Some loan advice..

JimmyB44

Hi there. . I'm wondering if I can get some advice about Loans.

Our family needs a loan in order to purchase a new vehicle. We are looking to loan £6000.

My partners credit is excellent.. mine isn't so hot though. Unfortunately my partner only works part-time. And so I'm pretty confident that a lender would shy away from loaning solely to my partner.

Which is why I am looking for some advice on a Joint Application.

I took credit out when I was young and foolishly ignored it.. for the past two years I have paid off the majority of my debts.. only one remains - a CCJ. I approached Natwest today, and they said they wouldn't look at an application with a CCJ attached. They did say this wasn't the case for all lenders however.

I have a well-paid job which supports our family. Loan repayments really wouldn't be a problem.. but that's not what lenders go on is it!

What's our best bet?

PeacefulWaters

We are looking to loan £6000

You are looking to borrow £6,000.

HappyMJ

JimmyB44 wrote: »

Hi there. . I'm wondering if I can get some advice about Loans.

Our family needs a loan in order to purchase a new vehicle. We are looking to loan £6000.

My partners credit is excellent.. mine isn't so hot though. Unfortunately my partner only works part-time. And so I'm pretty confident that a lender would shy away from loaning solely to my partner.

Which is why I am looking for some advice on a Joint Application.

I took credit out when I was young and foolishly ignored it.. for the past two years I have paid off the majority of my debts.. only one remains - a CCJ. I approached Natwest today, and they said they wouldn't look at an application with a CCJ attached. They did say this wasn't the case for all lenders however.

I have a well-paid job which supports our family. Loan repayments really wouldn't be a problem.. but that's not what lenders go on is it!

What's our best bet?

For a car? Hire purchase. The car is owned by the finance company and if you fail to make a payment they take it away.

You might find the dealer has an offer without any interest. Charges may apply.

ViolaLass

£6k for a car is an awful lot. Buy something for less than a grand and save up for the next one.

Herzlos

JimmyB44 wrote: »

I have a well-paid job which supports our family. Loan repayments really wouldn't be a problem.. but that's not what lenders go on is it!

What's our best bet?

How much have you got in savings?

Pixie5740

JimmyB44 wrote: »

Loan repayments really wouldn't be a problem.. but that's not what lenders go on is it! ?

Affordability is one thing lenders look at but they also look for patterns i.e. how you have handled borrowing in the past and your CCJ is an indicator that you are not good at borrowing money and repaying it in accordance with the loan agreements.

JimmyB44 wrote: »

What's our best bet?

Your best bet is buying a lower value car with your savings. The next best bet would be securing finance through a car dealership where the finance is secured on the car.