student wanting a personal loan

chis_2008

im needing a personal loan to buy a car to get to university. bank had refused me because i do not earn enough through part time job. was wanting to borrow £3000 over 3 yrs. where would the best place to get the loan. any help would be appreciated thanks.

cupid_s

Why do you need a car to get to uni?

chis_2008

i live at home uni is a bout 20 miles away and still cost a quite a bit even with a bus pass.

dmg24

How do you intend to repay the loan?

Even with a decent APR you are looking at repayments of £100 a month, plus the cost of petrol, tax, insurance, maintenance etc.

I doubt the bus would cost that much?

Oldernotwiser

I agree with the above about whether or not you need (as opposed to want) a car. If you really feel that you must have one, do you really need to spend this much? £3,000 buys quite a decent car (often with expensive insurance to go with it) whereas you don't need anything more than a banger. Be more realistic about what you can afford.

Riq

My first car after GRADUATING from uni was only worth £300 and I was earning. Why would you need a £3,000 car?

Get something cheaper and you may have a chance of getting the loan.

cupid_s

chis_2008 wrote: »

i live at home uni is a bout 20 miles away and still cost a quite a bit even with a bus pass.

I thought this might be the case. If you're living at home, do you still have rent costs? Because if not could you take the loan out and use that. The interest would certainly be lower than any other loan.

Something to consider though, and without knowing the uni you go to I can only base it on those that I have attended. Car parking spaces for students don't exist! At my current uni there is a 2 and a half year waiting list for staff! And parking elsewhere nearby in a normal car park costs about £7 a day (probably quite a bit more than the bus). And with insurance, which will possibly be extortionate if you are young, as well as petrol, tax, mot and repairs it is probably not worth it.

I would find out if you're eligible for a parking space there before proceeding with anything (and remember that even if you're lucky enough to be allocated one usually they are not free) and work out how much the car will cost you, including everything, compared to the bus.

chis_2008

i have already run a car for 2 yrs through uni however the car i had has just died:sad:
parking is free as i also work a short walk from the uni (*a good perk of the job)
already get the student loan. looking for a reliable bank that could deal with my cirumstances and the repayments are within my means as i was payin £85 per month for insurance so an extra £20 wont be too much more. and the car stops me goin out as much so saving me money lol

cupid_s

I'm not really sure that any one bank will be more sympathetic than another in terms of a student taking out a loan for £3000. However HSBC did give us a mortgage when I was a student and they seemed to be quite nice about things like that.

Maybe a combination of things, such as saving the insurance money in the meantime, looking for a cheaper car, and asking to extend your student overdraft might collectively get you enough cash for a car.

chis_2008

that would be a plan but ive just paid off the last monts insurance now the policy is fully poid. my bank nat west told me that i did not earn enough to qualify for a loan but they told me that not all lenders have this policy or sometimes it is lower and i may qualify. just going to have to shop around
cheers for all help thanks

nephilim

natwest are lying to you, all banks have a policy on earning. If you want to get a loan of £3000, you need to earn £5'500 a year for the bank to consider you. (my gf works in a bank and she is giving me the info).

My advice to you is to save up as much as you can, and buy a MONTHLY bus pass, much cheaper than a weekly. As for having the car, do you use it solely for university? if so, is there someone in your house who drives near it that you could get a lift with on there way to work etc?

just some options you may consider.