Struggling to get a loan at a good rate

Sncjw

Here's a novel idea.

Why not apply for the loan fully.

If you were that desperate for a loan you would have applied by now.

Maybe because you took out a 15k loan two years ago then you want this large amount is rasing alarm bells.

You won't know fully until you apply for tbe loan fully. 

[Deleted User]

Sncjw said:

Here's a novel idea.

Why not apply for the loan fully.

If you were that desperate for a loan you would have applied by now.

Maybe because you took out a 15k loan two years ago then you want this large amount is rasing alarm bells.

You won't know fully until you apply for tbe loan fully. 

Thats fair enough if they the 15k car loan is raising alarms, it is now 12.5k outsanding

and a lender
told me generally this is ok because other lenders can see that it is going down consistently each month (ive made 16 consecutive payments this far)

but i made a full application today after seeing 95 per cent eligibility on a loan and i got rejected

so now i have a hard search recorded.

so yeah im desperate and here i am trying absolute best in life to get this loan

getmore4less

£15k over such a  long term with a low payment
(£2.5k over 16m is £160)

Might not be helping hints at not being able to afford more.

kimwp

Adams18 said:

BrassicWoman said:

When you apply for a loan, you need to give a reason.

Different reasons have different risk profiles.

That's why it is relevant; if you are not honest about the reason, then it's a fraudulent application.

You can't get reliable advice on half of a story. 

And I gave a reason, and according to the lender that is a valid reason. They only give you a preselected list of reason to choose from, they don't give you a text box to write your entire life story.

I have applied for loans before and got a loan before for my car, not my first rodeo.

I got 15K loan at 2.9% over a year ago.

You wrote about being a two week to update a cv person as an example of someone who likes to properly prepare, yet you (as previously discussed) didn't state background that would help derive the best solutions, didn't state in your opening post that you were trying to understand how to put yourself in the best position for a loan (page 9ish?) and only now mention this existing loan which is very pertinent to the question. It may be worth pondering the difference between quality and quantity. 

Sncjw

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

Batesy1976

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

They have average household expense figures that they use.  Rent/mortgage payments will be included in that.

[Deleted User]

kimwp said:

Adams18 said:

BrassicWoman said:

When you apply for a loan, you need to give a reason.

Different reasons have different risk profiles.

That's why it is relevant; if you are not honest about the reason, then it's a fraudulent application.

You can't get reliable advice on half of a story. 

And I gave a reason, and according to the lender that is a valid reason. They only give you a preselected list of reason to choose from, they don't give you a text box to write your entire life story.

I have applied for loans before and got a loan before for my car, not my first rodeo.

I got 15K loan at 2.9% over a year ago.

You wrote about being a two week to update a cv person as an example of someone who likes to properly prepare, yet you (as previously discussed) didn't state background that would help derive the best solutions, didn't state in your opening post that you were trying to understand how to put yourself in the best position for a loan (page 9ish?) and only now mention this existing loan which is very pertinent to the question. It may be worth pondering the difference between quality and quantity. 

But i did mention it earlier?

i mentioner exactly how much is currently outstanding on the loan right now

and how much is on my credit card

[Deleted User]

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

But thats the thing i dont understand where everyone gets this equation from in comparing outstanding debt to annual income rather than the industry used equation which is monthly income versus monthly expenditure which is a better indicator of affordability

i pay zero rent/mortgage dont have a mortgae in my name.

2k disposable income a month net after 380 current expenditure on debt payments 

now asking for a loan that would cost 330 to 450 a month extra expenditure 

out of that 2000 disposable income a month 

Been in job for 2 years and 8 months

MrFrugalFever

Adams18 said:

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

But thats the thing i dont understand where everyone gets this equation from in comparing outstanding debt to annual income rather than the industry used equation which is monthly income versus monthly expenditure which is a better indicator of affordability

i pay zero rent/mortgage dont have a mortgae in my name.

2k disposable income a month net after 380 current expenditure on debt payments 

now asking for a loan that would cost 330 to 450 a month extra expenditure 

out of that 2000 disposable income a month 

Been in job for 2 years and 8 months

Something doesn’t quite add up here, you said in your OP you have salary of £70k+, now you’re saying you have no rent/mortgage and only service debts to the tune of £380 leaving £2,000 disposable income....where’s the rest of disposable income?

[Deleted User]

MrFrugalFever said:

Adams18 said:

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

Sncjw said:

So they will be assessing you with at least 37k of debt so just over half your wages.

They do factor in household costs
 I can't remmever if you have a mortgage alsp they will factor the monthly payments for that too. 

But thats the thing i dont understand where everyone gets this equation from in comparing outstanding debt to annual income rather than the industry used equation which is monthly income versus monthly expenditure which is a better indicator of affordability

i pay zero rent/mortgage dont have a mortgae in my name.

2k disposable income a month net after 380 current expenditure on debt payments 

now asking for a loan that would cost 330 to 450 a month extra expenditure 

out of that 2000 disposable income a month 

Been in job for 2 years and 8 months

Something doesn’t quite add up here, you said in your OP you have salary of £70k+, now you’re saying you have no rent/mortgage and only service debts to the tune of £380 leaving £2,000 disposable income....where’s the rest of disposable income?

Student loan is 350 and the rest are household bills/ food, car insurance, fuel, mobile phone etc