Can't get loan - any options?

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I have been out of the country for the past 3 years. Now I am settled back in the London for my full time work but I realized I cannot get myself a personal loan due to lack of monthly income record in my UK bank account, also I have never had a credit card. I've ran a credit check on experian and it told me that my score was 850 and the profile is fair.

Any suggestions for a personal loan - without having to wait for 6 months to a year and build my credit rating?
 
Ask yourself if you really need the loan.

You will struggle to get a loan without a good credit rating at the moment. Any options open will really bleed you with the interest rates.
 
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spudbynight said:
Ask yourself if you really need the loan.

You will struggle to get a loan without a good credit rating at the moment. Any options open will really bleed you with the interest rates.
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The loan is for a car. With good profile the rate I'm getting is very nice. But with my "bad" credit rating, it's not. :( I'm sad
 
Your best luck with with a finance company.

Go to car loans 4 u. They will search for a lender on your behalf that will give you finance. They will then tie the finance against the car. They are VERY good, I used them for a bike. Very helpful and don't mess you around.
 
spudbynight said:
Ask yourself if you really need the loan.

You will struggle to get a loan without a good credit rating at the moment. Any options open will really bleed you with the interest rates.
Click to expand...

All I have is 1 year of rent payments and 1month into a phone contracy.

Lloyds try and throw £6.5k at me every time i log on...
 
bum said:
I have been out of the country for the past 3 years. Now I am settled back in the London for my full time work but I realized I cannot get myself a personal loan due to lack of monthly income record in my UK bank account, also I have never had a credit card. I've ran a credit check on experian and it told me that my score was 850 and the profile is fair.

Any suggestions for a personal loan - without having to wait for 6 months to a year and build my credit rating?
Click to expand...

The best thing to do: Don't buy a car you need a loan for, buy a cheaper one.

Advice tailored to what you've actually asked: Hire purchase from a car dealer will be secured on the vehicle. It is MUCH easier to get accepted for than a personal loan as there is less risk for the lender - they own the car until the agreement is settled. This is therefore the best way for you to finance a car. BE CAREFUL - there are lots of ripoff deals out there. Don't let dealers BS you with a 'flat rate' percentage. Always ask for the APR and run away if its more than about 12% (12% isnt great but we need to be realistic here).
 
[TW]Fox;22283761 said:
The best thing to do: Don't buy a car you need a loan for, buy a cheaper one.

Advice tailored to what you've actually asked: Hire purchase from a car dealer will be secured on the vehicle. It is MUCH easier to get accepted for than a personal loan as there is less risk for the lender - they own the car until the agreement is settled. This is therefore the best way for you to finance a car. BE CAREFUL - there are lots of ripoff deals out there. Don't let dealers BS you with a 'flat rate' percentage. Always ask for the APR and run away if its more than about 12% (12% isnt great but we need to be realistic here).
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That's the thing, the cars I am looking for is actually around £4000ish and I don't exactly have a lump of money to throw at it.

As far as I know hire purchase also will require a deposit?
 
Buy £300 car for 6months.
Get capital one credit card, get on electrol roll. In 6months apply for loan.

Or pay insane amounts of interest.

Have you tried any off the recommended loans on your experian account?
 
bum said:
That's the thing, the cars I am looking for is actually around £4000ish and I don't exactly have a lump of money to throw at it.

As far as I know hire purchase also will require a deposit?
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Generally yes, a half decent deal will require a deposit but to be honest if you can't even find that how are you going to run a car? Perhaps wait and buy a car once you have some money? The deposit requirement isn't exactly large, though buying a car on HP without a good deposit is foolish as you quickly end up in negative equity with a car worth less than you owe, meaning you cannot get rid of the thing easily.

Especially a £4k car which may need money spending on it once you have bought it.

If you don't have any money then buying a car doesn't seem like Priority 1.

Infact hang on are you not the chap we had in Motors asking about buying a BMW 5 Series or an M3?
 
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If you don't have a deposit this would not indicate to a bank et al that you are financially sound. Live within your income - save and then buy a vehicle if you really need one. It is very very easy to borrow money its repaying that is the problem.
 
[TW]Fox;22283969 said:
Infact hang on are you not the chap we had in Motors asking about buying a BMW 5 Series or an M3?
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So what if he was? :confused:

What does his expenditure have to do with anyone else on here?
 
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I can lend you all the money you need, but seeing as you have no collateral I'm going to have to break your legs in advance.
 
Isn't this why we have parents ;) In general follow advice here, buy cheap and build credit. There is an enormous range of ways to do this. From what I understand of this market you need to have set of routine payments (which make the company some profit).
 
[TW]Fox;22283969 said:
Generally yes, a half decent deal will require a deposit but to be honest if you can't even find that how are you going to run a car? Perhaps wait and buy a car once you have some money? The deposit requirement isn't exactly large, though buying a car on HP without a good deposit is foolish as you quickly end up in negative equity with a car worth less than you owe, meaning you cannot get rid of the thing easily.

Especially a £4k car which may need money spending on it once you have bought it.

If you don't have any money then buying a car doesn't seem like Priority 1.

Infact hang on are you not the chap we had in Motors asking about buying a BMW 5 Series or an M3?
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Yes I was, but I was mostly asking about the price, as the 5 series or M3 is considered to be a wealthy men's toy from China, but they cost much cheaper here second hand. And of course after reading the advice from OcUK members, I've realised getting a BMW, especially the M3 isn't the best idea.

Advice advice advice~
 
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