All loan applications ask for proof of income?

saxodan

Hi,

Im a full time time student but am working full time over summer, im 19 and have a good credit profile.

Im looking to take on a 3k loan over 3 years to finance a new car.

I approcahed the bank and they said I couldent take the loan unless I had evidence of at least three months pay.

the thing is ive only started to work full time again, I have a regualr income but its not allways a lot, once month could be 1k the next could be 300.

Do all companies online ask for proof of income i.e. a wage slip?

Thinking of applying online with a company, the bank advised me too!!

Thanks
Dan

londonuk2008

From experience , when you apply on line mostly they will not ask for proof of income . Some companies may though if its refered to a underwriter . Becareful not to try too many companies , otherwise it will affect your credit score .
Good luck!

saxodan

londonuk2008 wrote: »

From experience , when you apply on line mostly they will not ask for proof of income . Some companies may though if its refered to a underwriter . Becareful not to try too many companies , otherwise it will affect your credit score .
Good luck!

Thanks!!!

Im aware of the applying to many times, today at the bank they didnt put the request through.

Im thinking of trying this one-

http://www.moneysupermarket.com/loans/loansfurtherdetails.asp?LoansID=89&LoanAmount=3000&term=36&J=0&CC=597.2&DOB=12-Oct-1988&HomeOwner=0&EnquiryId=64443671&PayOffExisting=0&MonthlyAmount=99.92&PPI=0&d=1&SegmentId=1&APR=12.9&APR5=12.9&PerMonth5=99.92&TotalInt5=597.2&TotalRep5=3597.2&APR4=12.9&PerMonth4=99.92&TotalInt4=597.2&TotalRep4=3597.2&APR3=-1&PerMonth3=-1&TotalInt3=-1&TotalRep3=-1&APR2=-1&PerMonth2=-1&TotalInt2=-1&TotalRep2=-1&APR1=-1&PerMonth1=-1&TotalInt1=-1&TotalRep1=-1&IsBankProduct=0

Do you think they will???

Thanks again

Dan

londonuk2008

A+L look as good as any - I bank with these . One thing is don't imput your telephone number etc into moneysupermarket as they pass your details onto loan companies!
Also you could try ZOPA , as they will do a unrecorded loan quote first and tell you if you 'may' qualify. Just another option to look at.

saxodan

londonuk2008 wrote: »

A+L look as good as any - I bank with these . One thing is don't imput your telephone number etc into moneysupermarket as they pass your details onto loan companies!
Also you could try ZOPA , as they will do a unrecorded loan quote first and tell you if you 'may' qualify. Just another option to look at.

Thanks very much!

I think I may have put my number in when doing an advanced search "doh!"

Will apply with them now and see how it goes.

regularsaver1

Whats your monthly budget for loan payment? if i was say £150 a month, how would you live on £150 a month

this is why it needs to be stable regular income

what net monthly income would you put on your loan application then ?

londonuk2008

I put my number in also - hence I had those annoying calls afterwards!
let us know how you get on.

dannynixon

regularsaver1 wrote: »

Whats your monthly budget for loan payment? if i was say £150 a month, how would you live on £150 a month

this is why it needs to be stable regular income

what net monthly income would you put on your loan application then ?

Also do not forget car insurance. You are a 19 year old male, your insurance will be stupidly expensive (I know, Im only 21)

Just think if you only clear 300 one month, minus your loan repayment, minues your car insurance.....

See what we're getting at?

Also, taking a loan over 3 years for the car means you would have to keep it for the three years at least


Also again (sorry, lol)

What about money for car maintenance? What happens if it lands on a £300 month and your head gasket goes or something else. How will you pay for this?

Can you not find any other way of making a stable income?

saxodan

dannynixon wrote: »

Also do not forget car insurance. You are a 19 year old male, your insurance will be stupidly expensive (I know, Im only 21)

Just think if you only clear 300 one month, minus your loan repayment, minues your car insurance.....

See what we're getting at?

Also, taking a loan over 3 years for the car means you would have to keep it for the three years at least


Also again (sorry, lol)

What about money for car maintenance? What happens if it lands on a £300 month and your head gasket goes or something else. How will you pay for this?

Can you not find any other way of making a stable income?

Thanks for the concern!

Car insurance will be paid in full fully comp, that is sorted. I have a good amount in savings sat in an ISA for repairs etc.

I also get a student loan in september witch will be considrably more than last year due to reaasesment. Also my rent is cheaper this year by £30 a week.

This was well thought out!

But I know where your coming from :cool:

Kavanne

How are you making the repayments during term time? Remember you have rent, food, going out, books... all to pay for as well. will you be working a lot during term time too?

londonuk2008

saxodan wrote: »

Hi,

Im a full time time student but am working full time over summer, im 19 and have a good credit profile.

Im looking to take on a 3k loan over 3 years to finance a new car.

I approcahed the bank and they said I couldent take the loan unless I had evidence of at least three months pay.

the thing is ive only started to work full time again, I have a regualr income but its not allways a lot, once month could be 1k the next could be 300.

Do all companies online ask for proof of income i.e. a wage slip?

Thinking of applying online with a company, the bank advised me too!!

Thanks
Dan

How did you get on?