Cars and Loans

redrolo

Morning,


I am struggling to get a 0% loan of £2000 on a bike and it is hard to understand. My credit report only have one blip which is that I have high loan value. I got both my wife's and my car PCP in my name (hers was a present from me). I have even tried to get a % purchase card, but get knocked back. My Experian is 920 and my Clear Score is 460. I can't see anything else on either report. I have an MBNA card with credit of £14000 but balance owed of £0.


Does this stop me getting credit?

[Deleted User]

Ignore your scores - they're irrelevant.

What's your income and existing debt?

redrolo

per month inc spouse £7300. Only debt we have is the mortgage of £240k

Mr.Generous

why do you need a loan then, wait a month and save £2k.

redrolo

Just felt it was the easiest way to buy and keep the wife happy that I am not blowing all the money at once.

[Deleted User]

Would she really prefer you blew even more of your money, just over a longer period?

molerat

The best idea would be to borrow that small amount out of your savings and pay it back :eek:

yessuz

sorry. let me understand this:

Your income per month inc spouse = £7300.
Only debt = Mortgage of £240K, which is roughly, £1000 payment a month (give or take, depending on the time period and interest rate)

You struggling to get a 0% loan of £2000 on a bike

Why the hell you need a £2000 loan when your monthly income is £7300? and you have like £5500 per month left after your mortgage and bills? That loan is like 1/3 of your monthly income.

You do not have any savings you could use at all?

it's some sort of nonsense. do I miss something here?!

Neutrinno

redrolo wrote: »

per month inc spouse £7300. Only debt we have is the mortgage of £240k

Only debt? You just said you had two PCP agreements in your name, which combined will be a fairly large monthly outgoing I'm persuming, along with a significant mortgage balance outstanding. It sounds like you have been declined because you have to much exposure.

It may of been a bad idea to get your wife's PCP in your name also.

Also if your income is £7k+ per month net, I'm struggling to understand why you need another form of credit for this, surely you could afford this with savings, unless you have more debts..?