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

gardnt1

Have you tried financing the car through the garage/dealer you want to purchase from or is it a private sale? Sometimes the dealers offer low rate.

If not, try northern rock or egg or even smile loans....northern rock always seem to offer competetive rates and egg/smile too.

I don't see any worry about what kind of car you want..totally up to you, hope you enjoy it.

If you do suceed on getting the loan, they will probably talk you into insurance with it........accept if you have too and then cancel,..if needed you can buy insurance cheaper elsewhere to cover repayments.

paulr8794

Brill thats gud advice margretclare. I will defo do the maths and be savy and get the best deal. The car is a mini( one= a model type of the mini, and convertible= soft top retractable roof)

Im thinking of trying loans.co.uk as they search for the best rates looking at your circumstances( mine is that damn default) has anyone tried them?

margaretclare

paulr8794 wrote: »

Brill thats gud advice margretclare. I will defo do the maths and be savy and get the best deal. The car is a mini( one= a model type of the mini, and convertible= soft top retractable roof)

Im thinking of trying loans.co.uk as they search for the best rates looking at your circumstances( mine is that damn default) has anyone tried them?

Hi Paul

I can't recommend one lender over another because - remember - they're all in the market to make the most profit out of the customer - that's you - that they can. All the banks and building societies lend money, and below them there's the 'sub-prime' market which will lend money but at higher interest because they deal with people whose credit rating is poor. My DH had an offer from Barclays recently - not that he was looking for one - for £8000 over 3 years, to be used for any purpose at an 'affordable' repayment.... but it worked out to £11,000 to be repaid in total! The more 'affordable' it seems, usually translated into plain English, means a longer repayment period but you end up paying much more in total. There was a thread on here recently in which an older couple had bought double-glazing over 10 years and after 8 years they were nowhere near paying it off. Moral of story is: look for the shortest possible repayment period and/or look for a loan which allows you to pay off quicker. We had a loan from the same company as the people who'd bought double glazing, it was when we had the kitchen done, but instead of 10 years we paid it off in 2 1/2 years. That's a MSE way of dealing with a loan, if you must have a loan, except that we hadn't heard of MSE then. I have learned, over the years!

Good luck with the Mini. I had a Mini long ago in the days when they were a 'cult' car, although that wasn't why I had it. I loved that little car, loved bombing around the country lanes in it for my new job....long ago!

Hope I've managed to point out a few of the pitfalls for you. You need your eyes wide open when dealing with loan providers. They are not in it for your health and well-being!

HTH

Margaret

[Deleted User]

No offence but minis are cr*p what about an MX5 more powerful, lighter, infinity better handling, better build quality, better looking, proper sports car, rear wheel drive (for hairy chested power sliding) and it will get the ladies unlike the mini.

Thank god for people like you, if it wasnt for people who wanted everything now and not later then interest rates in this country would be rubbish like japan, the banks wouldnt make profit and my savings accounts would get poor returns. Salt of the earth, I hail you.

Butlers1982

The discussion is about wanting a loan, not what type of car!

Ill be honnest with you, i work as a financial advisor and your going to find it very very hard to get £11k unsecured as you have adverse credit. the only lender that i can think that may lend you a high figure (and by high i mean over £5k when you have default) is Welcome Finance.
Be warned though, if you do default then they can apply to make it secure anyway.

If from what your saying you have a lot of equity in your property, then why not consider securing the loan against the property.

[Deleted User]

Well to bad Mr butlers but i dont work for your agenda, so two fingers to you

CHR15

If you get a loan for 60 Months, it will be the same as paying over £200 a month for a W reg car now.

There is no way this new car will outlive your loan repayments. In about 3years time you will be desperately trying to find a way of finishing this loan early so you can get another to get a new car.

A 2005 Mini may look good on your drive now (to some people at least!!) but that feeling of wealth and achievement will be lost in under 3 years,

My advice (not that it means anything) would be to pitch your loan at a maximum of 3 years worth of repayments, because by then you will NEED a new car for the sake of vanity.

Once you know what you can afford to pay each Month, look for a loan where you can pay that amount for 3 years, and see what figure you come out with to buy a car.

paulr8794

cool advice,

I do think though that I will keep the car for at least 3 years. My last car I kept for 6 years. I suppose I could go for a secured loan however I dont like the idea of a secured loan they make me nervous just in case I was to (touch wood) break a leg or something and only got sick pay at work. I dont believe in loan protection think its a rip off. I also own my property with my other half and would have to run it past him! (yes him get over it) So the only real recommendation is welcome finance??

Is my credit so adverse just over a £80 default over 3 years ago?? Which is marked as settled?

Thanks guys for all your help!!

butch_dingle_2

obviously you will still need to do the maths on this, but have you considered leasing ?

Mini/BMW are currently offering very good personal contract rates on mini cooper convertibles. These are brand new and can be had for as little as 199 per month.

its not what I would spend my dosh on but its your decision.

And inhouse finance companies have more flexibility than loan companies, so it maybe worth investigating.

good luck.

paulr8794

Have rang a garage where the car is and they are looking at possibities including mini select (leasing option) they are going to call back will keep you updated.