HELP car finance rejected

ScottF_2

Yesterday I applied for car finance on a brand new corsa worth 16k the monthly payments over 5 yrs were only £250pm which I can easily afford.

Ok so here's my history, never had any ccjs or bankruptcies, a few years ago I missed repayments whilst I was in the army on a loan and got myself into some trouble. Now I'm 25 in full time employment earning good money cleared all my debts and wanted a nice new car to get me started.

I had a credit check beforehand and was scored at fair to acceptable. I was accepted on a mobile phone contract a few months ago as well.which has puzzled me as to why I got rejected yesterday.

I need a good reliable car and I'm considering a loan via another route to get a much cheaper car around £5,000 I don't wanna just apply online for a loan and get rejected and ruin my credit more so some advice would very much appreciated. I need a car and I need the money soon.

Thanks

Scott

CLAPTON

what do your credit files actually say?

what do you earn?

how much deposit do you have ?

what debts do you have?

MentalMinnie

Also, prepare for lots of 'save up for a while' 'don't get a car on credit' or 'you just need a £50 banger'...

Curr946

maybe the loan was not secured on the car, this is harder to get due to the risk of you not paying. Try another showroom and / or for a second hand (cheaper) one...

ScottF_2

Im paying back 2 debts 1 of a old credit card from 5yrs ago have like £1000 and £270 odd on a car insurance which i cancelled last year! My brother is a penaions manager at aviva and ran me credit check through his computer! Ive signed up to experian im just waiting on a pin

I get paid weekly from a oil job i earn about £450 a week after tax!!

I know i dont want a banger i just want some financial help to get a reliable car

Thank you all again

ScottF_2

Btw im paying back £50 each week to clear each debt everyweek without fail

eschaton

ScottF wrote: »

Btw im paying back £50 each week to clear each debt everyweek without fail

The fact that you earn good money yet need to have arrangements like this to clear debt says it all. You can't afford a car at £16k and that is probably why you were rejected.

It's not money saving but I am quite happy for you to spend £16k on a car, I'm not adverse to spending £25k or more on one but maybe you need to think of learning to save first.

Borrowing £16k over 5 years on a quickly depreciating asset is not a good idea.

DCFC79

MentalMinnie wrote: »

Also, prepare for lots of 'save up for a while' 'don't get a car on credit' or 'you just need a £50 banger'...

And whats wrong with them replies,

eschaton

Are you putting down a deposit?

pvt

ScottF wrote: »

and wanted a nice new car to get me started.

Started down the road to debt that'll be

MentalMinnie wrote: »

Also, prepare for lots of 'save up for a while' 'don't get a car on credit' or 'you just need a £50 banger'...

Yup, all very good advice Minnie.

Scott, Your annual salary is about £21k. Your chance of getting a £16k loan is less than for Ann Widdecomb winning gold in the 100 metres. And if I've understood your post correctly, you're still paying back an old CC debt. It may be unrealistic to expect anyone to lend you serious money with that on you CRA record.

ScottF_2

eschaton wrote: »

The fact that you earn good money yet need to have arrangements like this to clear debt says it all. You can't afford a car at £16k and that is probably why you were rejected.

It's not money saving but I am quite happy for you to spend £16k on a car, I'm not adverse to spending £25k or more on one but maybe you need to think of learning to save first.

Borrowing £16k over 5 years on a quickly depreciating asset is not a good idea.

I agree,ive just never had anything new before except pants so i fancied it.i am a good saver because ive cleared. 3k worth of loan in just over a year! I now accept i wont get a 16k car on a finance im thinking of trying for a small loan say 3-5k i jist want loads of advice