Most lenient lenders?

johnnybzw

Hi guys,

I've just done my experian credit check and got 842 which said FAIR - and apparently that's where the vast majority of the UK is. But apparently many lenders are only focusing on squeaky clean customers right now so who can the rest of us 'vast majority' call that I'm most likely to get a decent loan for a car from in the region of £15-£20k? I'm currently on a £30k salary with only £3k on my £5k credit card and no other creditors. I've tried the two cheapest as Nationwide and Sainsburys but was refused at such a high level so is anyone else easier to get a loan with that doesn't charge an arm and a leg before I go running up too many credit searches trying to find:eek:?

StuTheDon

johnnybzw wrote: »

Hi guys,

I've just done my experian credit check and got 842 which said FAIR - and apparently that's where the vast majority of the UK is. But apparently many lenders are only focusing on squeaky clean customers right now so who can the rest of us 'vast majority' call that I'm most likely to get a decent loan for a car from in the region of £15-£20k? I'm currently on a £30k salary with only £3k on my £5k credit card and no other creditors. I've tried the two cheapest as Nationwide and Sainsburys but was refused at such a high level so is anyone else easier to get a loan with that doesn't charge an arm and a leg before I go running up too many credit searches trying to find:eek:?

You are not going to get a mainstream lender for this. You'd need to be earning at least £40k with a clean record.

I'd personally be questioning the decision to buy a depreciating asset that is costing more than half your annual salary.

To have any chance, you need to pay off that credit card before you speak to any lenders.

MonkeyMad

Perhaps you could regard your credit rating as protection against spending 50-66% of your (gross?) salary on a depreciating asset that produced no return on investment?

Stu, you must have replied nanoseconds before...

Apples2

That's a massive loan compared to that salary. It would not be at all normal to find any lender prepared to lend with those figures.

You've tried the cheapest loans, you have one more punt (search) before you exclude yourself completely for any loan for around 6 Months.
Your own bank would be your only option but don't expect an acceptance.

barbarawright

Is it a business loan you're looking for?

https://forums.moneysavingexpert.com/discussion/comment/52626547#Comment_52626547

KingElvis

The chances of this huge loan on a 30k salary is 0.0%...sorry

Have you tried car finance? as it's secured on the car it's easier to get as they can snatch it back if you have a spasm.

DCFC79

Lol 15 - 20k on a car , is there a specific need for this ?

Oh hows this car export idea coming on

johnnybzw

Thanks for the help guys, I really appreciate the replies but I guess my options are very limited then.

At that salary though how much is realistic to look to borrow?
And would it definitely improve my score if I paid off my CC as I can do that pretty much straight away from money I've saved overseas - and will that definitely reflect on my score in 30days?

Also would it help if got my brother to stand as a guarantor as I know he has a really good credit score? The only catch being that I know he took a personal loan of £25k recently from Nationwide which is why I called them first - maybe we can call them and try and structure both loans together or would that not work because £25k is the max you can take as a personal loan and therefor he couldn't stand as my guarantor?

BugsyBrowne

To get loans these days you will have to have a few years with a squeaky clean history with no missed or late payments and also carry a low debt compared to your income with not to much available credit IMO.

Above is the way I work out my credit score although in February when I checked experian it says my score was in 980 something I still take that with a pinch of salt, I must stress I didn't want to pay for my score but I didn't have much choice when I logged in which was the first time in months after cancelling last year.

MonkeyMad

Who wants to go first?

StuTheDon

Your score (i.e. the number) means nothing at all - it is simply a money spinner for Experian - the lenders dont use it.

They check:

* Existing debts
* Available Credit
* Your repayment history/defualts etc
* Your ability to repay - i.e. your salary.
* Electoral Register

You can possibly get 50% of your salary unsecured in normal circumstances - so in your case £15k if you have a clean repayment record. Remember you already have £5k of available credit through your card, so you can only really apply for £10k more. But, you dont have a perfect credit history.

To be brutally honest, you can't afford this and you are not going to get it - no hope at all. I'm sorry to be harsh, but that is the deal.

Only solution is getting a better paid job.