Car Loan

MoneyMan2017

Hi guys,

This is my first post here and would really appreciate some guidance.

I am purchasing my car at the end of the PCP agreement that i have had for 2 years, but i currently do not have the cash to pay the 'Balloon Payment'. Therefore i have kindly borrowed money from a relative to cover the cost of this. Now, i have just graduated from university and do not start work for around a month's time, how long must i be in employment in order to apply and get accepted for a good interest rate bank loan ?

Cheers guys !

[Deleted User]

Several months and even that's no guarantee of any rate, let alone a decent one. For the best rates, you could be looking a few years down the line.

Lenders will look for a solid credit history, an income, employment stability and so on.

Try an eligibility check in a few months, but keep your expectations modest.

MoneyMan2017

Thanks for your response !

My credit history is good though since i've had credit cards and paid them off always on time, and a substantial PCP agreement being paid every month for the last two years. When you say a few months, what do you mean by that ?

[Deleted User]

A few months. More than a couple. Less than a couple of years.

There's no hard and fast rule as every lender has different criteria.

MataNui

From remembering back in the days when you would actually talks to a person about a loan..
Less than 6 months in a particular job is very bad, over 2 years is good, between is ok.

It still seems like thats a reasonable guide.