First Time Loan HELP!

shawtiee

Hiya,
I'm hopeing some of you who can help me, I'm after a Long term Loan ( i usually do quick payday loans) - but this is for a car.

I joined a website which checks my credit history which i done and it was 810 ( FAIR ).

The car i want is either £2500 on a auction site or £6000 from a dealer.

My bank is Natwest (never had a loan never had a overdraft)
I'm 20 and i DON'T own a house.

Any help on companys which offer reasonable finance/loans?

[Deleted User]

Do you have an income at all?

rich_months

Probably not the answer you're looking for but why don't you just get a car for £500 and bypass the loan altogether?

shawtiee

Because i use the car 5 days a week 7am-10pm driving all over the UK, i need something reliable and comfy. x

skintandscared_2

Will the loan cover insurance as well?

shawtiee

Yes i work and so does my husband we bring in about £25k a year after tax. and.no the loan.os simply to get the car. x

[Deleted User]

Shouldn't have a problem salary wise. Do you have any missed payments, defaults etc on your records?

If not, you could probably try go for one of the lower rates available. If there are issues, maybe try your own bank in the first instance. But don't go apply to everyone in one go. The main thing against you will be your lack of history, due to your age.

callistris

You stated "I usually do quick payday loans"

With these on you credit history you may find it difficult getting the loan from a mainstream lender, as it shows the inability to budget from month to month.

Try with your own bank first as these are the most likely to lend to you:)

R_P_W

do you know what the monthly payments would be for the loan you require? What period do you consider a 'long term' loan to be? Problem with borrowing money to buy a car is you are paying interest on borrowing the money on an item that is only going to depreciate in value. So you borrow £6k, you end up paying back £8k over a number of years and at the end the car is worth hardly anything(just a wild guess!).

Also if you normally 'do' payday loans can you really afford a long term loan commitment? Not being judgemental something just doesnt stack up....

KingElvis

The payday loans will sink any chance of getting proper credit like a lead bucket with a hole in it.

The are the credit history equivalent of herpes.