Housewife car loan

Ssdd200

Hello

I am a single houswife, got perfect credit. No debt at all and never any many problems.

I need a car and thought id take out a car loan. I get £1200 in child support and outging a month are about 700. I wanted to borrow £4000 with monthly payments about 150-200.

The problem is my bank said id be perfect but without a 'proper salery' they wouldnt give me a loan despite them saying i could pay it back easily. Ive had the same problem everywhere ive looked (other than high apr websites)

Any suggestions at any companies/banks that would look at me and how easy i van afford the loan and not the fact im a housewife with no salary?

Ebe_Scrooge

The problem, as you've already seen, is that you don't have a "proper salary". Whatever the rights and wrongs of it, most mainstream lenders will not be interested.


It may be worth looking to see if a dealer will give you finance. They are often more lenient, not least because the loan is usually secured on the car - so if you fail to make repayments, they can simply repossess the car. It's worth looking into.

DCFC79

Ssdd200 wrote: »

Hello

I am a single houswife, got perfect credit. No debt at all and never any many problems.

I need a car and thought id take out a car loan. I get £1200 in child support and outging a month are about 700. I wanted to borrow £4000 with monthly payments about 150-200.

The problem is my bank said id be perfect but without a 'proper salery' they wouldnt give me a loan despite them saying i could pay it back easily. Ive had the same problem everywhere ive looked (other than high apr websites)

Any suggestions at any companies/banks that would look at me and how easy i van afford the loan and not the fact im a housewife with no salary?

Do you have £500 left each month ?

Over the past say 6 months you could have £3000 saved up.

Have you taken into account insurance ?

As been suggested give finance a try, whether you get offered a decent rate where you pay £150-200 a month I don't know.

MEM62

Child support will not be considered 'income' as the amount can change or payments even stopped at any time.

Just my opinion but, if you only have £500 per month left after your living expenses, you are pushing your finances to run a car - particularly if you have finance repayments on top of tax, insurance, servicing, repairs and fuel bills.

As suggested, save for it. At least of it becomes unaffordable you can offload the car without worrying about owing money on it.

ViolaLass

Could you save up and buy a cheaper car to buy you time?