Loan for a car

beeg_2

Just to make things clear .. I've got a contract in my name and hve had for 2 years .. Never missed or been late with a payment .. I've got a decent job and have had for around 2 years .. I've just got rid of my old car which is why I would like a new one .. Not talking like anything more than 3 grand to be honest

YorkshireBoy

I'm assuming Santander is your current account provider? If not, why did you approach them and not the bank that receives your income?

Your problem going forward is going to be the two recent searches on your credit file. It's possible that your next application may be declined due to this, which will mean waiting a good few months before making another application.

Was your last car on finance?
How much have you been saving monthly for the last two years?
What savings do you currently have to put towards the car?
Are you on the Electoral Roll?

And you say you have "good credit". I wouldn't class a mobile phone contract as good credit personally, and nor would many lenders...witness the two who have already declined/imposed special terms on you.

19lottie82

OP I was in a similar situation to you a few years ago. Good income, good credit rating and I was looking for a car loan. I applied to Santander and they rejected my application. I couldn't see any reason why but I asked my friend who works in finance and he said that it was prob because I had no financial history with them and a lot of loan providers work on this basis. I then applied to Tesco, who I had previously had a credit card with (never missed a payment), and got accepted straight away.

So prob go with the advice offered by other posters and try your own bank.

DCFC79

beeg wrote: »

Just to make things clear .. I've got a contract in my name and hve had for 2 years .. Never missed or been late with a payment .. I've got a decent job and have had for around 2 years .. I've just got rid of my old car which is why I would like a new one .. Not talking like anything more than 3 grand to be honest

You say a decent job but you dont say how much you earn.
Is santander your own bank ? If so then they know you best and the fact they want a guarantor says to me that other lenders would want the same too but im not a loan expert.

You could save up for it whilst learning how to budget.

geoffky

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.

It does in our house and always has done....and always will be..

BugsyBrowne

geoffky wrote: »

It does in our house and always has done....and always will be..

Another one living in the 50's.

pvt

geoffky wrote: »

It does in our house and always has done....and always will be..

Snap!

And Bugsy, I'd rather be living in the 50s than living in a dreamworld..

BugsyBrowne

pvt wrote: »

Snap!

And Bugsy, I'd rather be living in the 50s than living in a dreamworld..

Some of you really do talk balls.
So if someone works hard and decide to pay for a holiday in say may with a low interest credit card and pay in back by say November with either 0% credit card etc they are living in a dreamworld, or if someone want a new extension they are living in a dreamworld if they get a loan or want to nice car they live in a dreamworld, come on get a grip, you are putting certain groups together here.

PLEASE EVERYONE DONT PAY FOR A HOLIDAY ON A CREDIT CARD BECAUSE IF YOU PAY IT OFF AT THE END OF THE MONTH YOU WON'T GET CHARGED A PENNY!!

Apples2

BugsyBrowne wrote: »

So if someone works hard and decide to pay for a holiday in say may with a low interest credit card and pay in back by say November with either 0% credit card etc they are living in a dreamworld,

If you think that is what happens, you too, are living in a dreamworld.

People pay for Holidays via Loans and Credit Cards because they don't have a spare £200 a Month to save for it, consequently they don't have £200 a Month to throw at their credit card when they return.

They end up making minimum payments over 3-4 years for that Holiday and pay off a whole heap of Interest along the way.

Why are you derailing Beegs post anyway? It was a sensible question from a young lad with a sensible view of a new car price.
Beeg isn't to know all the intricacies of finance/credit files so warning him of the pitfalls is a wise move from the board.

rachelonna

Or maybe sometimes you need a new holiday just so you can unwind, you put it on a credit card, then come up with a solid plan to repay it within the interest free period?

Or your old car just gave up, and now you need to replace it so you can get to work, so you go and take a loan out and repay it asap before the loan term?

Debt is not perfect, but it is handy for big purchase items, and if used sensibly, there is nothing wrong with it

Beegs, I would follow the advice others have given about previous credit history with the financial provider in question. Tesco loans are good if you have other credit with them

Or, try virgin card maybe as you can transfer the money onto your current account for 4% fee, and they may provide you enough for a 3k car?