Loan Advice

mcairns1987

Hi all.

I am looking to get a loan of around £800 to help buy my first car. However,I admit to having a very poor credit rating.

I have tried a few un-secured companies,who have all tried to take at least £50 fee from me without even getting the loan. I refused to pay it.

So basically,I am asking if anyone knows of genuine companies that would be able to help me. My household monthly income is around £750. I am currently un-employed,which makes it even more difficult to obtain a loan.

I could afford upto £100 a month re-paying a loan.

I recently passed my test and am desparate to get on the road. I am 100% at fault though for previous mis-management of credit cards etc... Which I completely understand will make this even more difficult,but maybe,just maybe,someone is willing to take a chance on me. Getting a bit older & wiser now in life and regret the past.

Thanks for reading and I look forward to your replies (Be Nice,Please Lol)

CLAPTON

from what you have said. no
no-one will take a 'chance' on you until you
-a have some employment
-and improve you credit file

and have you factored in the cost of insurance, tax, mot, petrol etc in the costs of running a car?

KingElvis

I honestly cannot think of anyone who could help you....sorry.

Unemployment ranks with death on the lenders scale of no nos.

iolanthe07

Unemployed, together with a record of not paying your debts in the past, renders you untouchable from a lender's point of view, unfortunately. You would be best to repair you credit worthiness by taking out a high interest credit card and paying it off in full each month. In that way you build a good credit history at no cost, and will eventually be in a position to apply for a loan with some hope of success. Avoid the bottom feeder sub prime lenders, who will rip you off.

dt3887

can anyone suggest said high rate credit card? i have a bad file aswell and approached a few companies that say they specialise in bad credit and still been turned down

KingElvis

Those credit cards will still require you to have an income, your best bet is to find gainful employment, get said card (Vanquis or Aqua or something) and then start to rebuild your runied rating.

Even the payday boys won't touch you I bet.

thegirlintheattic

Have you tried talking to your bank about a CC? They may not touch you but my bank gave me a CC when I was on low income and with no credit history.

DCFC79

mcairns1987 wrote: »

Hi all.

I am looking to get a loan of around £800 to help buy my first car. However,I admit to having a very poor credit rating.

I have tried a few un-secured companies,who have all tried to take at least £50 fee from me without even getting the loan. I refused to pay it.

So basically,I am asking if anyone knows of genuine companies that would be able to help me. My household monthly income is around £750. I am currently un-employed,which makes it even more difficult to obtain a loan.

I could afford upto £100 a month re-paying a loan.

I recently passed my test and am desparate to get on the road. I am 100% at fault though for previous mis-management of credit cards etc... Which I completely understand will make this even more difficult,but maybe,just maybe,someone is willing to take a chance on me. Getting a bit older & wiser now in life and regret the past.

Thanks for reading and I look forward to your replies (Be Nice,Please Lol)

Cant see a loan forthcoming, you need a job to fund a loan.

Why you tihnking of getting a car now when you have no job, petrol costs alot these days and insurance the same.

mcairns1987

Thanks for the replies guys/gals.

Pretty much what I had expected,and deservedly so with my past credit dealings,I can have no complaints.

DCFC79 - I need a car to help find work. Alot of employers ask about owning transport,and I have been turned away on a number of occassions for not owning a car. It's a no-win situation really.

Again,thanks for the replies. I appreciate it.

DCFC79

Look for a job that doesn't require transport, save up buy a car then look for a job further a field.

poppasmurf_bewdley

The details you have given preclude you from getting a loan.

But buying a car isn't the end - it's only the beginning. What about paying for insurance (£2k), petrol, road tax, MOT, servicing????

If you are determined to get a car, try joining your local Freecycle Group and see if anyone has one available to give away. You will be surprised at what some people will give away.