Loans Without Proof of Income?

pennypincher3562

I am trying to get a loan for a new vehicle (in the region of £15,000.)
My credit score would appear to be relatively good (in the region of 80%,) however I work part time, therefore don't have a big income.

So my question is, is it possible to get a loan for £15,000 based solely on credit score?

Thanks.

Willing2Learn

pennypincher3562 wrote: »

So my question is, is it possible to get a loan for £15,000 based solely on credit score?

Lenders don't see or use your credit score.

Lenders score you against their independent criteria and policies, using the data held in your credit files, added to the data you submit in a credit application, added to the data they may already hold on you as an existing or returning customer.

However, your income, outgoings and affordability is relevant to an application for a loan...

Faith177

pennypincher3562 wrote: »

I am trying to get a loan for a new vehicle (in the region of £15,000.)
My credit score would appear to be relatively good (in the region of 80%,) however I work part time, therefore don't have a big income.

So my question is, is it possible to get a loan for £15,000 based solely on credit score?

Thanks.

No because lenders don’t see your score

boo_star

pennypincher3562 wrote: »

I am trying to get a loan for a new vehicle (in the region of £15,000.)
My credit score would appear to be relatively good (in the region of 80%,) however I work part time, therefore don't have a big income.

So my question is, is it possible to get a loan for £15,000 based solely on credit score?

Thanks.

Hopefully not.

That sounds like an irresponsible lending complaint waiting to happen.

Edit: Almost forgot that since you don't want them checking your income, you're presumably going to be lying about it on the application form which is, well, fraud.

DCFC79

pennypincher3562 wrote: »

I am trying to get a loan for a new vehicle (in the region of £15,000.)
My credit score would appear to be relatively good (in the region of 80%,) however I work part time, therefore don't have a big income.

So my question is, is it possible to get a loan for £15,000 based solely on credit score?

Thanks.

My advice is apply for a loan you can realistically afford and look for a car that you like.

Try some applications and see what rate you get offered.

You mention "no proof of income" so whats that about, do you not have a payslip then ?


Or as CD says go something less costly.


Why £15k, why not £5k ?

CanadianDream

£15K for a car especially on finance is a lot of money.


Why not get an old used car less than £1000 or even £500?

foxy-stoat

Fartianna wrote: »

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Dinosaur_Mathew

Exactly this. Buying an expensive car for 15k just doesn't make sense. Especially when you have to take out a loan to do this. Just buy a cheaper car

ndf9876

@pennypincher3562 I wish you luck with your new vehicle purchase and hope to not see you on the Debt-Free Wannabee board in 6 months when you realise you can't afford the repayments.

Sncjw

How much debt are you in. I see you have recently done a balance transfer on a credit card. That will be added to the potential loan for to see if it’s affordable.

abc.xyz

Why are you worrying about proving proof of income?
If you tell the truth, you have nothing to hide.