Where do we go now?????

JackieBlue_2

My OH applied for a top-up on our joint loan at Nationwide this week. He was turned down. My car lease contract is up next month and we wish to buy the car - we have a settlement figure. This loan would have made us £250 per month better off as we are losing the lease payment and adding to the existing loan. Several other lenders refused the same day. We contacted Experian for our credit report - several cc's on there for OH which are settled and cut up but showing as open with ridiculous amounts of credit on there. He has rung to cancel, but when will this be actioned on our report? I have approx £4,000 in cc's which I have tarted around last six months for low interest. My OH has a loan for his car which is financed completely seperately to our normal housekeeping as he has an expenses account through work, for car costs, fuel etc. We do have a large mortgage, but still have as much equity as mortgage, and are currently on the market cos we want to downsize. I do not fully understand the report, it seems to have loads of searches on there and we are starting to panic. If the car has to go back we will have to pay excess mileage and then have no car???? PLEASE HELP

butch_dingle_2

what about the finance company who are currently providing the lease ? Would they not be able to provide some sort of finance vehicle to enable you to purchase this car ?

It sounds like your finances are a bit messy, and you have large outgoings which to a new prospective lender looks a bit scary, depending on your income.

JackieBlue_2

butch_dingle - Hi, thanks for your reply

But surely the finance co will do the same credit check - which reduces our rating again and then puts us back to square one?

Yes you're right our finances do need sorting, hence the house sale. Our mortgage has increased recently as we have bought another property offplan to enable a better pension return for my OH, (which Nationwide were more than happy to mortgage to us btw!)and this has limited our dispensable cash - however we really didn't think there would be a problem as we are reducing outgoings and have always paid on time

Nationwide are not a new lender - have banked, mortgaged etc with them for over 20 yrs!!!!

butch_dingle_2

JackieBlue wrote: »

butch_dingle - Hi, thanks for your reply

But surely the finance co will do the same credit check - which reduces our rating again and then puts us back to square one?

yes, but they do have an interest in seeing you secure further finance to buy the car.

If you dont buy the car then they need to dispose of it, more than likely at a lower price than you will pay them for it.

If you have made all your payments on the lease ontime and in good order then I cannot see them turning you down. The may not even do a credit check for existing customers. It cant hurt to ask them....

who is the finance company, maybe others will have some experience of them.

JackieBlue_2

It is through Landrover Finance - not sure who they use- think it is on the credit report as Ford Finance

butch_dingle_2

JackieBlue wrote: »

It is through Landrover Finance - not sure who they use- think it is on the credit report as Ford Finance

yep - Land Rover will be part of ford credit europe. I definitely think it would be worth asking them about your financing needs