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Thread: Finance

  1. #1

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    Finance

    Already posted on C forums, But recently ive been trying to get finance for a D.

    I have a well paid full time job, a bank loan that i've never missed a payment on, and yeah im 19.

    Basically even with a garuntor i've still been refused...

    Tryed arnold clark for a 1.2 9k d.. refused after they tryed alot of places.

    2 months later and im now 19 tryed yesterday for a red 1.4 Sxi with 17"s and styling pack, works out at 10k, 59 plate.

    If this falls through, whats your ideas? How did you manage to get finance at around my age?

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  3. #2
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    wierd :S i had finance @ 18 .. without a guarentor

  4. #3

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    Could be because you've all ready got a bank loan.

  5. #4

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    Quote Originally Posted by DannySXI View Post
    wierd :S i had finance @ 18 .. without a guarentor

    Did you have any other credit at all? Plus with the credit crunch jazz =/ think they will be more cautious.

  6. #5

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    Quote Originally Posted by Andy View Post
    Could be because you've all ready got a bank loan.

    Could be but the trade in of my car is paying off my bank loan.

  7. #6

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    Actually it's harder to get finance if you DON'T have a loan, basically it could be that you don't have a credit history as yet, my credit history is bloody awful but I still got finance from GMAC on my D n that's even though my bank won't give me a loan at all.

    Problem now is because you've been refused by several companies you're screwed as it all goes against you, easiest way to get a good credit history is by having things like a mobile contract.

    As for using your old car to pay off your loan, bad idea, settling early is another bad thing to do, not as bad as defaulting but it's nowhere near as good paying it off in the time you agreed to.

    If it fails again don't do it again, go to your bank and see what you can do with them, may actually be cheaper but then there's no guarantee.

  8. #7

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    Quote Originally Posted by Rosslol View Post
    Could be but the trade in of my car is paying off my bank loan.
    Your trade in would go to the new car not a bank loan, If you're owe the bank say £10k and the cars £10k thats 20k in debt, so what ever you earn over the year might not be enough to cover your repayments on both, they do credit checks thats how they decide, keep trying though you might get lucky with xmas coming up there wont be alot of cars sold for the next couple of months.

  9. #8

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    You need to bear in mind mate that every time you are credit searched, your credit score goes down, this can have negative effects on gaining finance within 3 months of getting the search done.

    Go to www.experian.co.uk and http://www.equifax.com/home/en_uk to view your reports.

    I checked mines and I managed to get a lot removed from mines as some companies just seem to randomly search you.

  10. #9
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    because you keep trying your making it worse ..

    everytime your rejected it gets worse .. dont keep trying

  11. #10

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    Quote Originally Posted by Andy View Post
    Your trade in would go to the new car not a bank loan, If you're owe the bank say £10k and the cars £10k thats 20k in debt, so what ever you earn over the year might not be enough to cover your repayments on both, they do credit checks thats how they decide, keep trying though you might get lucky with xmas coming up there wont be alot of cars sold for the next couple of months.

    My loan was 4k i have 3k left on it to pay, They are giving me 3k trade in for my car and handing me it over in cash, hence why its paying off my loan, and i'd only be 10k in debt instead of 14k, And yeah the salesman said same thing xmas alot of cars won be selling etc etc.

  12. #11

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    Quote Originally Posted by DannySXI View Post
    because you keep trying your making it worse ..

    everytime your rejected it gets worse .. dont keep trying
    Spot on.

  13. #12

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    im 19 i got fiance i have a gaurtentour tho try Wilso & co there alright messed me about for abit tho

  14. #13

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    it might be worth trying another guarantor, im 17 and ive got my d on finance, also try a big deposit, my car was 16,500 or there abouts and with a guarantor and a 4,000 pound deposit i got 0% finace first time?

    also got a contract phone with guarantor, witch apparently helps credit rating.

  15. #14

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    [quote=l3lade;293884]my car was 16,500 or there abouts and with a guarantor and a 4,000 pound deposit i got 0% finace quote]

    how much????????????????????????

  16. #15

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    17 with finance? isnt it 18 if im right?

  17. #16

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    It also helps, a positive credit rating can be gained by having a Credit Card i.e. Mastercard etc, use it once then clear it off, not even anything major expensive is still a positive credit rating in that you will clear your owed debt and thus your credit rating will constantly improve

  18. #17

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    Quote Originally Posted by PAVETT1990 View Post
    17 with finance? isnt it 18 if im right?
    Yeah it's 18 mate.

  19. #18

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    [quote=Carlos;293991]
    Quote Originally Posted by l3lade View Post
    my car was 16,500 or there abouts and with a guarantor and a 4,000 pound deposit i got 0% finace quote]

    how much????????????????????????

    maby it was less lol? i wasnt to bothered about the end price just the car and monthly payments, it is 318 a month for 3 years so thats 11448 + 1500 trade in + 2700 cash, so yeah 15,648 :woops: but i wanted the leather seats and the trip computer with cruise controll and 17" wheels and 1.7cdti and he was being very tight when it came to discount! i kept asking for the vxr kit aswell but he wasnt having it "its not on the list for the design"

    i know its 18 for finace on your own but i had my dad as a garantor

  20. #19

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    mate im 19 have a small over draft i use it pay it off fully each month, have direct debits outa my account and they wouldnt let me have it.. ive got my mum to get the finance out in her name with all the direct debit payments comming out of my account, £8400 i think £198.40 a month!

  21. #20

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    Yeah my mum and dad would happily get me it, If they could=p They had alot of bother, dad got paid off 5 or so years back so they had to get up to their eyes in debt to keep the house, now they cant get credit due to it=p I mean they're guna try if i get knocked back again, but thats probably my last option =/ I have a bankloan, overdraft, alot of direct debits and 2k coming into my bank each month.. I still fail to see why i wont get it=p?

  22. #21

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    Check out your credit report mate... I seriously would, might be able to help ya.

  23. #22

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    Quote Originally Posted by Tam View Post
    Check out your credit report mate... I seriously would, might be able to help ya.

    I checked it and its not that good due to the amount ive tryed, but i dont see how it will help me get the finance =/

  24. #23

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    It won't. It will tell you if you will be damaging your credit by trying again and it looks like it like the man from DelMonte, he say 'Not a chance matey'

  25. #24

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    Quote Originally Posted by Rosslol View Post
    I checked it and its not that good due to the amount ive tryed, but i dont see how it will help me get the finance =/
    I only really helps to see how you are doing at the moment mate and gives you a rough idea if you would be accepted or not. Make sure that all the information is correct and that the number of previous searches is correct etc.

  26. #25

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    I found it easy to get a finance agreement both times but did require my dad to be a guarentor :\

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