[Finance] Financial help needed - small car loan.

[seagullsslimjim]

money saving expert all the way - shows what % chance of being approved and then a 'soft search' so that no credit footprint is left

Hitachi credit currently offer at 3.4% , Natwest on a small loan circa 15%

 

[RandyWanger]

Would that it were so simple.

More help needed.

I've just been twice turned down for £1,750 money transfer cards.

I've just done an Experian Credit Score and have returned:-

989 out of 999 - "Hi Stat. Well done, your score is Excellent".

What the fudge is going on?



And yes the irony of sounding like more like BG every day isn't lost on me.

If you've just been turned down twice, your score will reflect this. I use an app called clearscore, it's free and has offers for customers and you can filter for pre approved. That way you'll know you won't get turned down. Some card companies also offer this service themselves if you shop about, it's nice to know before applying.

 

[Horton's halftime iceberg]

Do you have other forms of credit card? Mortgage?

Also I'd avoid applying for anything else as you'll start to look desperate for credit which again works against you.

Might be worth asking one of them why they rejected you and mentioning your Experian score

You are probably seen as too reliable with money, so will not miss payments etc, so they will not make any money off you.

You may have to look at the 0% CC instead, if your credit rating is good you should be offered one for purchases over 28 plus months. Just check no fees involved.

And if you pay it back and then close the account, should keep your credit rating high.

Seen above, yes some card companies do the application without it showing on your credit score as well.

 

[Stat Brother]

Have you taken out any other loans or applied for credit recently any other way? New contract mobile phone or changed insurance etc? New supplier direct debit setup ?

If you have then that might have an effect even if your credit score is as good as it is. We have just remortgaged and were advised not to take out any new suppliers or contracts who would perform a credit check as it would look a bit dodgy credit score wise

Thanks for all the instant advice.



I'm kind of at a loss here, esp as it's so far removed from my comfort zone.

I've just been bumbling along as always.
Nothing has changed financially, mortgage, direct debits etc.
I have 1 credit card, which has about £4k 'spare' on it.

In being turned down they suggested I go to Experian.
Naturally I expected Experian to just laugh in my face not score me 10 points below maximum as say 'Well done your score is excellent'.

Hence the confusion.

 

[Live by the sea]

I agree spending less than £3,500 on a 2nd hand car and u are taking a lot of risks. Anything half decent with full service history and well looked after not ridiculously high mileage and not too old will cost you that. Even a 5 or 6 year old mini or Ford Focus.

 

[Beach Hut]

Would that it were so simple.

More help needed.

I've just been twice turned down for £1,750 money transfer cards.

I've just done an Experian Credit Score and have returned:-

989 out of 999 - "Hi Stat. Well done, your score is Excellent".

What the fudge is going on?



And yes the irony of sounding like more like BG every day isn't lost on me.

Face facts, the bailiffs will be around tonight

 

[surrey jim]

If buying a car put at least £100 on a credit card. As long as the car being purchased is under £30,000 you will get a joint and severable liability with the CC company. In short if the garage sell you a shed on wheels and refuse to refund you can claim back through CC company. Google "Section 75 of the Consumer Credit Act"

 

[seagullsslimjim]

trust you did the soft search through Money Saving expert or you will now have two searches against your name that can impact from hereon in?

 

[Stat Brother]

If buying a car put at least £100 on a credit card. As long as the car being purchased is under £30,000 you will get a joint and severable liability with the CC company. In short if the garage sell you a shed on wheels and refuse to refund you can claim back through CC company. Google "Section 75 of the Consumer Credit Act"

But I will have a mobile shed - now I'm interested!!

trust you did the soft search through Money Saving expert or you will now have two searches against your name that can impact from hereon in?

Yeah I followed the advise on here.
Although hindsight suggests I was stupid (nothing new there).

The first one turned me down and I thought 'that's odd, oh well I'll just move onto the next pre approved lender'.

Silly silly boy.




It wouldn't be so bad if I was off to Vegas or something. (Granted I've not said I'm not going)
Those of you pooh-poohing a car costing around £2k clearly don't currently drive a car worth £2.
The petrol saving alone will cover the cost of the loan.

 

[schmunk]

But I will have a mobile shed - now I'm interested!!