bank denied loan for unknown reason help needed

sourcrates

Why not cut out the loan altogether and just pay the insurance monthly ?

[Deleted User]

Use your savings and then simply rebuild with what you were going to pay to the loan.

That way, you save even more for your house.

BoGoF

sourcrates wrote: »

Why not cut out the loan altogether and just pay the insurance monthly ?

He has already said the insurance company don't accept instalments (specialist insurance)

thyfartismurder

sourcrates wrote: »

Why not cut out the loan altogether and just pay the insurance monthly ?

I have a found a better deal with a specialist insurer who doesnt do monthly.
interest rates for pay monthly insurance are very high, sometime over 10% higher then stand loan rates so i did this as a way too save money (this is " moneysaving expert'" isnt it?)

BoGoF

Deleted_User wrote: »

Use your savings and then simply rebuild with what you were going to pay to the loan.

That way, you save even more for your house.

Agree with this, it's bonkers paying interest on a loan whilst 'saving' money.

stu2500

How much does the car cost you a month? Do you mind me asking what make/model it is?

thyfartismurder

stu2500 wrote: »

How much does the car cost you a month? Do you mind me asking what make/model it is?

its an old nissan,
i spend about £80 a month on fuel and £22 on tax, I was paying £205 a month last year to pay off the insurance and no the car isnt going anywhere

Clive_Woody

thyfartismurder wrote: »

yes if idve known this was going to be an issue i wouldve paid off my previous loan months ago to make sure my credit history was clean but i thought with all the " do you know youre eligible to borrow more" emails they keep sending me i'd be fine

I assume you have shopped around for insurance following the MSE guide to find the best quote?

Out of curiosity, what do you drive?

Sea_Shell

As others have suggested...raid your savings for the insurance, and then repay yourself monthly £££ (as you would have if the loan was successful), so by the end of the year, your savings are reinstated. The APR on any loan will be more than your savings rate, so saving you money overall.

Unless you're not disciplined enough to pay yourself in the same way as committing to a loan!!!! Only you know that!!!

thyfartismurder

Clive_Woody wrote: »

I assume you have shopped around for insurance following the MSE guide to find the best quote?

Out of curiosity, what do you drive?

Yes I spent hours searching and on the phone with insurers.
I rang up my orignal provider who agreed to price match but there cover was nowhere near as good,
its so expensive because Im only 21, the car is RWD, its slightly modified and its my only car so I cannot get onto most specialist insurers as they require you to commute in a different car.

its a very clean example of a car of a car where even in their usual rusty and neglected forms are rising in price rapidly, which is why i am getting specialist insurance that understand that rather then the "market value" from an insurer that didnt even know what the car was


its a 1998 nissan 180sx if youre interested..
and yes i know its not a sensible thing to spend my money on, but I dont have any other vices I could afford to save up for it and buy in cash and I took the chance to own one of my dream cars before the prices rose and i missed out.