mantamark
Member
Registered: 19th Jun 06
Location: Northumberland
User status: Offline
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moneysavingexpert.com - loans section, see whats best for you.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by FruitBooTeR
quote:
Originally posted by Ojc
With that kind of deposit to put down you will get a good deal on finance.
Aye will have at least half to put down in deposit proberly more.
Finance deffo then!!
Legally if you own half (may be less %) then even if you default they cant take the car
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Online
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Mate you could even get 0% finance on a lot of cars if you have more than half the cars value for a deposit.
Don't even bother with the loan.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by Ben G
my comment about credit cards was meant as though he should spend on his credit card and pay it straight off for a while to get his credit rating up.
my credit limit on my card is £2850 so obviously it wouldn't work
Ah right yeah deffo, im with you now!!
I used mine for years just to pay for petrol & then pay it off in full each month. Thats the way to go.
Now ive got a couple k's on one that runs out of free 0% in June from buying stuff for the house. Bloody plastic!!
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FruitBooTeR
Member
Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
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quote:
Originally posted by Ojc
Mate you could even get 0% finance on a lot of cars if you have more than half the cars value for a deposit.
Don't even bother with the loan.
I thought that was only on new cars though?
If I can find anywhere that will give me 0% on an 08 Astra VXR ill be extremely happy!
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Online
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Not always new cars, if you have a deposit large enough it plays into your hands to haggle.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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http://www.astonvauxhall.co.uk/vauxhall-dealer-new-cars-vxr-range.htm
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FruitBooTeR
Member
Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
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Does taking finance and paying it off successfully over a number of years also improve your credit rating?
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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of course, it's just a direct debit coming out your bank.
obviously if it can't come out due to no money in your account it can fuck you over but just make sure you always have enough money in there.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Yeah it adds to your credit score & shows youve been committed to paying it off, & not missed any payments etc.
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by FruitBooTeR
Does taking finance and paying it off successfully over a number of years also improve your credit rating?
Massively the key is not to default any payments especially simple bills like phone bills etc.
Dont touch dealer finance its suicide IMO. I've done it once and never will do it again. Always secure your assets with a personal loan so when hard times do come you can raise capital and you are not tied into a fixed term agreement with penalties to pay for paying it off early.
If you have never borrowed money it will be hard initially to borrow a large sum. So maybe as someone suggested apply for a credit card and use it on normal stuff and just pay it off at the end of each month.
Further to that maybe it may be an idea to save up a bit more money and then borrow a smaller amount over a shorter term. This will be easier with a low credit rating. This way you wont easily be in negative equity with the car at any point.
Also don't keep applying for loans consequtively as it shows up on your credit score that you have been declined loans previously which obviously isnt a good in the eyes of any prospective lenders.
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K3 VMU
Member
Registered: 28th Jul 06
Location: Portlethen, Aberdeen,ken
User status: Offline
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sell drugs tbh imho lol
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FruitBooTeR
Member
Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
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quote:
Originally posted by Fad
quote:
Originally posted by FruitBooTeR
Does taking finance and paying it off successfully over a number of years also improve your credit rating?
Massively the key is not to default any payments especially simple bills like phone bills etc.
Dont touch dealer finance its suicide IMO. I've done it once and never will do it again. Always secure your assets with a personal loan so when hard times do come you can raise capital and you are not tied into a fixed term agreement with penalties to pay for paying it off early.
If you have never borrowed money it will be hard initially to borrow a large sum. So maybe as someone suggested apply for a credit card and use it on normal stuff and just pay it off at the end of each month.
Further to that maybe it may be an idea to save up a bit more money and then borrow a smaller amount over a shorter term. This will be easier with a low credit rating. This way you wont easily be in negative equity with the car at any point.
Also don't keep applying for loans consequtively as it shows up on your credit score that you have been declined loans previously which obviously isnt a good in the eyes of any prospective lenders.
Nice one cheers for that advice!
