Please help need advice - rejected for loan!!

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djwolf wrote: »

I do, however, think he would be wiser saving up some money first which wouldn't take too long with £1k spare each month. £20k just seems a lot to borrow in one go.

Thanks...Being rejected for the loan and time I have spent on this website has certainly made me think more about my money!!! As i said Im gonna leave it at least 6 mths save as much as I can then look at it again prob after xmas (lol prob best before actually or my girlfreind will have her eye on all my savings on her xmas present!!! or worse....;) )

One rejection on my credit history is bad enough I dont want to try again for at least 6 months and the total amount would be less then anyways...

What does count as a good credit rating? Say i pay off my loan by selling my car and am car'less? I'd have Mortgage, Gym, and Phone coming out every month, how long I have to pay these till I have a good creidt rating?

(assuming paying off the mortage is not going to happen anytime soon)

margaretclare

Hermione54 wrote: »

The danger is that the novelty of the new car will wear off pretty quickly, and then you might want another one in 18 months, that can lead to a debt spiral of never ending new car purchases financed by credit, especially if your circumstances change.

Story of my life! LOL

And mine - in the past that is, before I learned better sense.

Margaret

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albertross wrote: »

whatever you buy will depreciate 30% as soon as you walk out of the showroom (assuming it is brand new), and a 20k car depreciates twice as much as a 10k fabia. You get much better value buying a 1 or 3 year old car.

Im not sure I quite agree I have looked at ones that are < 1 year or < 8000 miles and they are going for between £18,000 and £19500 so for them to command this price there must be people out there willing to pay it. granted is 1k less after only 6months but IMO you shouldnt have bought it if you were selling after 6months or if needed to for say one of the reasons in ur post, say you fell ill then you are not losing alot for a quick sale

albertross wrote: »

I'm intrigued what your job is, that is a good salary for 23.

I work as a SQL Database Administrator (IT Geek)

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S3quence wrote: »

Im not sure I quite agree I have looked at ones that are < 1 year or < 8000 miles and they are going for between £18,000 and £19500 so for them to command this price there must be people out there willing to pay it. granted is 1k less after only 6months but IMO you shouldnt have bought it if you were selling after 6months or if needed to for say one of the reasons in ur post, say you fell ill then you are not losing alot for a quick sale

Having said that I see where ur coming from and yes after 5 years is will be worth prob 1/2 the value. But ill have 5 years of enjoyment out of it. Same with anything laptop / tv etc.., they all go out of date sooner or later and the depreciation is just as bad...but chances are you get out of it what you want then get rid (or breaks)

I come across this yesterday http://forums.moneysavingexpert.com/showthread.html?t=250532
that gives alot of good reasons for not getting credit (alot of which in this post)

Hopefully there is nothing on by credit file thats negative, ive sent the £2 cheque to see them...also im thinking of just writing to Barclaycard anyway see if they will disclose the reason of rejection anyway for future reference

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albertross wrote: »

It does depend on the model, if you look at the what car guide I linked to, it does give you an idea of prices and depreciation levels, so don't take my word for it.

Thanks just looking at it now...

....now im looking at reviews

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Seat Leon Cupra
(http://www.seat.co.uk/generator/su/uk/modelCupra/site/models/choices/cupra/main.html)
Or possibly the Golf GTI

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Well i didnt win the EuroMillions!

DKLS

Have you thought of Contract Hire, you can usually get a very good deal on a Golf Gti. Or you can still buy yourself a whole lot of fun for 9K, stick a cheap non dating number plate and your sorted.

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albertross wrote: »

Reminds me of a Vauxhall Corsa: (half the price)




This is the whatcar depreciation

Seat Leon Hatchback 2.0 TFSI Cupra 5dr

19,695 new
13,504 year 1 32%
11,195 year 2 44%
9,455 year 3 52%
7,975 year 4 60%

and 2 year old cupra's are going for 12500-13000 on autotrader (pre haggle price),

and there is a 1 year old one with 1.8 8000miles going for.13500

Sorry i should have said they revamped the cupra last year i think the ones you are looking at are the old style ones. (1.8 225bhp) The new one only comes in a 2.0 TFSI engine 240bhp and is again different to the TDI and FSI Sport and FR models

I have searched for the cupra 15k - 20k and I only get about 6 listed from 18k up (40miles from my postcode). There also the same ones listed on the seat used car site for a similar price. I managed to find one on seat.co.uk for £17k with 3000 miles this would be the kinda one im looking for thought most are about 18/19k

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This is a typical one that I find...
http://atsearch.autotrader.co.uk/www/CARS_popup.jsp?searchform=&modelexact=1&lid=search_used_cars_full&photo=1&state=none&sort=5&hassearched=Y&make=SEAT&min_pr=12000&source=0&model=LEON&max_pr=20000&miles=40&agerange=&mileage=&postcode=lu7+4rx&bodyid=0&fuelid=0&colour=&transmissionid=0&start=2&distance=19&adcategory=CARS&channel=CARS&id=200725289882187

This is the old style Cupra or Cupra R limited edition...
http://atsearch.autotrader.co.uk/www/CARS_popup.jsp?searchform=&modelexact=1&lid=search_used_cars_full&photo=1&state=none&sort=3&hassearched=Y&make=SEAT&min_pr=12000&source=0&model=LEON&max_pr=20000&miles=40&agerange=&mileage=&postcode=lu7+4rx&bodyid=0&fuelid=0&colour=&transmissionid=0&start=4&distance=30&adcategory=CARS&channel=CARS&id=200724289338907