Likelyhood of getting unsecured loan

Mfox2012

Basically wondering if anyone has any experience working for a financial company and what sort of chance i would have of being accecpted.
Want to apply to tesco bank for unsecured loan over 4 years of £10000 for a car purchase.

Profile 31 earning £28,000 per annum, on electoral register have 3 years of electoral roll history as was working abroad previous to that.
Have a store card, 2 catalogues and a current account. Paid my credit cards etc all off. Only using 48% avaliable credit, no CCJS, no defaults, no late payments at all.
Just worried about making applications and gettng rejected as it leaves a footprint.
Based on this and if anyone has expereince what do you think my chances are ??

Thanks

Clive_Woody

Mfox2012 wrote: »

Basically wondering if anyone has any experience working for a financial company and what sort of chance i would have of being accecpted.
Want to apply to tesco bank for unsecured loan over 4 years of £10000 for a car purchase.

Profile 31 earning £28,000 per annum, on electoral register have 3 years of electoral roll history as was working abroad previous to that.
Have a store card, 2 catalogues and a current account. Paid my credit cards etc all off. Only using 48% avaliable credit, no CCJS, no defaults, no late payments at all.
Just worried about making applications and gettng rejected as it leaves a footprint.
Based on this and if anyone has expereince what do you think my chances are ??

Thanks

Typically people talk about not being able to borrow more than 50% of your salary (very much a ballpark figure and not set in stone). You mention that you are currently using 48% of available credit, is this another loan and if so what is the outstanding balance?

You could try a soft search application, I think it is Nationwide who does this which will not impact on your credit file.

Somebody will be along shortly to tell you that that is far too much to spend on a car...pay no attention, anything more than £500 on a car on here is frowned upon.

You might be better off looking at finance from a car dealer as the loan would be secured against the car. Something else to consider but no idea what kind of APR they would offer.

Mfox2012

Hi what i mean about 48% credit is out my catalogues and store card limits. All in i owe about £2,700 in accross the 3 of them. So only using a very small portion of my salary. I intend to get a car pay off my insurance in full and also clear about £700 of the above on my store card and close it. So thats why was going to go for the personal loan option to be honest.
Thanks for your reply

Apples2

Clive_Woody wrote:

Somebody will be along shortly to tell you that that is far too much to spend on a car...pay no attention, anything more than £500 on a car on here is frowned upon..

500 quid? You could get 5 cars for that and insure them for 7 years

Clive_Woody

Apples2 wrote: »

500 quid? You could get 5 cars for that and insure them for 7 years

I had a mate who got 10 cars for half that price, and they lasted for 150 years.

CLAPTON

I don't know your financial circumstances but
a £10,000 loan over 4 years would cost you about 270-300 per month.

presumably you can afford that which just does raise the issue of why you have any existing debt if you have 300 share per month

[Deleted User]

what do you do about year 2 insurance when you are paying off your debts?
personally i`d go for a car around £5k but borrow £7.5k(anything less than that aprs will be higher)then pay off some of your debt as well

stephane_2

Why is it so wrong to want a car....either at £500 or £15000... It has nothing to do with anyone here. I've just ordered myself a car @ £13000 and am loving it....

Mfox2012

CLAPTON wrote: »

I don't know your financial circumstances but
a £10,000 loan over 4 years would cost you about 270-300 per month.

presumably you can afford that which just does raise the issue of why you have any existing debt if you have 300 share per month

Im really confused at the negative replys i have got really i am ??? to say why have you not paid off debt etc. Im only in around £2700 at the moment which i dont see as much at all. I just bought a couch and some kitchen items.

I have recently paid off all my credit cards etc. Also i was basically only meaning with the round figure of £10000 thats what i would do with the money. I am hardly not going to be able to pay my insurance in year 2 my insurance is buttons i have 6 years NCD. The previous helpful post said about car finance and i had explained why i would have rathered the loan thats why. I suppose its silly to ask a simple question on these forums without having to explain myself

Oh also having no active credit accounts on your credit file and having them all settled and closed actually goes against you.

Mfox2012

woodbine wrote: »

what do you do about year 2 insurance when you are paying off your debts?
personally i`d go for a car around £5k but borrow £7.5k(anything less than that aprs will be higher)then pay off some of your debt as well

Im really confused at the negative replys i have got really i am ??? to say why have you not paid off debt etc. Im only in around £2700 at the moment which i dont see as much at all. I just bought a couch and some kitchen items.

I have recently paid off all my credit cards etc. Also i was basically only meaning with the round figure of £10000 thats what i would do with the money. I am hardly not going to be able to pay my insurance in year 2 my insurance is buttons i have 6 years NCD. The previous helpful post said about car finance and i had explained why i would have rathered the loan thats why. I suppose its silly to ask a simple question on these forums without having to explain myself

Oh also having no active credit accounts on your credit file and having them all settled and closed actually goes against you.

stephane_2

I would say that your chances of getting a loan are quite high.....have you tried your own bank? Otherwise I suggest you try Nationwide for a quote....they will perform a soft search on your file which will not be seen by lenders....and if you are happy with their quote then you can proceed with the application where a full final search will be performed...