Car Loan Warehouse

StopIt

Bluepeter14 wrote: »

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 ??

They're a broker, so they "accept" anyone. It doesn't mean you'll get a loan, or at an APR that isn't awful.


I'd be checking the MSE loan calculator on this site, speaking with whoever you bank with too. If you're already in £10k of debt, adding another 5k+ may push some lenders to fail you on both affordability and income to debt ratios (Again, these aren't exact sciences as every lender has different criteria). The only thing you can do is use the soft searches like the MSE checker, or save up some money so you have to borrow less.

Bluepeter14

DCFC79 wrote: »

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.

No negatives....one refusal by Sainsbury's (I'm guessing this will show on my footprint?)
Applied for and got 2 CC in November to 0% balance transfer!!!

StopIt

Bluepeter14 wrote: »

No negatives....one refusal by Sainsbury's (I'm guessing this will show on my footprint?)
Applied for and got 2 CC in November to 0% balance transfer!!!

The outcomes of credit checks are not shown on your file, only the searches themselves.

Bluepeter14

StopIt wrote: »

They're a broker, so they "accept" anyone. It doesn't mean you'll get a loan, or at an APR that isn't awful.


I'd be checking the MSE loan calculator on this site, speaking with whoever you bank with too. If you're already in £10k of debt, adding another 5k+ may push some lenders to fail you on both affordability and income to debt ratios (Again, these aren't exact sciences as every lender has different criteria). The only thing you can do is use the soft searches like the MSE checker, or save up some money so you have to borrow less.

I've been on the MSE credit club dashboard, affordability is good.....Hit rate is 25%......
Is there anything else I should be looking at??

iolanthe07

Don't want to sound too negative, but I would be nervous at the thought of £15,500 of unsecured credit on a salary of only £25K. That is more than 50% and maybe why you were turned down.