Loan wrongly declined

RuthnJasper

What happened to the Vauxhall? A 5 year old car is still pretty good...

Gordon_Hose

Do you NEED a £27k car, honestly??

Jeez.

DCFC79

Gordon_Hose wrote: »

Do you NEED a £27k car, honestly??

Jeez.

Does anyone need a £27K car ?

poppasmurf_bewdley

Gordon_Hose wrote: »

Do you NEED a £27k car, honestly??

Jeez.

DCFC79 wrote: »

Does anyone need a £27K car ?

Why on earth not! I have a £27k car. It's a Mondeo Ghia Estate Auto. List price was £27k.

Only difference is that I only paid £12k for it at less than three years old. And I paid cash.

Gordon_Hose

Not unless they are compensating for something.

Seriously though, the OP earns £20k, and wants a £27k car. Great that you have some savings, well done, but a reality check is in order, and this decline was probably it.

Ideas above your station, springs to mind.

welshwolf_2

You're right, I don't really need the car, it was just a bit of an idea to "spoil" myself because I'm so careful with my money. I don't do reckless buying, I don't go out and get drunk every weekend so it was basically something as a reward to myself. Plus I've always liked the Golf GTD (which is actually cheaper to run than my Vauxhall Astra).


What do you all recommend? Any advice on how I can improve my chances of getting a loan in future?
Thanks again all!

Gordon_Hose

To improve your credit it's good to get a credit card, spend a little bit on it, and pay it off in full each month.

Herzlos

welshwolf wrote: »

You're right, I don't really need the car, it was just a bit of an idea to "spoil" myself because I'm so careful with my money. I don't do reckless buying, I don't go out and get drunk every weekend so it was basically something as a reward to myself. Plus I've always liked the Golf GTD (which is actually cheaper to run than my Vauxhall Astra).


What do you all recommend? Any advice on how I can improve my chances of getting a loan in future?
Thanks again all!

I'd recommend looking at how much a 3 year old Golf GTD costs. You might not be able to pay for it outright from savings but you should only need to borrow a few grand and be in a much better position. From a quick search on autotrader you can get a 2009 plate for £9k, but they have pretty high mileage. I bet you can get a much lower mileage one for £14k and only need to borrow £5k.

You don't need a new Golf. You certainly don't want to be borrowing to the hilt to buy a car that costs more than your annual salary; It's going to be depreciating faster than you can pay it off.

catwoman73

What do you all recommend?

I would recommend that you take about £6k of your £9k in savings and use that to buy a 5 YO Golf GTD and let someone else waste £££££s on depreciation.

I have a 5 YO Skoda Octavia VRS diesel that I paid £6.5k for 2 years ago. Very similar spec/speed etc to your Golf GTD, with a list price of over £20k, so someone has lost about £13k on that car in three years.

If you have to sell your golf before you have paid your loan off, chances are you will be left with a loan that still needs paying for.

Massive car loans are one of the biggest mugs games going. What happens if you want to move out of your parent's house in the next 5 years? Or if your circumstances change and you can no longer afford the car?

xbethanyx

Your figures dont add up? I bought a brand new Golf R for less than what you are getting a new GTD for and monthly payments for way less than you quote at £430 @ £15k?! And my deposit was only £500! I also bought it on hire purchase or whatever its called. No way would I buy it with a loan. Have you asked about the HP? The ballon payment at end means you hand car back and the excess goes to your next car or as a cheque.
The mark 7 GTD is very different to all the 2nd hand ones out there so if its mk7 you want then you wont be happy going to buy a 2nd hand one and i doubt there are any mk7s for sale 2nd hand seeing as they only came out.