Help and advice on a Natwest loan please - Chances of being accepted?

Moneysaverchris

R_P_W wrote: »

I wouldn't say irresponsible, but just really think it through before you commit.

You don't say how old you are, I'm assuming quite young? I have bought stuff and borrowed money to do so - in hindsight wish I had not. But it's your life and your decision.

Hi in main post it says im 21yrs old,

I am happy to it will not end up being a long term commitment as i will overpay massively!

but its not that i NEED the money i WANT it thats why im happy to get it

R_P_W

Exactly! Good luck

Dovah_diva

Moneysaverchris wrote: »

You don't find it irresponsible that im borrowing money for a car either do you? Im borrowing in a very controlled way.

Buying a fifteen grand car aged 21 - and borrowing to do so is hugely irresponsible. Well, you asked. Your life and your millstone though.

Moneysaverchris

Dovah_diva wrote: »

Buying a fifteen grand car aged 21 - and borrowing to do so is hugely irresponsible. Well, you asked. Your life and your millstone though.

Im interested to know why you think that? i dont smoke drink or party just work work work, im a sous chef for marco pierre white and will be earning 45k plus in a couple of months so how am i irresponsible?
thanks

Thrugelmir

Moneysaverchris wrote: »

and will be earning 45k plus in a couple of months so how am i irresponsible?
thanks

Drive an old banger until then.

For a loan of this kind at this level. Lenders may well prefer Vehicle Finance\ HP as then they some security over the debt.

gizmo111

Moneysaverchris wrote: »

Hi in main post it says im 21yrs old,

I am happy to it will not end up being a long term commitment as i will overpay massively!

but its not that i NEED the money i WANT it thats why im happy to get it

And if you can afford it then spend ypur money how you like.
My daughter has just done similar but with slightly smaller numbers.
Best deal we found was HSBC but she banks and has credit card with them, gave her £7000 on a £15k salary over 24 months at 5.9% She can overpay with no penalty on this.
Ford offered finance - not HP just a straight forward loan at 6.4 % but gave her £750 towards the deposit, so it actually worked out about £500 cheaper over the 2 years, but again this deal allows overpayments with no penalty.
So the HSBC money has been returned.
I asked on here on another thread for advice on the chances of her getting a loan and the replies I got about my daughters stupidness and general abuse were astonishing.

What car are you buying? (i'm not giving advice on makes of car just curious!)

fozmcfc

There are many threads here and around the net, where circumstances change and people fall into problems paying back finance.

Of course the closer the loan amount to income, the more risk is involved.

ANYONE borrowing money, should consider whether an unforseen circumstance change, would mean not being able to afford repayments.

ANYONE who would be unable to keep up repayments, if that change should happen, should look at alternatives, such as saving up or going for something cheaper.

I don't think there is any reasonable argument against the above.