John
Member
Registered: 30th Jun 03
User status: Offline
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The past few years haven't been any harder to get a loan btw, it's only people who can't get a loan in general that say this.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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One thing to bare in mind with your bank is something like a bank account shuffle - I'm not sure about the term.
It's basically if you have a loan, current account and savings with the same bank, they can (without asking) move money to pay off the other if you default. I'm not 100% sure if this is still true but I remember Martin Lewis talking about it on GMTV.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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The only reason a bank would shift money (as far as I know) is if you went overdrawn in one account but had savings sitting in another - that would be save you getting charged for going over.
Not sure what that has to do with a loan though. You would set up a direct debit and if that failed you would get charged regardless for missing a payment.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Just thought I'd add my 10p worth.
Basically if redundancy was on the cards, you wouldn't be able to live off the savings because the bank would use it to pay the loan etc etc.
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IntaCepta
Member
Registered: 25th Mar 02
Location: Mill Hill East, Greater London
User status: Offline
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Be careful with applying for another loan straight after being rejected for the Santander loan. It will do you no favours having your credit rating checked twice in a short space of time.
Try and get a 0% finance on the car if you can as there are plenty of offers about.
Finding credit generally is going to be very difficult in the current climate, but have a look moneysavingexpert.com for information/help.
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by IntaCepta
Finding credit generally is going to be very difficult in the current climate
It's not.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I don't think credit is hard to get at all.
I like to know where the 'plenty' of 0% deals are on used cars though. I looked and looked when I bought my Golf 18 months ago and couldn't find anything to save using a chunk of my savings - nothing.
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John
Member
Registered: 30th Jun 03
User status: Offline
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I must have missed all they deals 3 months ago.
The only 0% deals I seen were on overpriced brand new cars.
You get 0% but get charged more for the car.
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Ojc
Member
Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
User status: Online
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quote:
Originally posted by John
quote:
Originally posted by IntaCepta
Finding credit generally is going to be very difficult in the current climate
It's not.
Agreed
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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 IntaCepta
Be careful with applying for another loan straight after being rejected for the Santander loan. It will do you no favours having your credit rating checked twice in a short space of time.
Try and get a 0% finance on the car if you can as there are plenty of offers about.
Finding credit generally is going to be very difficult in the current climate, but have a look moneysavingexpert.com for information/help.
How long shall I leave it before applying again at my bank or another, or getting a finance quote based on my credit (thats if the garages check credit to come up with a finance figure?)
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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There is a lot of bollocks on this thread, as is always the case on this site.
There is no hard and fast rule, nothing that someone can define in one post. The best thing you can do is sign up for the free months trial with experian, you will learn a lot from it. Things worthy of note are unused credit accounts (it can appear you are accumulating accounts to hit them all at the same time) and being on the electoral register.
Experian will let you know where your short falls are and if you pay the fee to run the report rather than the check (or vice versa) you will know where you stand when compared to the cross section of population and it will refer you to specific lenders that deal with your lending style.
FFS, do not ask for financial advice on a car forum that is based around a model typically owned by people who are barely out of diapers.
quote:
Originally posted by AndyKent
The only reason a bank would shift money (as far as I know) is if you went overdrawn in one account but had savings sitting in another - that would be save you getting charged for going over.
That's a sweep account. It will keep your main account at a certain level at either start or close of business, I run one.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Diapers, you must be an American, explains a lot.
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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quote:
Originally posted by John
Diapers, you must be an American, explains a lot.
I am. 10/10 for observation.
Awaits burger comments or the fact I shoot up schools.
'John' is a slang term for a toilet, perhaps you have shit for brains?  
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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 LETGSI16V
The best thing you can do is sign up for the free months trial with experian, you will learn a lot from it. Things worthy of note are unused credit accounts (it can appear you are accumulating accounts to hit them all at the same time) and being on the electoral register.
Experian will let you know where your short falls are and if you pay the fee to run the report rather than the check (or vice versa) you will know where you stand when compared to the cross section of population and it will refer you to specific lenders that deal with your lending style.
So this experian is it a safe thing to use? Worth doing? Am I correct in thinking it will give me an idea of what areas I can improve to make my credit rating better based on my assessment they do.
