Why can't I get a loan?

matttye

WAIT!

Save up and pay for it outright. You'll appreciate your purchase a lot more when you're not indebted because of it.

BillJones

lukeyb wrote: »

...a perfect car came up for sale...

While others help you on the actual loan, please have a think about the above quote. There will be many "perfect" cars if you are willing to wait for a while, until your finances are in order. Fixating on the first "perfet" one is a very good way to end up paying over the odds, as you panic that someone else might nip in and buy it, and so don't haggle properly.

The route to a good deal on a car is to haggle very hard, which means that you need to be willing and able to walk away if the seller does not get down to your price.

So, my advice would be that you take a step back, sort your finances out first, and then line up at least two examples that you like, and start the negotiations from a position of strength.

lukeyb

Yeah maybe your all right... Guess I should just try and save the hard way until i have enough to buy outright or at least enough that I would only need a much smaller loan over 1 year or so. My main concern is I live in a rented flat and by the time it takes me to save up 10k and the fact i have saved up 10k everyone will be telling me, oh you should think about a mortgage first then get a car. I kinda saw the whole loan thing as way around what is technically a silly purchase. My plan was, buy the car, enjoy it for a year or two whilst keeping it pristine and then selling it and using that money for a deposit for a house.

[Deleted User]

lukeyb wrote: »

My plan was, buy the car, enjoy it for a year or two whilst keeping it pristine and then selling it and using that money for a deposit for a house.

That's probably the worst combination of all. If you did end up getting a loan for the car, then the only sensible course of action would be to drive it for 10 or 15 years until it falls apart.

I know it sounds boring, but buy one when you can afford one.

lukeyb

So today I went to the local council building to find out why I wasn't registered on the electoral roll and I was given a number to phone. After speaking to the woman over the phone she confirmed that I had successfully signed up last year like I thought I had but then stated that the register wont be updated until the 10th of March this year. What a joke. So you try and be responsible and do all the right things but then you have to wait for over a third of a year until you can even see the benefits.

Tixy

So you try and be responsible and do all the right things but then you have to wait for over a third of a year until you can even see the benefits

Ideally when you move to a new property you should contact the council then to sign up to the electoral roll straight away. Local council update the rolling register once a month for 9 months of the year so it usually takes a couple of months to get on the electoral roll and for that to appear on your credit files.

However if you wait until the annual canvas when they send a form in the post to each address (which is done in winter each year) it does take longer for the council to update the register and then for that data to be passed on to the credit reference agencies.

heartbreak_star

I think that happened to me too, moved into current place in a January, and wasn't on the electoral roll til the March of that year.

HBS x

matttye

lukeyb wrote: »

Yeah maybe your all right... Guess I should just try and save the hard way until i have enough to buy outright or at least enough that I would only need a much smaller loan over 1 year or so. My main concern is I live in a rented flat and by the time it takes me to save up 10k and the fact i have saved up 10k everyone will be telling me, oh you should think about a mortgage first then get a car. I kinda saw the whole loan thing as way around what is technically a silly purchase. My plan was, buy the car, enjoy it for a year or two whilst keeping it pristine and then selling it and using that money for a deposit for a house.

Yeah well it's good advice! A house is a purchase which can last a lifetime, and they usually go up in value. Your car will be trashed in a few years and worth probably less than half the value you buy it for.

At the same time, if it's your dream car and you work for your money, there's no reason why you shouldn't get it if you want it. I'd strongly advise against getting into debt over it though, when it won't take you that long to save up for it anyway.

barbarawright

lukeyb wrote: »

So today I went to the local council building to find out why I wasn't registered on the electoral roll and I was given a number to phone. After speaking to the woman over the phone she confirmed that I had successfully signed up last year like I thought I had but then stated that the register wont be updated until the 10th of March this year. What a joke. So you try and be responsible and do all the right things but then you have to wait for over a third of a year until you can even see the benefits.

Will you miss out on your opportunity to take part in the democratic process ? That is the benefit of being on the electoral roll (which is a legal requirement BTW).