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Am I likely to get a Car Loan?
I am a 30 year old who has just passed my driving test (yes I know), and I would like to get a relatively cheap car on finance. Do you think this is possible? As recently as January I wouldn't have been concerned, but I have discovered that I brought a number of black marks against myself since then which could cause problems:
Good Points:
Experian rating 970
I have no debt
Been in my current job more than 3 years
Been on the electoral roll at my current flat for just under 3 years.
No CCJs, defaults or anything like that and utility and phone balances are zero.
All my bank and credit card accounts are over 4 years old (bank account is 13 years old). I have an agreed overdraft of £1800 and £2000 available on credit cards, all currently with zero balances. (I do try to use at least one credit card a month and pay it off straight away)
Bad Points
30 day missed payment in January (I paid off the wrong credit card and noticed 2 days too late). This is my only recent missed payment (I have one other 30 day missed payment 5 years ago)
3 hard credit checks in the last 6 months (my flatmate moved out in December and I put the electricity and internet in my name - BT and Eon both credit checked me). I also got a new mobile phone contract in March. All of these credit checks were successful (if that matters).
My salary is £21,500 and I would be looking to get a £3,000 car on 36 month finance with a £500 deposit (so £2,500 loan). I have about £1200 in savings and am hoping to use that on the insurance and deposit.
Would I be much better to wait a few months, or do you think I could get a half decent loan at this point (i,e, less than 30% APR)? I have never asked anyone for a loan before, so don't want to risk it unless I know I am likely to be successful (I know there are no guarantees).
Good Points:
Experian rating 970
I have no debt
Been in my current job more than 3 years
Been on the electoral roll at my current flat for just under 3 years.
No CCJs, defaults or anything like that and utility and phone balances are zero.
All my bank and credit card accounts are over 4 years old (bank account is 13 years old). I have an agreed overdraft of £1800 and £2000 available on credit cards, all currently with zero balances. (I do try to use at least one credit card a month and pay it off straight away)
Bad Points
30 day missed payment in January (I paid off the wrong credit card and noticed 2 days too late). This is my only recent missed payment (I have one other 30 day missed payment 5 years ago)
3 hard credit checks in the last 6 months (my flatmate moved out in December and I put the electricity and internet in my name - BT and Eon both credit checked me). I also got a new mobile phone contract in March. All of these credit checks were successful (if that matters).
My salary is £21,500 and I would be looking to get a £3,000 car on 36 month finance with a £500 deposit (so £2,500 loan). I have about £1200 in savings and am hoping to use that on the insurance and deposit.
Would I be much better to wait a few months, or do you think I could get a half decent loan at this point (i,e, less than 30% APR)? I have never asked anyone for a loan before, so don't want to risk it unless I know I am likely to be successful (I know there are no guarantees).
0
Comments
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I don't think you will find it too difficult to get a loan for £3k but probably you won't get the lowest rate.
Ask you bank where your salary goes into to see what they offer.0 -
I also wouldn't worry that you passed your driving test at 30. No need to conform to what society thinks you should do.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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