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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Yes, you sign up and get a months free trial - remember to cancel otherwise it is something like £5.99/£6.99 a month?
You will have to pay to get your score though but IMO I think it is worth doing as at least then you will be pitching in at lenders that are relevant to you.
Using that site I have bumped my credit score by over 200 points in less than a year, I used to be classed as 'Fair' even though I have no debt and a fairly heavy balance in the bank, shares, investments etc.
It means nothing if there are things on there that are tarring you. It could be something you don't even know of. My Dad got declined a loan about 12/15 years ago, it transpired he was an early victim of 'ID theft'. He didn't know until he walked into his bank for a peanuts loan of £10k or something and got declined. 
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lostboy
Banned
Registered: 29th Jan 09
Location: Durham
User status: Offline
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quote:
Originally posted by LETGSI16V
quote:
Originally posted by John
Diapers, you must be an American, explains a lot.
I am. 10/10 for observation.
Awaits burger comments or the fact I shoot up schools.
'John' is a slang term for a toilet, perhaps you have shit for brains?
LETGSI16V was the third lad in the Columbine school massacre 
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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True, I was in the corner wanking.
I haven't seen that much blood since I raped a 7 year old...
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Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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Experian is a good shout.
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by Fad
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.
Yeah but Fruitbooter is saying he has a steady income too so no different apart from the previous loan part. My first loan I'd only just got my job and had no trouble getting it 
Just go with your own bank, I'm not paying a great rate but shit happens
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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tbh santander are too busy building bridges made out of lego.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by John
quote:
Originally posted by IntaCepta
Finding credit generally is going to be very difficult in the current climate
It's not.
Its getting easier now but companies did tighten their lending criteria meaning if you were normally borderline you would have been declined, especially on the lower rates. Obviously those with 'Good' credit ratings were not affected.
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SAL
Premium Member
Registered: 19th Dec 05
Location: Radlett, Hertfordshire
User status: Offline
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My X works for Satander, has done for a while, she got declined and went with tesco.
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FruitBooTeR
Member
Registered: 18th Jan 07
Location: Wolverhampton Drives: S15
User status: Offline
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Phoned Aston Vauxhall just
Astra VXR Red - £13,888
Clicky
Asked about finance just to give me a general idea, didnt really intend on buying that one, they said with a £6000/7000 deposit and over 3 years the APR% would be a flat 5%
Seems decent tbh, if I went there in person I reckon I could get the price down to £13,500 or even less..
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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quote:
Originally posted by LETGSI16V
There is a lot of bollocks on this thread, as is always the case on this site.
There is no hard and fast rule, nothing that someone can define in one post. The best thing you can do is sign up for the free months trial with experian, you will learn a lot from it. Things worthy of note are unused credit accounts (it can appear you are accumulating accounts to hit them all at the same time) and being on the electoral register.
Experian will let you know where your short falls are and if you pay the fee to run the report rather than the check (or vice versa) you will know where you stand when compared to the cross section of population and it will refer you to specific lenders that deal with your lending style.
FFS, do not ask for financial advice on a car forum that is based around a model typically owned by people who are barely out of diapers.
quote:
Originally posted by AndyKent
The only reason a bank would shift money (as far as I know) is if you went overdrawn in one account but had savings sitting in another - that would be save you getting charged for going over.
That's a sweep account. It will keep your main account at a certain level at either start or close of business, I run one.
Any need to be an absolute cunt?
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Fro
Member
Registered: 20th Jun 06
Location: Rainham, Essex Drives: A3 2.0TDi Sport
User status: Offline
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quote:
Originally posted by FruitBooTeR
Phoned Aston Vauxhall just
Astra VXR Red - £13,888
Clicky
Asked about finance just to give me a general idea, didnt really intend on buying that one, they said with a £6000/7000 deposit and over 3 years the APR% would be a flat 5%
Seems decent tbh, if I went there in person I reckon I could get the price down to £13,500 or even less..
The rate can change or be completely unavailable to you. Unless you got them to run it through the finance company?
When i bought the 350 they said i would get X rate if i did finance with them, but their provider wouldnt cover me and all of the others they tried gave me ridiculous rates so i went with sainsbury for a loan.
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