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Anyone know anything about loans ??

tinytank

tinytank

New member
ok,im defo getting a new car ! thing is i cant afford one right now, but my car is about to break down any month now. So question is should i take out a loan or what ?? it would only be for a couple of G .Maybe 4-5 thous . anyways ive decided on a loan rather that puting it on finace, because its cheaper and more on my terms, as i can choose how long i want it over and work it in with my shitty wages !!! but ive just noticed how much money i spend. Every month , 110.00 for inurance then anything from 40-60 for my phone, then petrol 60. then got money to save for its MOT, and servicing .Then tax. and other shit like the gym, i normally spend like 20 a week so theres another 80 !!! HELP people and this isnt including my drink !

HELP !! ok

im only earning 110.00 a week ! but my wages go upto 150.00 in 4 months. big wow !!
 
Last edited:
tinytank said:
ok,im defo getting a new car ! thing is i cant afford one right now, but my car is about to break down any month now. So question is should i take out a loan or what ?? it would only be for a couple of G .Maybe 4-5 thous . anyways ive decided on a loan rather that puting it on finace, because its cheaper and more on my terms, as i can choose how long i want it over and work it in with my shitty wages !!! but ive just noticed how much money i spend. Every month , 110.00 for inurance then anything from 40-60 for my phone, then petrol 60. then got money to save for its MOT, and servicing .Then tax. and other shit like the gym, i normally spend like 20 a week so theres another 80 !!! HELP people and this isnt including my drink !

HELP !! ok

im only earning 110.00 a week ! but my wages go upto 150.00 in 4 months. big wow !!
Click to expand...

also, NO DRINK MEANS NO MORE TT STORIES !! :worried:
 
jdevlin1985 said:
You may not get accepted. Its soley subject to your credit report/history.
Click to expand...

i know. thats what im afrade of. especially if they see how much money ive been spending on nights out ! they will be like, how can you spend 200.00 on a saturday night ?? then spend another 70.00 on a sunday night ?? :worried:

its shite, i might have to get a second job ! or at least wait the 4 months , untill im earning 600 a month. it sucks being a apprentice ! lol
 
Not being negative dude. Just something you need to take into account. If you DO get declined, it will show on your cred report for 6 months (that you applied for credit). When you then come to applying with another finance company, that previous application will reduce your score/chances. Its stupid i know, and extremely unlogical (in a way). A vicous circle.
 
jdevlin1985 said:
Not being negative dude. Just something you need to take into account. If you DO get declined, it will show on your cred report for 6 months (that you applied for credit). When you then come to applying with another finance company, that previous application will reduce your score/chances. Its stupid i know, and extremely unlogical (in a way). A vicous circle.
Click to expand...


a ha. So best bet is to wait 4 months, possibly get a second weekend job, save for a bit, then when i get my pay rise then ask about a loan ??
 
tinytank said:
a ha. So best bet is to wait 4 months, possibly get a second weekend job, save for a bit, then when i get my pay rise then ask about a loan ??
Click to expand...

If you go to EXPERIAN.COM (or uk), you can request a copy of your cred report for a couple of quid. Its the exact copy all finance companies see and you can then take note if anything on there needs improving or will look bad when it comes to applying. Regarding waiting a few month, may make a little sense. This is what i'm doing regarding the lotus. I did'nt get declined, per se, but needed a bigger deposit and a gurantor (which is basically another person on the agreement i.e. mother, due to age). Just make sure to get in the habit of controlling your finances. And to the most precise detail.
 
jdevlin1985 said:
If you go to EXPERIAN.COM (or uk), you can request a copy of your cred report for a couple of quid. Its the exact copy all finance companies see and you can then take note if anything on there needs improving or will look bad when it comes to applying. Regarding waiting a few month, may make a little sense. This is what i'm doing regarding the lotus. I did'nt get declined, per se, but needed a bigger deposit and a gurantor (which is bascaly another person on the agreement i.e. mother, due to age).
Click to expand...


how much u insuring your lotus for ? i was looking at the 16V(insted of the 8v) 1.2 sports punto, so thats gonna bump up the insurance again ! :worried: oh and how much is that loan for ?
 
tinytank said:
how much u insuring your lotus for ? i was looking at the 16V(insted of the 8v) 1.2 sports punto, so thats gonna bump up the insurance again ! :worried: oh and how much is that loan for ?
Click to expand...

