Car Loan Warehouse

Bluepeter14

Been looking to get a carloan (got a fair credit rating) and wondered if anyone has used these and what your experience was?
Thanks

TadleyBaggie

Bluepeter14 wrote: »

Been looking to get a carloan (got a fair credit rating) and wondered if anyone has used these and what your experience was?
Thanks

They are just a broker:

At The Car Loan Warehouse, we’re a specialist finance broker...

So expect to have to pay an upfront fee and the possibility of no loan at the end of it.

DCFC79

Bluepeter14 wrote: »

Been looking to get a carloan (got a fair credit rating) and wondered if anyone has used these and what your experience was?
Thanks

Yep your fair credit rating will get you a real good apr.

Your credit rating has no bearing on loans, your credit history is what matters.

Why are you considering these guys for the loan ?

Have you tried the traditional lenders ? Have they rejected you hence the Car Loan Warehouse ?

Bluepeter14

Applied for a Sainsbury's personal loan as they came up with an 80% chance acceptance on my MSE dashboard and got declined!!!! No reason given!!!

foxy-stoat

Bluepeter14 wrote: »

Applied for a Sainsbury's personal loan as they came up with an 80% chance acceptance on my MSE dashboard and got declined!!!! No reason given!!!

They don't need to give one.


Try to print off your credit history, don't pay for it, Noddle give you your file for free, and a meaningless number.


Look to see if there are any defaults or stuff like that, could be the amount you applied for and your salary.


Can you make do with saving for a cheaper car?

Bluepeter14

Don't really want to try anymore as it'll affect my credit rating.
Credit history has been ok, no CCJ's or anything like that...just checked my credit dashboard on here, says I have 7 credit accounts!!! Is that high?? There's a couple CCards but the others are mobile phone etc....
Don't understand why I got rejected?
Puts you off applying anywhere else legit and pushes you in the direction of high apr%...

Bluepeter14

Salarys £25000+ Took out 2 CCards recently to balance transfer onto 0% to save money, no missed payments, nothing? Have lived in my 3rd property in 3 years though?? Does that affect ??

DCFC79

Bluepeter14 wrote: »

Don't really want to try anymore as it'll affect my credit rating.
Credit history has been ok, no CCJ's or anything like that...just checked my credit dashboard on here, says I have 7 credit accounts!!! Is that high?? There's a couple CCards but the others are mobile phone etc....
Don't understand why I got rejected?
Puts you off applying anywhere else legit and pushes you in the direction of high apr%...

Any negatives ?

Yes your credit rating may be affected but as I say only you get to see it.

When you apply for finance a footprint is left on your credit history, too many searches can put lenders off.

bearcat16

I would definitely try another mainstream lender before resorting to brokers.

Tesco, for example, are known to be very good.

StopIt

Bluepeter14 wrote: »

Salarys £25000+ Took out 2 CCards recently to balance transfer onto 0% to save money, no missed payments, nothing? Have lived in my 3rd property in 3 years though?? Does that affect ??

What is the value of the loan you're looking for? How much debt are you already in?


It may be a number of things. The checks at Sainsbury's may have calculated that your total debt was too high for their criteria, your calculated (So, maybe not correct!) affordability wasn't high enough or maybe they just didn't like you today. They don't need to give you a reason.


You may need to dial down the loan amount and change your car plans, or accept a much higher APR to reflect the higher risk the lenders see themselves as facing. I'd not be skipping from one rejection to a broker like this though. Have you spoken to your bank?

Bluepeter14

StopIt wrote: »

What is the value of the loan you're looking for? How much debt are you already in?


It may be a number of things. The checks at Sainsbury's may have calculated that your total debt was too high for their criteria, your calculated (So, maybe not correct!) affordability wasn't high enough or maybe they just didn't like you today. They don't need to give you a reason.


You may need to dial down the loan amount and change your car plans, or accept a much higher APR to reflect the higher risk the lenders see themselves as facing. I'd not be skipping from one rejection to a broker like this though. Have you spoken to your bank?

Looking for £5500.00 carloan
Amount of credit on CC is £10,000
Have been accepted by carloan warehouse but not spoke with them yet!!
Any recommendations which mainstream loanee I'd be better trying ??