We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Eligability for secured loan

Deva2005 · 2015-09-27 18:50:43

Hi all, I hope this is in the right place...just looking for some advice.. Currently own 30% of a shared ownership property, my 'credit score' is around 500 (low) and I am in the position of needing to get a new car. I have been declined for car finance, but I am wondering if I would have any issues using my share of the…

Options

Comments

andyfromotley Posts: 2,038 Forumite

28 September 2015 at 6:13PM

I sus[ect that you have no chance.

The bar for car finance is usually pretty low, often lower than a normal loan, secured ot otherwise.
I dont think banks are keen to secure against a shared ownership.

I suspect that you need a plan b. scrape up as much cash as you can save whatever you can and get a runaround, rinse and repeat upgrading as you go and you will, barring disaster end up with a half decent car.

£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
!
0

This discussion has been closed.

★ ★ ★ Meet your Ambassadors

Eligability for secured loan

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free