Loan for a car

beeg_2

so .. i applied for a loan with santander and they turned me down for some reason, which was unexplained. i have applied for finance on a car and then got accepted, however, as i am 20, they want a guarantor. I have good credit, but would prefer to get a loan so the car is mine. is there any loan companies that anyone can recommend for me, preferably which dont charge over the odds

thanks

Apples2

Try your own bank, they will know you better than the rest.

Check you credit files (experian, equifax, Call Credit) to see if there is anything negative on there. Are you on the electoral roll (do you get voting forms sent to you?).

How much do you earn? for how long?
What debts do you already have?
Have you ever missed any payments on anything before?

BugsyBrowne

beeg wrote: »

so .. i applied for a loan with santander and they turned me down for some reason, which was unexplained. i have applied for finance on a car and then got accepted, however, as i am 20, they want a guarantor. I have good credit, but would prefer to get a loan so the car is mine. is there any loan companies that anyone can recommend for me, preferably which dont charge over the odds

thanks

You have good credit yet you have been turned down from Santander and then accepted but must have a guarantor.

blacksta

it is no brainier.

how much do you earn and how much do you want to borrow

jonesMUFCforever

What the finance company are telling you is that you have no track record of paying a loan back and so want someone to guarantee repayments if you default.
Santander do not offer guarantor loans.

Your only options are to save up for the car or find someone stupid enough to pay on your behalf.
Sorry not what you want to hear.

Ilona

Hi beeg, At the age of 20 it must seem very disheartening when your mates are swanning around in their cars, it is natural to want the same. But don't get carried away with the idea that to achieve this you have to put yourself into debt for it.

You need to answer the questions that Apples has asked, we need a broader picture of your financial position at the moment. If you are in a good and secure job with a decent income, why not put all the money you can into a pot and save up for it. That's what I did when I first started to drive. I bought a battered old van, paid cash, and had enough saved for the tax and insurance.

Saving up for something is often overlooked these days, because of the 'I want it now', culture. But if you save for it you are more likely to value it, than if it belongs to a finance company.

Sorry, don't mean to lecture, but if you deliberately get yourself into debt at this young age, you are heading for a lifetime of debt. Learn to save is better. Sorry this is not what you want to hear, after all what do I know, I'm just a silly old woman who has never been in debt all her life. Yes I know a mortgage is debt for those who want to nit pick, but I have never missed a payment in 35 years. Best of luck.
Ilona

opinions4u

Save up for the car.

BugsyBrowne

Not everyone is the same when it comes to money, it's the same old same old on this forum why don't you save up lecture.
There are some good financial products out there to be had and if someone is secure in a job and has a good salary why not I say, it seems if your young on this forum and ask for a loan members automatically Think your going to spend the rest of your life in debt probably as most members on this forum have been there and done it and think its their right to warn others of their mistakes.

Ilona

Yes, I do think it's my right to warn others against taking a loan out that they may not be able to repay. If they earn great wages in a secure job, and have excess money to give away in interest payments, then go ahead and borrow.

The op was turned down for a loan and he doesn't know why, this tells me that there is something going on which rings alarm bells with the lender he applied to.

No we are not all the same. but this is a money saving forum, and the cheapest option to buy a car is to save up for it. There is no better financial product than using your own cash.
Ilona

BugsyBrowne

Ilona wrote: »

Yes, I do think it's my right to warn others against taking a loan out that they may not be able to repay. If they earn great wages in a secure job, and have excess money to give away in interest payments, then go ahead and borrow.

The op was turned down for a loan and he doesn't know why, this tells me that there is something going on which rings alarm bells with the lender he applied to.

No we are not all the same. but this is a money saving forum, and the cheapest option to buy a car is to save up for it. There is no better financial product than using your own cash.
Ilona

If life was that easy then we would live in a perfect world wouldn't we, I would like a new kitchen then save up, new suite save up, new bedroom furniture save up don't use a credit card, holidays save up don't use a credit card, so basically everyone has to basically walk about with a debit card and never use a credit card unless they are making the enormous 1% cash back.

It really doesnt work like this.

somethingcorporate

BugsyBrowne wrote: »

If life was that easy then we would live in a perfect world wouldn't we, I would like a new kitchen then save up, new suite save up, new bedroom furniture save up don't use a credit card, holidays save up don't use a credit card, so basically everyone has to basically walk about with a debit card and never use a credit card unless they are making the enormous 1% cash back.

It really doesnt work like this.

And the fact that it doesn't work like this means tens of millions of people are in debt and it is costing them in interest. If it did work like that (like it did in the olden days) then people would only buy what they could afford.