help! can't get finance
Discussion
I'm buying a 5 year old £40k car and have been looking for a 36m hire purchase deal with a final balloon payment. I'm putting a £10k deposit down.
Have used 3 brokers and so far they have all been unable to source me a funder. Some refuse to deal with me due to my EU licence, others due to my limited credit rating (I only have a credit card, no mortgage or other credit).
I have provided tons of documentation and earn six figure so I believe I'm a pretty strong proposition in every other respect!
I'm completely stuck as it stands and the purchase might fall through unless I can find someone to lend me some money!
Any ideas chaps?
Have used 3 brokers and so far they have all been unable to source me a funder. Some refuse to deal with me due to my EU licence, others due to my limited credit rating (I only have a credit card, no mortgage or other credit).
I have provided tons of documentation and earn six figure so I believe I'm a pretty strong proposition in every other respect!
I'm completely stuck as it stands and the purchase might fall through unless I can find someone to lend me some money!
Any ideas chaps?
Prof Prolapse said:
Peer to peer lenders like www.zopa.com would be my best suggestion.
They only offer loans up to £15k.Perhaps the OP needs a bigger deposit. Shouldn't be hard to find on a 6-figure salary.
Haven't tried my bank yet if I'm honest, I'm dubious they could get anywhere near the APR I was quoted so far (9.2%) as it would be an unsecured loan. But I'll give that a try.
Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
matrignano said:
Haven't tried my bank yet if I'm honest, I'm dubious they could get anywhere near the APR I was quoted so far (9.2%) as it would be an unsecured loan. But I'll give that a try.
Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
The APR is irrelevant if you can't get accepted. Are you a UK citizen and do you own or rent?Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
matrignano said:
Haven't tried my bank yet if I'm honest, I'm dubious they could get anywhere near the APR I was quoted so far (9.2%) as it would be an unsecured loan. But I'll give that a try.
Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
Not really i'm afraid.Don't want to put more than £10k down as want to keep a big enough "cushion" for repairs or any other unforeseen events. Besides, a 25% deposit should be sufficient shouldn't it??
Try one of the finance brokers (Oracle) to see what they could do.
If you're a permanant UK resident and don't have a UK licence then that doesn't help.
Depends also what the vehicle is and the risk the finance companies are willing to take.
Most finance companies are frightened of their own shadow just now so don't take a rejection too hard.
I'm a UK resident with a EU licence, which seems to be the main issue (apparently 60% of funders won't touch EU licence holders).
Of the 40% remaining, 100% don't like me for other reasons including my limited credit rating!
And to think that 3 years ago anyone could get credit! From one extreme to the other...
Of the 40% remaining, 100% don't like me for other reasons including my limited credit rating!
And to think that 3 years ago anyone could get credit! From one extreme to the other...
It should be fairly straight forward to exchange your EU licence to a UK one?
http://www.direct.gov.uk/en/Diol1/MotoringDecision...
http://www.direct.gov.uk/en/Diol1/MotoringDecision...
£40,000 for a five year old car? Just spend you're £10,000 deposit on a ten year old car (probably the same make and model) and save up. The older car won't depreciate as much either so you won't be paying off a loan for something worth a fraction of what you have paid out by the time you've finished.
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