loan - can you get pre approved

lee8040

I am looking to buy a new car and will need to take a loan out. is there a way of finding out that I will get accepted for a bank loan without actually having the loan until I find a car? I don't have the best of credit rating but wouldn't want to look for a car if I wont get the loan but also don't want to take a loan out for more than I will need. prefer to do it with a bank rather than finance through car dealership as it will be cheaper

YorkshireBoy

You're going to have to tell them the amount you want though aren't you?

They're not going to pre-approve you for an unknown amount.

Having said that, maybe there's an option to secure a loan at the top end of your budget, and then reduce it as necessary when you formally draw it down?

FiatFan_2

Are you not best to know how much you can borrow/repay and buy a car within that budget than find the car you want and not be able to afford it?

moneysupermarket seem to have a "help me find a loan" option that suggests loans you maybe accepted for

jonesMUFCforever

A lot of lenders who you have accounts with may well show pre-approved offers in your internet banking.
This is a good sign BUT until they credit score they can still decline you.

After xmas pop down to your local branch and speak to someone who will be able to advise you the chances of getting a loan and the rate you will pay.

Apples2

Probably a bit early to start looking at loans, you were on Job seekers last month and missing mobile phone payments.

Congratulations on your new job though, just in time for Christmas......

lee8040

Apples2 wrote: »

Probably a bit early to start looking at loans, you were on Job seekers last month and missing mobile phone payments.

Congratulations on your new job though, just in time for Christmas......

I was never missing mobile phone payments, I just didn't want to be wasting jobseekers money on a mobile phone when it could be better used for my family.


we are looking at a new car as the old one needs work and not worth being repaired.

Nice_Weather_For_Ducks

Apples2 wrote: »

Probably a bit early to start looking at loans, you were on Job seekers last month and missing mobile phone payments.

Congratulations on your new job though, just in time for Christmas......

About 6 years too early LOL

Apples2

lee8040 wrote: »

I was never missing mobile phone payments, I just didn't want to be wasting jobseekers money on a mobile phone when it could be better used for my family.


we are looking at a new car as the old one needs work and not worth being repaired.

Good to hear, even with your new full time job I still don't think a BMW X5 is the best car to choose.
Big engined bmw can bevery reliable but when they go wrong, they do it in style. You need a couple of thousand in the bank as a buffer.
I used my buffer for a new turbo on my 5 series.

Is your new job better paid than your last one out of interest?

lee8040

Apples2 wrote: »

Is your new job better paid than your last one out of interest?

a lot better, but not going to go for the bmw or merc, to many potential problems