Where to get a loan, for a new car?

[coley20]

My friend is after a new car, he went to carcraft (tit) but they wouldnt give him finance, after pursuading him that buying a £6.5k for £11k (total paid back) wasnt a good idea, and that he should get a loan and buy privatly or from a dealer

Trouble is they wouldnt give him finance, anybody know where he is likely go get finance, he is 20 and live with his parents?

[zetec]

I agree, normally places like Carcraft are the place to go if you can't get finance elsewhere, if your mate can't get finance at Cracraft I doubt he'll get finance anywhere, especially during this current period of bank stingyness.

[boysey]

Might want to try ... Zopa?

http://uk.zopa.com/ZopaWeb/

[dontfollowme]

Part of me regrets not getting a loan 5.5% when they were available. Seems the cheap high street loans start at 8%

[ianash]

Why not try joining 20 credit unions and getting 20 loans of £325

[BeerForBreakfast]

Could his parents take the loan?

Your mate could direct debit the cost back to them..

[sinizter]

BeerForBreakfast said:

Your mate could direct debit the cost back to them..

That would be a standing order, not direct debit.

[Ungarsee]

If he's living with his parents is he on the electoral role? If not, that will be stuffing his chances. Secondly, tell him to get a copy of his credit report from experian / equifax to get an idea of whether he has a hope in he'll of getting anything agreed. Lastly, if he's never had credit get him to apply for a credit card with whatever limit they'll give him and use it sensibly, e.g. Pay it off every month

[LeeThePeople]

Ungarsee said:

If he's living with his parents is he on the electoral role? If not, that will be stuffing his chances. Secondly, tell him to get a copy of his credit report from experian / equifax to get an idea of whether he has a hope in he'll of getting anything agreed. Lastly, if he's never had credit get him to apply for a credit card with whatever limit they'll give him and use it sensibly, e.g. Pay it off every month

Thats actually a bad idea, its not what companies want. Doing that costs the companies money and if its logged with a credit reference agency a lot of companies put that in their criteria for accepting/declining clients.

It does show you where good for credit and trust worthy but a bad client.

Getting on the electoral role should be his first port of call and go to the bank he has been with the longest, best place to go for your first loan but tbh, high risk people wont get any sort of finance at the moment. Banks only want to lend money to medium risks at high APR.

[Merlot]

coley20 said:

My friend is after a new car, he went to carcraft (tit) but they wouldnt give him finance, after pursuading him that buying a £6.5k for £11k (total paid back) wasnt a good idea, and that he should get a loan and buy privatly or from a dealer

Trouble is they wouldnt give him finance, anybody know where he is likely go get finance, he is 20 and live with his parents?

How about this for an idea?

Run about in something he can afford and put the amount he would be paying in monthly loan installments into a savings account. He can then buy the car he really wants outright.

[PeteG]

Merlot said:

coley20 said:

My friend is after a new car, he went to carcraft (tit) but they wouldnt give him finance, after pursuading him that buying a £6.5k for £11k (total paid back) wasnt a good idea, and that he should get a loan and buy privatly or from a dealer

Trouble is they wouldnt give him finance, anybody know where he is likely go get finance, he is 20 and live with his parents?

How about this for an idea?

Run about in something he can afford and put the amount he would be paying in monthly loan installments into a savings account. He can then buy the car he really wants outright.

Good idea.

[Nolar Dog]

Merlot said:

How about this for an idea?

Run about in something he can afford and put the amount he would be paying in monthly loan installments into a savings account. He can then buy the car he really wants outright.

That'll never work otherwise more people would be doing it. Instead of getting dripped up to the eyeballs for pieces of st.

[AndyWoodall]

anonymous said:

[redacted]

Per month?! Carcraft only talk 'per week' to most of their clients.

If he can't get finance from those criminals I'd say he might struggle, although others have said he really needs to find out why.

[Soovy]

anonymous said:

[redacted]

EFA.

Edited by Soovy on Sunday 25th January 19:42

[SClarke]

PeteG said:

Merlot said:

coley20 said:

My friend is after a new car, he went to carcraft (tit) but they wouldnt give him finance, after pursuading him that buying a £6.5k for £11k (total paid back) wasnt a good idea, and that he should get a loan and buy privatly or from a dealer

Trouble is they wouldnt give him finance, anybody know where he is likely go get finance, he is 20 and live with his parents?

How about this for an idea?

Run about in something he can afford and put the amount he would be paying in monthly loan installments into a savings account. He can then buy the car he really wants outright.

Good idea.

+1

He would also pay for it in half the time that way

[LHDisbest]

AndyWoodall said:

anonymous said:

[redacted]

Per month?! Carcraft only talk 'per week' to most of their clients.

If he can't get finance from those criminals I'd say he might struggle, although others have said he really needs to find out why.

I don't know how the Carcraft's and WCF's of this world sleep at night to be honest.

Imagine taking out finance on a 4 year old Vectra and never being in equity until you've paid the whole term.

What shocked me was a guy i used to work with ended up with WCF and 60% of their customers could get finance no problem with the major finance houses but as they had seen Carcraft and WCF on the TV they went there thinking they were getting a great deal.

So 20something % APR is a good deal, if you advertise on the TV to the great unwashed it seems.