Credit Score - which loan?

andykent

Afternoon All,

Just wondering who the best company (most likely to be accepted by) would be to get a loan for £8,000-£10,000 for the purchase of a car. I currently have a credit score of 906 with a current Salary of £28k. I have around £500 worth of monthly bills as i still live at home so i can comfortably afford the loan as well as being able to save at the same time which will help me pay it off much earlier and hopefully start saving to that all important house deposit!

I am using around 50% of the available limit of my only credit card which has a £2350 limit. It would be clear but for the fact of changing jobs & having to put around £1600 onto it a few months back which is now almost paid off in full.

(Please don't offer advice about saving in order to purchase a car/buy a cheaper one, this isn't really an option )

Thanks,

Andy

Apples2

You need a score of 907.

andykent

Apples2 wrote: »

You need a score of 907.

:rotfl: :rotfl: :rotfl:

gb12345

Apples2 wrote: »

You need a score of 907.

He didn't say which agency that was with - if it was Noddle then he's probably good to go.

andykent

Sorry it's with Experian. I haven't actually applied for any loans yet as I don't want searches against my score unless i stand an excellent chance of being accepted.

alexjonsson

andykent wrote: »

(Please don't offer advice about saving in order to purchase a car/buy a cheaper one, this isn't really an option )

So you don't really want any advice, as that's really the only advice you should take.

How old are you? I'd be saving up to move out, not buy an expensive car. Moving out is much cooler than having an expensive car.

DCFC79

The score of 906 is just a number and just that, the lenders dont even see it. No 1 can tell you who you have an excellant chance of being accepted with, you cna try your own bank and also try nationwides soft loan search to get an idea.

No need to spend 8k - 10k on a car, you cna spend 4k - 5k or even less and still have a car as good as 1 for 8k - 10k.

andykent

alexjonsson wrote: »

So you don't really want any advice, as that's really the only advice you should take.

How old are you? I'd be saving up to move out, not buy an expensive car. Moving out is much cooler than having an expensive car.

I'm 23. The car is an investment which is why I want to spend a little more on it than buying a cheap run around. I'm aiming to keep it for the next 5-10 years. Also, like I've stated above, I will still be able to save towards a house deposit while taking out this loan. I asked for advice on where to look for a loan, not how to manage my finances. I'm perfectly capable of that, working as a management accountant.... I'm not wanting to sound disrespectful or rude with the above.

DCFC79

Each lender will use they're own scoring system to decide whether to lend to you and at what rate. Your own bank is the first step if you have a good relationship with them.

Reading 1 of your other threads you asked about a loan last year to buy a car, what happened there then ?

in fact both your threads from last year were about a loan for a car.

Apples2

andykent wrote: »

I'm 23. The car is an investment which is why I want to spend a little more on it than buying a cheap run around. I'm aiming to keep it for the next 5-10 years. Also, like I've stated above, I will still be able to save towards a house deposit while taking out this loan. I asked for advice on where to look for a loan, not how to manage my finances. I'm perfectly capable of that, working as a management accountant.... I'm not wanting to sound disrespectful or rude with the above.

Don't worry, we don't get offended easily.
What car is it you will buy for £10k which will be worth more in 10 years?

If it is an Investment, is it going to be a daily driver or sit preserved in storage?

gb12345

andykent wrote: »

I'm 23. The car is an investment which is why I want to spend a little more on it than buying a cheap run around. I'm aiming to keep it for the next 5-10 years. Also, like I've stated above, I will still be able to save towards a house deposit while taking out this loan. I asked for advice on where to look for a loan, not how to manage my finances. I'm perfectly capable of that, working as a management accountant.... I'm not wanting to sound disrespectful or rude with the above.

The words car, investment and loan don't really go together.

Unless you are buying something exotic then the moment you drive off the forecourt you've last a good % of its value.