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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…

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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
!
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Eligability for secured loan

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