Declined online from Tesco, is my bank more likely to approve loan?

Dasmike

chalkie99 wrote: »

That's an alarm bell!

You want to borrow money to have as savings?

If you are burning through your income already how are you going to finance the repayments and how are you going to make them when the mortgage increases, as it is almost certain to, before the loan is paid.

In what way is it an alarm bell that I don't want to empty my bank account to buy a car? Are you implying that anyone who buys a car on finance is taking a similar risk??

And what gives you the impression I'm burning through my income? I easily save every month (hence building up savings), and am now going to use SOME of those savings to buy a nice car, with the rest being financed by a loan I can easily afford.

Pipz

I think there was a misunderstanding, chalkie99 probably thought your statement below applied to the amount you were borrowing as opposed to the c£10K that you already have saved.

Dasmike wrote: »

I'm using part of it towards the car, with some left over as safety net savings. I expected your answer, but am still disappointed with having to wait as the perfect car I want is available right now at an excellent price. Not something that will wait unfortunately.

Dasmike

Ah I can see now that could have been misconstrued. Thanks.

somethingcorporate

Who/where is selling the car? Can you not get finance secured on the car (e.g. HP?) they tend to be less stringent than a personal loan because obviously there is security if you default.

You will obviously lose the bargaining power of walking in with a lot of cash but often garages will be very flexible if you take their finance because it is where they make a lot of their money.

Dasmike

A good suggestion, but it's not a common car so I'm buying it through a private seller.