sense?

I've had 2 loans before when I have brought my previous cars & paid them back, but this was before I was a student.

My questions are--

Can I get a loan if I have a student account?
Where is best to get a loan? (I went through my bank before.)

Thanks in advance for your help. I know it sounds silly, but someone has to give Mr.Kitty a chance to get some wheels.

skintandscared_2

If you are a student, are you full time (i.e. have no income)? If so, I'd suggest the chances of you getting a loan are non-existent I'm afraid. I know you say that your partner will be paying you the instalments to then pay on to the loan company, but they will need to see evidence that YOU can pay the instalments yourself, without relying on someone else. God forbid, but what if your partner loses this job?

In the event that someone here knows of somewhere who WOULD give you a loan, my only advice would be, first off please read carefully the thread about loaning money/getting loans for friends and family.

If you still decide to go ahead, even if you think it's completely pointless and unnecessary because you and your partner are going to live happily ever after, draw up a written agreement setting out exactly what your partner owes you and what (s)he agrees to pay you back!!!

Lastly, please don't take out the loan unless you are able and prepared to make all the payments yourself if it comes to it. These arrangements go wrong so many times, there are almost daily threads about it.

Tixy

What is on your partners credit reports? you say he has a poor rating but what does the detail show? does he have ccjs? default? lots of missed payments? a few missed payments?

You said he was declined last year but was he working at the stage?

I don't think you will get a loan (aside from your normal student loans/overdrafts which I assume you are already using). So either he needs to see if he could get a loan, and that will depend on what is negative on his file, or he needs to save up using the money he would have used for repayments. How much is he looking to spend on a scooter? how much can he afford in repayments/or to save each month?

H

izools

Consider this:

If no lender will trust him with a loan, why should you? It may sound judgemental but it is a very important consideration.

I suggest he put a listing up on http://www.yes-secure.com/

They accept listings from all sorts of people from poor credit ratings to great and the rate at which people lend on Yes-Secure depends on the borrowers rating.

Kitty_Ears

izools wrote: »

Consider this:

If no lender will trust him with a loan, why should you? It may sound judgemental but it is a very important consideration.

I trust him because I'm marrying him? Sorry but I find that quite rude.

Thank you for all your help. I'm not classed as a proper student, I'm a Student Nurse so I get paid, have a wage slip etc.

Kitty_Ears

Tixy wrote: »

What is on your partners credit reports? you say he has a poor rating but what does the detail show? does he have ccjs? default? lots of missed payments? a few missed payments?

You said he was declined last year but was he working at the stage?

I don't think you will get a loan (aside from your normal student loans/overdrafts which I assume you are already using). So either he needs to see if he could get a loan, and that will depend on what is negative on his file, or he needs to save up using the money he would have used for repayments. How much is he looking to spend on a scooter? how much can he afford in repayments/or to save each month?

H

He was delined because of a lot of missed payment on a credit card back when he was 18, and at the time he was a student. Now he's in a full time employment and debts are in the process of being sorted with help from the CAB. When we looked at it last year, payments equalled out to £38 a month for 2 years, which after budgeting our money, we feel that we can do this.

Kitty_Ears

skintandscared wrote: »

If you still decide to go ahead, even if you think it's completely pointless and unnecessary because you and your partner are going to live happily ever after, draw up a written agreement setting out exactly what your partner owes you and what (s)he agrees to pay you back!!!

Yes, I said this yesterday!!!

skintandscared_2

Kitty_Ears wrote: »

I trust him because I'm marrying him? Sorry but I find that quite rude.

Thank you for all your help. I'm not classed as a proper student, I'm a Student Nurse so I get paid, have a wage slip etc.

Please take my advice and read the thread about lending to/getting loans for friends and family. There are stories of far more binding relationships than marriage falling apart because of people being left in the lurch with loans.

The advice about a written agreement between you still stands no matter what your relationship is. Make a joke about it. Say you can wallpaper the toilet with it when the loan's finished. Whatever. Just make sure you do it and both sign it.

Tixy

Kitty_Ears wrote: »

Thank you for all your help. I'm not classed as a proper student, I'm a Student Nurse so I get paid, have a wage slip etc.

Do you have a guaranteed minimum number of hours? what would this work out to as an annual salary?
You might get a loan, depending on your salary, your other financial commitments, your credit history etc.

Although I think that maybe a lot of the high street banks won't be interested in loans under £1000 taken out over a couple of years.

If you do decide to take on the loan in your name - realise that if he cannot pay for any reason (or does not pay) that it will be down to you to pay or have your credit file damaged. Only do this if you could manage the repayments yourself if he lost his income (redunancy/sacked/ill health etc) or if you split up and he stopped paying.
(whilst having an agreement might mean you could take him to court, it wouldn't stop your credit file being wrecked in the meantime).