Insurance is 4 grand (best possible quote i coud get), car is 20k, laying down a 10k deposit. Have you had any loans or finance before?
 
Ouch! That's a lot of insurance. Is that with full no-claims?

Insurance gets a lot easier once you pass 25 and have full no-claims.
 
blut wump said:
Ouch! That's a lot of insurance. Is that with full no-claims?

Insurance gets a lot easier once you pass 25 and have full no-claims.
Click to expand...

Zero no claims bonus. Considering previous quotes were anywhere between 7k and 10k, its a good quote. It will reduce considerably after 12 months (if obviously no claims).
 
tinytank said:
nope
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So i'm guessing your cred report should be pretty fresh. If you can get your hands on say 600 stirling, go to your bank manager and ask for a secured personal loan for that amount. Its almost guaranteed so they can't decline. Put it into a savings account, then pay it off over, say, 6 months. Then when you've paid that back, apply again, and so on, Gradually increasing the amount borrowed each time. Until the bank trusts you with an unsecured personal loan. One of the best possible ways to up your cred history.
 
jdevlin1985 said:
So i'm guessing your cred report should be pretty fresh. If you can get your hands on say 600 stirling, go to your bank manager and ask for a secured personal loan for that amount. Its almost guaranteed so they can't decline. Put it into a savings account, then pay it off over, say, 6 months. Then when you've paid that back, apply again, and so on, Gradually increasing the amount borrowed each time. Until the bank trusts you with an unsecured personal loan. One of the best possible ways to up your cred history.
Click to expand...


my uncle works high up in the bank and i was speaking to him about it, he talked me threw pritty much every option i have.. and im gonna have to go for a method where i pay my loan back off of my weekly wage, it just takes it out before i even get my wage into my account. and i can take out another account , where they take out a certin amount of my wage , and put it towards my insurance !!

so then what evers left is in my normal account, for petrol, gym, digs , mots, servicing ect ect...
 
generally whatever you pay a month on a car can't be more than 20% of your gross monthly income or that is what i have read and heard.
 
fistfullofsteel said:
generally whatever you pay a month on a car can't be more than 20% of your gross monthly income or that is what i have read and heard.
Click to expand...

Finance companies over here don't need to know your income/salary details. so i would guess that only applies in the US
 
tt, your mind is in the right place. The way to go is to get an auto loan from your bank (in the US we have these banks called credit unions that are like co-ops for money, not for profit, which have good deals).

That way when you go to buy the car the only issue is the price, and you can write them a check.

Also, always buy second-hand from private sellers. If they have paperwork showing they did maintenance, you're good to go and way better deal than any used car lot.

^with apologies to pitbull!
 
Actually, according to my calculations IF you have NO debt you can probably manage a personal loan repayment:

http://www.bankrate.com/brm/popcalc...idOffDate=Apr+28,+2011&Submit.x=30&Submit.y=6

I gave you a rate of 11% for a personal loan. Call the bank you'd use and find out what their rates are ...

Any chance you belong to (or would qualify for) a credit union? That would make it a little easier.

Can you get someone (people like to use their parents) to co-sign you? You could build a credit history this way ...
 
chewyxrage said:
wtf is petrol
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I know what petrol is asshats.

I was either being sarcastic or trying to make a joke, both of which failed obviously and I think I was boozin' at the time, can't remember my motive


LOL @ sig worthy
 
chewyxrage said:
I know what petrol is asshats.

I was either being sarcastic or trying to make a joke, both of which failed obviously and I think I was boozin' at the time, can't remember my motive


LOL @ sig worthy
Click to expand...

You're in my sig brother. Be proud!!!
 
chewyxrage said:
I know what petrol is asshats.

I was either being sarcastic or trying to make a joke, both of which failed obviously and I think I was boozin' at the time, can't remember my motive


LOL @ sig worthy
Click to expand...


thats an insult to every asshat out there

BTW , Whats an asshat ?
 
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