Loan suitability

Treadmill

R_P_W wrote: »

You see yourself as low risk? What would you do if you lost your job? Do you have savings to live off for 3-6 months until you found another job?

What you are suggesting sounds insane to me.

Martins advice is to pay off debt before saving, so really getting any sort of finance while having savings is essentially more expensive than using your savings to purchase with cash.

bigadaj

Treadmill wrote: »

The only people Apples2 thinks should get credit are people that can afford to buy the item cash...

Ok, put your money where your mouth is, and offer the money yourself....

Treadmill

bigadaj wrote: »

Ok, put your money where your mouth is, and offer the money yourself....

I'd be happy to loan the OP the amount that he needed if I had a consumer credit license (and indeed £15000 to loan) but on the information I have so far I wouldn't be able to offer 5.2%

bigadaj

Interesting point, how much would you need, can't see anything less than mid teems and could be over 20% methinks.

R_P_W

Treadmill wrote: »

Martins advice is to pay off debt before saving, so really getting any sort of finance while having savings is essentially more expensive than using your savings to purchase with cash.

Yes I know that. What I was trying to determine is whether the OP has any kind of savings? If they have nothing and they lose their job then they won't be able to pay the loans (and this new loan would be the 3rd one they have!) or support their day to day living expenses.

So basically someone who already has ~50% of their salary as loan debt really shouldnt be looking to take on even more debt.

somethingcorporate

I don't think a sensible institution would touch this.

Too much debt on that salary.

dstev

Bloody hell wish I hadn't have asked now. Thanks to those that actually answered my questions. Not quite so bothered about the life advice and definitely do not need advice on buying a car!

jonesMUFCforever

dstev wrote: »

Bloody hell wish I hadn't have asked now. Thanks to those that actually answered my questions. Not quite so bothered about the life advice and definitely do not need advice on buying a car!

I have read this thread with interest.

Are you a Tesco manager at all??

Assuming you are the ''I am right everybody else is wrong'' attitude shines through - it comes to all managers.:D

dstev

jonesMUFCforever wrote: »

I have read this thread with interest.

Are you a Tesco manager at all??

Assuming you are the ''I am right everybody else is wrong'' attitude shines through - it comes to all managers.:D

That's not the case at all. I asked whether I would be likely to be accepted for the loan in question and all I get is questioned why I would even want the loan.

I appreciate everyone's opinion on whether I will be accepted or not and to be honest they are probably right and I probably won't be accepted. Stangely enough, that is why I asked the question.

somethingcorporate

You posted on a free, public internet forum. You're going to get a variety of responses - especially when it comes to wasting thousands on a car when you are on a money saving website.

Head over to mumsnet if you want cuddles. If you want honest opinions then this is the place to be!