Need £11k Personal Loan, Blackhorse Will Only Lend Me 4k!

paulr8794

Hello,

Well Ive just been promoted and got decent payrise and want a new car.
I need a loan for 11k dont really want a secured loan. Want a personal loan. Blackhorse will only borrow me 4k! ( quite a big shortfall!) This is because T-mobile closed my phone contract 3 yrs ago coz I was late in paying and now have a default on my credit file.

Can anyone recommend anyone else to try? 'Yes loans' perhaps or loans.co.uk?

What do I do? Many thanks paul xxx

Dylanwing

Not being funny, but my recommendation would be to get a cheaper car, £4k should get you something reasonable that gets you from A to B. With a default you might struggle to get an unsecured loan at a decent rate.

AceCobra1

This lad obvious wants to get some BMW quality motor lol :money::money:

[Deleted User]

You can take out the black horse loan then take out loads of other loans and then get a provident loan too. Then you can enjoy your BMW top notch thing or maybe a audi TT i hear theyz well good super fast.

lucy_w86

paulr8794 wrote: »

Hello,

Well Ive just been promoted and got decent payrise and want a new car.
I need a loan for 11k dont really want a secured loan. Want a personal loan. Blackhorse will only borrow me 4k! ( quite a big shortfall!) This is because T-mobile closed my phone contract 3 yrs ago coz I was late in paying and now have a default on my credit file.

Can anyone recommend anyone else to try? 'Yes loans' perhaps or loans.co.uk?

What do I do? Many thanks paul xxx

I know what you mean about getting a loan. Because I am a temp, noone will give me one.

But dont listen to what people say about how much you should spend on a car. Why do we need to stay cheap and cheerful? If someone wants to splash out on a new motor, let them!

[Deleted User]

Why not buy a couple of bottles of crystal on your card too while your at it maybe some alligator shoes you deserve it you got a raise hooray

margaretclare

paulr8794 wrote: »

Hello,

Well Ive just been promoted and got decent payrise and want a new car.
I need a loan for 11k don't really want a secured loan. Want a personal loan. Blackhorse will only borrow me 4k! ( quite a big shortfall!) This is because T-mobile closed my phone contract 3 yrs ago coz I was late in paying and now have a default on my credit file.

Can anyone recommend anyone else to try? 'Yes loans' perhaps or loans.co.uk?

What do I do? Many thanks paul xxx

I'm about to pick holes in all that you've written. You WANT a new car but that doesn't mean that you NEED a loan of £11K. I assume you've come up with the £11K because you've seen a shiny new motor and you've bought into the 'because I'm worth it' way of thinking. You've got a promotion and a pay-rise so you think you deserve this 'treat'.

However, I would guess that you haven't yet started to receive any of the shiny new pay-rise yet, have you? So you want to spend tomorrow's money today.

If you need a car, there's no problem. The market is flooded with cheap second-hand cars, most of them in very reasonable nick, and after all, a car is just a means of getting you about conveniently, quickly and without getting rained on. Isn't it?

Have you worked out how much you would be paying over the time the £11K loan lasted? And by that time, or long before, there will be other things you'll be wanting.

Remember Martin's 3 questions: do you want it, do you need it, can you afford it? And if the answer to all those is 'yes', next question: where can I get it as cheaply as possible? Not by paying huge interest for something you may 'want' but don't actually 'need'.

You may find that Black Horse have done you a huge favour if this refusal causes you to sit down and have a think. I have wasted vast amounts over the years and mostly, that was on loans for cars.

There are always people out there willing to lend to the unwary - they'll see you coming! Move down-market a bit from Black Horse, you'll get your loan, but you'll pay more interest.

HTH

Margaret

paulr8794

Hi guys,

Well the car in question is a mini one convertible from 2005. And believe you and me Im very careful with my spending and saving and have been thinking about it for 3 months. I am now earning an additional 5k a year and will be 30 this year and have always wanted a nice car and as my new role can be quite hard work and stressful I think it would be really rewarding to buy this car. I have thought about repayments and over the term of 48 or 60 months it will cost around £250 per month depending on interest rate Ive also saved up £2000 to go towards it. I have already bought my property 4 years ago and have nearly doubled my money init.

So if any one could recommend a personal loan company that I could use considering I have a small default from 3 years ago part from that no debt except £500 credit card which I pay off each month (on time)

jonesMUFCforever

Just my opinion but a Mini one convertible and nice car do not go together!.
It may be my age!

You could try paying off the mobile phone bill and get it marked as satisfied.It won't help you overnight but in the future will look better on your credit files.

paulr8794

Yep mobile bill is paid and marked as satisfied and put a note of correction on my credit file explaining why I was late!

How !!!! just a small amount can have such a huge impact on a credit rating!

Obviously we all have opinions on who likes which car, but can we please stick to my question Thankyou soo much for your help!

margaretclare

paulr8794 wrote: »

Well the car in question is a mini one convertible from 2005. And believe you and me Im very careful with my spending and saving and have been thinking about it for 3 months. I am now earning an additional 5k a year and will be 30 this year and have always wanted a nice car and as my new role can be quite hard work and stressful I think it would be really rewarding to buy this car. I have thought about repayments and over the term of 48 or 60 months it will cost around £250 per month depending on interest rate Ive also saved up £2000 to go towards it. I have already bought my property 4 years ago and have nearly doubled my money init.

No, you still haven't done the maths, have you?

There's a huge difference between £11,000 over 48 months and over 60 months, even if you put down your £2000 as deposit and pay £250 a month. Let's say £9,000 then. Over 48 months (4 years) that's £12,000 and over 60 months (5 years) it's £15,000.

You need to 'shop around' a bit. There's no shortage of willing lenders out there, you just need the best deal. Look at the interest rate first and the timescale, take your calculator with you and work it out. Don't just think 'oh, with my rise I can afford £250 a month'. That's not a MSE way to do it.

I haven't commented on the type of car, but what the heck is a mini one convertible?

Margaret