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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Sorry, did I honestly just read that you would pay 15.9%?
You do realise what the BOE base rate is don't you? Seriously lad, take your head for a fucking wobble. You could walk into a high street bank before the 'credit crunch' (god I hate that term) and get half that rate when the BOE was a shit load higher.
The banks want people to think that credit is hard to get - it fucking isn't.
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Nick-S
Member
Registered: 3rd Mar 04
Location: Leigh. Drives: RS Megane 230 F1 Team R26
User status: Offline
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quote:
Originally posted by FruitBooTeR
I dont mind paying 15.9% if I can get one.
 I thought i was get fucked at 7% over 3 years
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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also - dont keep trying for loans over and over. Each attempt will show up on your credit rating, and look like your trying to amass a 3rd world debt
We had no probs getting a loan for range rover. We have mortgages etc though.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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I live at home and have no credit cards and got a loan fine twice now
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StuartVRS
Member
Registered: 9th Feb 03
Location: Bromley Common, Greater London
User status: Offline
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its always much easier to get a loan through your own bank too, as they will see your wages coming in and what you spend. Also, most banks can get better rates if you get written quotes beating their ones.
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gazza808
Member
Registered: 30th Jun 08
Location: Peterborough
User status: Offline
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Satander are a bunch of badgers, mrs had hassle just getting an overdraft and a debit card out of them,
it's odd people are struggling to get credit, but every time i'm in the bank, they offering me loans and potential mortages etc.
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Kano
Member
Registered: 29th Aug 04
Location: Fife
User status: Offline
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I had never had a single thing on credit in my life and in 1 month I got myself a mortgage and a 10k loan with no issues. Was told by the bank that it wasn't an issue that I had never had credit.
If you have been refused there will be a reason for it.
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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i would always go fiance for a car, i'm only paying 4.8% apr and would never have got that with a loan
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FruitBooTeR
Member
Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
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quote:
Originally posted by Kano
I had never had a single thing on credit in my life and in 1 month I got myself a mortgage and a 10k loan with no issues. Was told by the bank that it wasn't an issue that I had never had credit.
If you have been refused there will be a reason for it.
And when was this? Take it is wasnt in the past few years when it is actualy harder to lend money...
Also your proberly older than me, im 21, you might earn more etc..
The only reason I can think of is still living at home and not having ever owned a credit card, the only thing ive ever had which requires credit payment was a 1k loan via my own bank 2 years ago which was paid off over 1 year not missing any payments.
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lostboy
Banned
Registered: 29th Jan 09
Location: Durham
User status: Offline
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I live at home, have a shit income and had no real credit rating at the time, yet I managed to get a loan and top it up later.
Although I dare say my credit rating is now piss poor
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by Graham88
I live at home and have no credit cards and got a loan fine twice now
Yes but its purely down to your earnings and your job which they take into account when lending you money. Also the first loan you got clearly benefited your credit rating.
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Kano
Member
Registered: 29th Aug 04
Location: Fife
User status: Offline
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quote:
Originally posted by FruitBooTeR
quote:
Originally posted by Kano
I had never had a single thing on credit in my life and in 1 month I got myself a mortgage and a 10k loan with no issues. Was told by the bank that it wasn't an issue that I had never had credit.
If you have been refused there will be a reason for it.
And when was this? Take it is wasnt in the past few years when it is actualy harder to lend money...
Also your proberly older than me, im 21, you might earn more etc..
The only reason I can think of is still living at home and not having ever owned a credit card, the only thing ive ever had which requires credit payment was a 1k loan via my own bank 2 years ago which was paid off over 1 year not missing any payments.
Last March so it was when things were at there worst. Bank agreed the mortgage on the spot and I had moved into the house within 3 weeks. Was the most hassle free thing ever, I was surprised to say the least. I had just changed job aswell so thought I had no chance.
I was only 23 at the time aswell and not earning a huge amount, around 22k..
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