Cant get a loan and I need one urgently

fiestatdci

Tixy wrote: »

If you don't have the means to save up for it - then how were you going to afford the repayments on the loan each month?

The same way people pay a mortgage I suppose. You can afford to pay it monthly but saving for it would take maybe 25 years.

PasturesNew

A £3k loan might cost you £5k to pay back ...... chances are, though, that you'll c0ck up and default and lose everything and have the car repossessed and STILL come out of court owing people money .... for the next 5-10 years.

SRSLY ... how cool would you look then?

RobertoMoir

fiestatdci wrote: »

The same way people pay a mortgage I suppose. You can afford to pay it monthly but saving for it would take maybe 25 years.

So what's the difference?
If you don't have £100 a month to spare to save up for something then you don't have £100 a month to spare to pay back the loan for the same thing. Applying a different label to the requirement for money each month doesn't magically make more money fall out of the sky.

fiestatdci

tonyh66 wrote: »

Your're an idiot. Buy a tin of gloss from BandQ for £20 if you want to paint your car, and learn how not to spend money you don't have.

A tin of gloss eh. Why didn't I think of that earlier.

EPL

fiestatdci wrote: »

The same way people pay a mortgage I suppose. You can afford to pay it monthly but saving for it would take maybe 25 years.

Owning a home is more important than a respray of a car though. Then a homeowner still has the home to sell on more often than not for a profit.

Your car worth £3.5k and £3k of work done it wouldn't sell for anywhere near £6.k+.

fiestatdci

RobertoMoir wrote: »

So what's the difference?
If you don't have £100 a month to spare to save up for something then you don't have £100 a month to spare to pay back the loan for the same thing. Applying a different label to the requirement for money each month doesn't magically make more money fall out of the sky.

How do you know what I have spare each month? When i said i wish i could save for it didn't mean i couldn't, just that i dont want to wait 3 years to have it done.

fiestatdci

EPL wrote: »

Owning a home is more important than a respray of a car though. Then a homeowner still has the home to sell on more often than not for a profit.

Your car worth £3.5k and £3k of work done it wouldn't sell for anywhere near £6.k+.

I see your point, I don't expect to make profit out of it though. That is not why I modify cars, i do it for personal enjoyment.

Tixy

fiestatdci wrote: »

The same way people pay a mortgage I suppose. You can afford to pay it monthly but saving for it would take maybe 25 years.

But people applying for a mortgage are still subject to affordability checks by the lender - just like what you are failing for this loan.

Plus with a mortgage people have usually demonstrated the ability to save up a sizeable chunk of money first towards the property.

Its also not really like a house purchase/ mortgage - as if you save for 25years to buy a house you also have to pay out rent for those 25years so a car respray is not comparable.

Linda32

I see where you are coming from in as much as its an interest that you enjoy. My OH likes his cars as well, fortunately for our bank balance his thing is rattle can matt-black

Would you consider rattle can re-spray or does it have to be the whole spray booth option?

OK I guess you don't get the finish, but if your prepared to put in the time with flatting down etc. Well your time is free and thats all part of the enjoyment isn't it.

Show season is pretty much over now so there is time.

Just trying to think of cheaper options here.

We have known people get into terrible trouble over loans taken out for modifications. Paying loans of with loans etc :eek:
I know that you know you never get the money back that you have spent and thats not the reason you do it. Same way as a fisherman dosn't have to fish for his supper just enjoys it.

Its certainly an expensive hobby, but it is just an hobby and not one worth getting into debt for IMO.

HTH and Best of luck.

Blackpool_Saver

I hope you have a garage to store this 3K respray job, I wouldn't want it sitting on the drive