Loan question

theone8181

theone8181

theone8181

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27 Mar 2013
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Question for you guys. I took out a loan in Feb for my wife's car for 15k. Will I have any issues getting a second loan in a months time for a car for me? I have a credit score of 660 out of 710. The initial reason I took the loan out is that I've not checked my wifes credit history as it won't be as good as mine as we rented to just do stuff in my name (although we have a joint mortgage and she's had a contract phone for 20 years). Essentially all the utilities are in my name. Will it be a problem? I know it's a bit of a random question, affordability isn't an issue.
 
theone8181 said:
Question for you guys. I took out a loan in Feb for my wife's car for 15k. Will I have any issues getting a second loan in a months time for a car for me? I have a credit score of 660 out of 710. The initial reason I took the loan out is that I've not checked my wifes credit history as it won't be as good as mine as we rented to just do stuff in my name (although we have a joint mortgage and she's had a contract phone for 20 years). Essentially all the utilities are in my name. Will it be a problem? I know it's a bit of a random question, affordability isn't an issue.
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You won’t know until you try. You can use the tools online to get an estimate, and check the likelihood of being accepted.
 
You may end up being offered one but at a worse rate than advertised but as said it depends on so much that you won't know until you try.
 
Get your wife to try and get a loan for your car. Her credit score won't improve otherwise.

They typically do a softcheck and then a hardcheck, so it shouldn't be too negative on her if there is a reason she would be deemed to risky.
 
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theone8181 said:
The initial reason I took the loan out is that I've not checked my wifes credit history as it won't be as good as mine as we rented to just do stuff in my name
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Sounds like a self-fulfilling prophecy, why didn't your wife take out the loan for her car? I guess that horse has bolted now but why not get the utilities moved over to her (or joint) names to boost credit rating for future?
 
You have three gambles:

1. Extend current loan
2. Take a new loan
3. Do it in your wife's name

I'd do 1 then 2, and 3 in parallel as it makes no difference. She has a mortgage and a phone contract, so providing she has a decent salary it won't be that crazy.

You could also do a bit of 1 and some of 3.
 
So we're going down the route of a tesco loan as a joint application. They've offered 3.8% which I didn't think was too bad, however I didn't make a note of the application number or any details, as I was expecting an email. I guess all I can do is wait a couple of working days for it to come through.
 
theone8181 said:
So we're going down the route of a tesco loan as a joint application. They've offered 3.8% which I didn't think was too bad, however I didn't make a note of the application number or any details, as I was expecting an email. I guess all I can do is wait a couple of working days for it to come through.
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That is decent for a second loan. I was expecting at least double that if I'm being honest. Just prioritise paying this one off first through overpayments.
 
theone8181 said:
I checked AA and they said 6.8%:eek:.
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Taking out loan after loan is a sign of risk. Regardless of affordability.

It's why they also don't like gambling deposits for mortgages or crypto, etc.

I doubt you will get any better than what you did for a second loan. All you are doing now is more searches which is bad for your credit score.
 
When I was young and stupid I took out a £5k loan at something stupid like 21%.

Actually no, for lols I dug it out, here are the numbers:

E7rsJQG.png


Christ I was stupid(er) in my younger days :(


Here, I dug out the heavy hitter too. These loans killed my life for 5 years, I literally had to plan my life around them and work almost every single weekend just to stay afloat:

jW35G8T.png


Don't be stupid people, don't be me. This debt drove me to some very, very dark days.
 
Psycho Sonny said:
Taking out loan after loan is a sign of risk. Regardless of affordability.

It's why they also don't like gambling deposits for mortgages or crypto, etc.

I doubt you will get any better than what you did for a second loan. All you are doing now is more searches which is bad for your credit score.
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The AA one was checked before the tesco one:cry:.
 
I used to get those rates too.

Until Eon put a default on a closed account
Refusing to remove it even today.

Dropped my credit score from 690 down to 520.

Can't even get a loan these days. Unless I opt for 15%.

Dreading it when I try to go for a mortgage next year... even with a £150k deposit, the broker friend of mine said I'm going to get raped :(
 
Diddums said:
When I was young and stupid I took out a £5k loan at something stupid like 21%.

Actually no, for lols I dug it out, here are the numbers:

E7rsJQG.png


Christ I was stupid(er) in my younger days :(


Here, I dug out the heavy hitter too. These loans killed my life for 5 years, I literally had to plan my life around them and work almost every single weekend just to stay afloat:

jW35G8T.png


Don't be stupid people, don't be me. This debt drove me to some very, very dark days.
Click to expand...

Holy ****! That's insane.


My last loan was from Tesco, they seem to have some of the best rates.
 
Diddums said:
When I was young and stupid I took out a £5k loan at something stupid like 21%.

Actually no, for lols I dug it out, here are the numbers:

E7rsJQG.png


Christ I was stupid(er) in my younger days :(


Here, I dug out the heavy hitter too. These loans killed my life for 5 years, I literally had to plan my life around them and work almost every single weekend just to stay afloat:

jW35G8T.png


Don't be stupid people, don't be me. This debt drove me to some very, very dark days.
Click to expand...

That last one is nuts. They should teach this in school. Do it with sweets or something to reenforce the point.
 
Yep. £14,334.22 to borrow £18500. Almost double. Mental.

To say I learned the hard way would be an understatement, I've since learned to be very savvy with money.

That said, I never had parents or anyone to teach me the ways so I was literally just a little chicken in a big city ready for the plucking and I suspect they knew it.
 
your wifes credit would be fine .. everything is in my name always has been .. but she bought a car for the daughter 7k and had no problem getting it ..
 
Diddums said:
Yep. £14,334.22 to borrow £18500. Almost double. Mental.

To say I learned the hard way would be an understatement, I've since learned to be very savvy with money.

That said, I never had parents or anyone to teach me the ways so I was literally just a little chicken in a big city ready for the plucking and I suspect they knew it.
Click to expand...

I'm curious what PayPal's game is - at the moment they've got a lot of 0% interest (full term) offers either no fees or admin fee only, pay in 3 or pay in 4 with 0% interest and no admin fees, 4 month interest free with the ability to pay it off in full without additional fees or then go onto a traditional loan for the balance, etc. maybe they are hoping to make enough from late payment fees or something or "loss leader" to muscle in on someone else's market.
 
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