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  • FIRST POST
    • MoneyMan2017
    • By MoneyMan2017 12th Jul 17, 12:04 PM
    • 2Posts
    • 0Thanks
    MoneyMan2017
    Car Loan
    • #1
    • 12th Jul 17, 12:04 PM
    Car Loan 12th Jul 17 at 12:04 PM
    Hi guys,

    This is my first post here and would really appreciate some guidance.

    I am purchasing my car at the end of the PCP agreement that i have had for 2 years, but i currently do not have the cash to pay the 'Balloon Payment'. Therefore i have kindly borrowed money from a relative to cover the cost of this. Now, i have just graduated from university and do not start work for around a month's time, how long must i be in employment in order to apply and get accepted for a good interest rate bank loan ?

    Cheers guys !
Page 1
    • zx81
    • By zx81 12th Jul 17, 12:07 PM
    • 16,792 Posts
    • 17,805 Thanks
    zx81
    • #2
    • 12th Jul 17, 12:07 PM
    • #2
    • 12th Jul 17, 12:07 PM
    Several months and even that's no guarantee of any rate, let alone a decent one. For the best rates, you could be looking a few years down the line.

    Lenders will look for a solid credit history, an income, employment stability and so on.

    Try an eligibility check in a few months, but keep your expectations modest.
    • MoneyMan2017
    • By MoneyMan2017 12th Jul 17, 12:10 PM
    • 2 Posts
    • 0 Thanks
    MoneyMan2017
    • #3
    • 12th Jul 17, 12:10 PM
    • #3
    • 12th Jul 17, 12:10 PM
    Thanks for your response !

    My credit history is good though since i've had credit cards and paid them off always on time, and a substantial PCP agreement being paid every month for the last two years. When you say a few months, what do you mean by that ?
    • zx81
    • By zx81 12th Jul 17, 12:11 PM
    • 16,792 Posts
    • 17,805 Thanks
    zx81
    • #4
    • 12th Jul 17, 12:11 PM
    • #4
    • 12th Jul 17, 12:11 PM
    A few months. More than a couple. Less than a couple of years.

    There's no hard and fast rule as every lender has different criteria.
    • MataNui
    • By MataNui 13th Jul 17, 8:15 AM
    • 947 Posts
    • 519 Thanks
    MataNui
    • #5
    • 13th Jul 17, 8:15 AM
    • #5
    • 13th Jul 17, 8:15 AM
    From remembering back in the days when you would actually talks to a person about a loan..
    Less than 6 months in a particular job is very bad, over 2 years is good, between is ok.

    It still seems like thats a reasonable guide.
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