£150k income but struggle for finance

[Deleted User]

You need to check all three of your credit files, but ignore the comedy scores they provide. They're the financial equivalent of horoscopes, but slightly less accurate.

See what's showing, then report back.

Keith99

Mitchiet123 wrote: »

Thanks for the tips everyone. I will investigate. Will look at the HP secured on the car- Not sure what that is (just dealer finance I presume? )Usually looks more expensive interest wise which doesn't appeal.

It shoudnt be this hard to get a small loan!

Is a £30k loan small?

worried_jim

Keith99 wrote: »

Is a £30k loan small?

On £150k a year, peanuts.

redux

Keith99 wrote: »

Is a £30k loan small?

Well, most personal loans.seem to advertise the best interest rates in the range £7500 to £15,000, so that looks on the high side.

Even on that income I couldn't make myself buy a car that will depreciate by £10,000 a year, but if the OP insists, why not work towards it in a few months time, rather than right away. Spend £15 or £20,000 on a car now that will be a decent trade-in when the time comes, and save up the rest.

gycraig_2

If he earns 150k a year I doubt he really needs financial advice regarding buying a cheaper car now and saving for the one he wants lol

dealer_wins

Dunno about a credit check, more like a reality check lol!!!

parking_question_chap

gycraig wrote: »

If he earns 150k a year I doubt he really needs financial advice regarding buying a cheaper car now and saving for the one he wants lol

Dont make the assumption that just because people earn lots it means they are financially savvy. This isnt always the case.

John_G_Jones

Mitchiet123 wrote: »

Hi all,

Just wondering if anyone knows why I struggle to get finance? I make £150k a year, total Bills are under £1k a month
I am 24 though so dont know whether that makes any difference.

I was turned down for an £11k loan last year, and I've just had a referred application for a £30k personal loan. My car lease a couple of years ago was referred and I had to battle it out with underwriters to get it approved (under £300 a month)...

Does anyone have any tips on how to get approved easier?

I don’t but back when I was your age and on similar money I just paid for things that I wanted out of my wages, can you not do the same? What are you so impatient for that you need to borrow money?

It’s possible that you have too sparse a history. So lenders can’t see evidence of you having a history of making payments.

Sea_Shell

How secure is your £150k pa job? How long have you worked there? Are you an employee? Could it all be gone with a months notice?

If it were me, I'd stop investing my spare cash, save up for 6 months, then buy the car. (Whether that's for an M5 or a Micra)

DCFC79

Mitchiet123 wrote: »

I invest a fair bit, Therefore I dont have £40k lying around to spend on a car (and if I did it would go to better use earning me interest in Investments or buy to lets). Want to finance an M5 by putting £10k down and using £30k personal loan as I realise a £40k personal loan is not typical and probably hard to get.

Is there something I'm missing RE credit scores and lenders criteria?

Well no 1 else can see the score, lenders see your history, only you can see your history.

Be more realistic with what you can have, much cheaper cars around, maybe might not give you image you would like but still an option.