Why can't I get a loan?

lukeyb

To answer a few questions. Yes I have considered running costs, I figure around £200 a month for fuel and general maintenance, I would only drive it for fun as I live within walking distance of work and shops.

Yes I can wait or get a cheaper car but my current car is just fine, I have been a huge impreza fan for years so I dont want anything else. Its not just a case of getting a new car its a case of getting my dream car. The problem with these cars as they are coming up to 10 years old now and nice low millage ones are becoming harder and harder to come by, hence the rush for a loan to buy this one.

I signed up to noddle and I got 4/5, everything was fine but I did notice I am not down as being registered on the electoral roll which is surprising as we had local councilor round to our flat a few months ago who was supposedly signing people on to the electoral register. I'll have to sort this myself.

lukeyb

Cash_Flow wrote: »

You should of done your research before hand, you could of been sitting in your Pocket rocket by now;)

So you have already had 3 credit searches in the last few days? Tesco would be my last throw of the dice.

Whats the reason for the high APR with your bank?

No reason was given. :-/

DaveTheMus

lukeyb wrote: »

Also a little but of added information. I occasionally go offshore with my job and a weeks offshore bonus is over £1000 as well as the money I'd get from selling my current car I would expect to pay off the 3 year loan within 18 months anyway.. Hence why I wanted to go for a company with no early repayment fees.

just save up for it......by the sounds of it if you tighten your belt you could have one by the summer.

Ant.Evs

Being on the Electoral Register will make a massive difference. Once your on this you should see a big difference. I agree with other posters however that your lack of lending history will also be a problem.

lukeyb

DaveTheMus wrote: »

just save up for it......by the sounds of it if you tighten your belt you could have one by the summer.

Maybe next summer.. I've worked out I'll need around 11k in total. 9k for the car, 1.5k for the insurance and tax and at least 500 for improvements.

guestman

take that 4k and buy a stage 2 tuned leon cupra r faster and cheaper parts for repairs


I was in your boots once and wasted lots of cash on cars, after the first few months the running costs out weights the pleasure of the car and you start to wish you never wasted the money, but youll be left with £400 a year tax and the same in tyre costs aswell as the fuel and services which will suck all of your cash.

longtermplanner

Wait a year, save up more and your insurance will be lower... sorry that's boring advice, but if you do this you are very, very unlikely to regret it.

Rafter

lukeyb

Looks like age discrimination is alive and well in the loan industry as well as the car insurance industry!

The problem you have is that a lot of people who take out loans at 21 don't pay them back. So despite your own situation you are being treated as part of a pack of unreliable drivers and borrowers despite what look like sound numbers and affordability.

Afraid to say you are just going to have to be patient - maybe see if you can build up the amount through a 0% credit card perhaps, putting your spending on that?

Good luck

R.

Nice_Weather_For_Ducks

OT but IMHO, when buying a car (Or any other asset that loses value every year), only pay for it with money you have.

Borrowing for a car is financially crippling as not only do you pay interest, but the car depreciates as well.

Not using a car can save £5000 a year easily!!

Wilkins

lukeyb wrote: »

Yes I can wait or get a cheaper car but my current car is just fine, I have been a huge impreza fan for years so I dont want anything else. Its not just a case of getting a new car its a case of getting my dream car.

This is an expensive indulgence for a young person with not much money. How long will the dream last? At some point you will see it for what it is, an aging metal box on wheels. Think about investing your money. Nothing wrong with indulgences if you have the surplus cash flow to support them, but they are not worth getting into debt for.