Saving for the Audi A3!

SamAudiA3

What can i do to up my credit rating?

Only 2 months into a full time job?
Looking to apply for a loan in 4 months time!

Thank to getmore4less, Lioness Twinkletoes, BillJones, Di B, Mallotum X, Apples2, roonaldo, 19lottie82, Bedsit Bob + others for their answers to my last question regarding this subject.

meer53

My advice is to save up for the car instead of getting a loan. Buy a smaller car that costs less to insure and run.

I know you'll ignore this, but one day, when you're older, you'll understand.

AdamMc90

Have you tried a loan with your own bank?

I too tried to get a loan with Sainsburys a few years ago for a car with barely any credit and I was declined as well so I know your position.

At the time I didn't have much credit history and Sainsburys are headline rates so I don't think I stood much chance to be honest. Instead I turned to my bank (Natwest - they also have a soft search on their website so won't leave a mark on your credit score) who were able to offer me a loan at a competitive rate although not as good as Sainsburys.

Prothet_of_Doom

Are you self employed?

If that is the case:

That might be your issue with credit rating.

BUT It looks on the face of it that I might be right to think your employer is seriously doing something that isn't right as far as HMRC/Employment Law is concerned, and is paying you cash in hand as a contractor, in order to avoid various obligations he has. But hey that's not the question you asked.

As a separate aside, I'd question your logic in wanting an audi A3. and why you'd be wanting to fund it with a loan.

You have a car that works ? I'd suggest you save up the cash. It won't take long. But it will be a good experience for you. Assuming £40 a day after tax, I think saving 50% say £400 a month, for 12 months would give you enougth for your dream car and enough to pay the insurance in one payment, rather than by monthly payment (which will be costing you extra)

Prothet_of_Doom

meer53 wrote: »

I know you'll ignore this, but one day, when you're older, you'll understand.

He will. :beer:

This is money saving expert, the only thing we get a loan for is a house.

SamAudiA3

meer53 wrote: »

My advice is to save up for the car instead of getting a loan. Buy a smaller car that costs less to insure and run.

I know you'll ignore this, but one day, when you're older, you'll understand.

To be honest, my passion is cars. I don't go out, i don't smoke, i don't drink, i have no hobbies as such, apart from my car! If i'm left with enough to keep myself alive, after paying for everything i need to keep an Audi A3 going, i would be happy!

Thanks for your advice though.

SamAudiA3

AdamMc90 wrote: »

Have you tried a loan with your own bank?

I too tried to get a loan with Sainsburys a few years ago for a car with barely any credit and I was declined as well so I know your position.

At the time I didn't have much credit history and Sainsburys are headline rates so I don't think I stood much chance to be honest. Instead I turned to my bank (Natwest - they also have a soft search on their website so won't leave a mark on your credit score) who were able to offer me a loan at a competitive rate although not as good as Sainsburys.

I haven't, because their interest rate is soo high! (Barclays)

SamAudiA3

Prothet_of_Doom wrote: »

Are you self employed?

If that is the case:

That might be your issue with credit rating.

BUT It looks on the face of it that I might be right to think your employer is seriously doing something that isn't right as far as HMRC/Employment Law is concerned, and is paying you cash in hand as a contractor, in order to avoid various obligations he has. But hey that's not the question you asked.

As a separate aside, I'd question your logic in wanting an audi A3. and why you'd be wanting to fund it with a loan.

You have a car that works ? I'd suggest you save up the cash. It won't take long. But it will be a good experience for you. Assuming £40 a day after tax, I think saving 50% say £400 a month, for 12 months would give you enougth for your dream car and enough to pay the insurance in one payment, rather than by monthly payment (which will be costing you extra)

A appreciate this advice, i'll have to look into both points you've made!

Stroppypops

You sound like me. My only vice is my cars and if I enjoy that, so why not. Life is too short to be too OTT in relation to moneysaving. But, don't go crazy with car expenditure though as I did on last motor. Make sure you have plans for future before getting a nice car.

What type of A3 are you after?

In the last year I have a crazy amount of fairly expensive cars.

Have you tried Audi FS?

SamAudiA3

Stroppypops wrote: »

You sound like me. My only vice is my cars and if I enjoy that, so why not. Life is too short to be too OTT in relation to moneysaving. But, don't go crazy with car expenditure though as I did on last motor. Make sure you have plans for future before getting a nice car.

What type of A3 are you after?

In the last year I have a crazy amount of fairly expensive cars.

I'm glad i'm not the only one! Preferably the A3 Sport 2.0 FSI or the TDI.

Prothet_of_Doom

SamAudiA3 wrote: »

I'm glad i'm not the only one! Preferably the A3 Sport 2.0 FSI or the TDI.

I'm crazy about cars, but not about loans. Over the years the BEST car I ever owned (for 4 years), cost me £40, and was mostly reliable for 70K miles.

It was a mk2 cavalier SRi with dents.