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?
matrignano said:
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?
I haven't worked in finance for about 18 months now, but I don't things have changed much, a few things that will be hurting your chances: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?
A 5-year-old car over 3 years + balloon will be 8 and a bit years old at the end - lots of funders have a strict 8 years max (might even be 7, memory a little hazy), which is usually reduced if you ask for a balloon so the age of it will rule out a lot of mainstream funders.
EU licence shouldn't be an issue, not living in the UK for 5 years or so will be (if that applys to you).
Limited credit history isn't always terrible, do you appear on the voters roll?
The Car in question is also a issues, you terms seem good 25% deposit, but if it's a badly depreciating car they might kick it out.
I'm afraid it's (or at least it was) a tough market at the moment.
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