Personal Loan?

st@nners · 27 Apr 2006 at 11:02

Hi,

I am trying to get a personal loan to buy a car but i keep getting turned down which is really annoying me as i dont have a bad credit history and its not like im just 18, im 21.

Can anyone suggest a loan company who im likely to get a loan with? The only thing ive really got against me is my age in a way and the fact ive only lived at my current address for just over a year.

Cheers.

booyaka · 27 Apr 2006 at 11:06

try

www.moneysupermarket.co.uk

They list tons of providers but the address option my be the initial problem.

Put your address down as you parents address so long as that has been more than 3 years.

Visage · 27 Apr 2006 at 11:06

st@nners said:
Hi,

I am trying to get a personal loan to buy a car but i keep getting turned down which is really annoying me as i dont have a bad credit history and its not like im just 18, im 21.

Can anyone suggest a loan company who im likely to get a loan with? The only thing ive really got against me is my age in a way and the fact ive only lived at my current address for just over a year.

Cheers.

If you're struggling with a lack of credit history you might like to try whoever you bank with - they'll have a lot more info than a 3rd party lender to base their decision on.

Tru · 27 Apr 2006 at 11:06

I assume you've tried your bank? If you go through one of their subsiduaries (Black Horse for example) then interest is always higher.

phill · 27 Apr 2006 at 11:06

i got one a couple of years ago. I kept getting turned down for poor credit history because i was OD all the time whilst at uni. Ask your bank they should give you one. I actually managed to get a graduate loan. (HSBC)

My advice though - Don't borrow money for a car, by something cheap until you can afford something decent. Otherwise you driving the banks car

Hf

aztechnology · 27 Apr 2006 at 11:31

st@nners said:
Hi,

I am trying to get a personal loan to buy a car but i keep getting turned down which is really annoying me as i dont have a bad credit history and its not like im just 18, im 21.

Can anyone suggest a loan company who im likely to get a loan with? The only thing ive really got against me is my age in a way and the fact ive only lived at my current address for just over a year.

Cheers.

If you keep getting turned down you need to find out why. Ask one of the Credit Check Agencies for a copy of your credit file. You are allowed to see this under the Data Protection Act, though it will cost you a couple of quid for the priveligde. If there are mistakes, get them corrected.

It might be a previous problem with someone at your address (I've had this before), or it could be the amount of applications you have mad in a short period, people who keep asking for credit and getting it refused are a bad risk. The single year at that address will go against you, and will probably be a refuse if you don't provide a previous address.

Never apply twice in the same day, the second application is always refused (methinks) as they don't know whether you have taken up the first offer, but the request for the check is recorded.

So, in summary, try to find out why you are refused before pushing for credit. Whatever your situation, I'm sure you will be able to find credit eventually from someone. Just don't end up on the next round of Ocean Finance adverts.

Daff_Duck · 27 Apr 2006 at 11:32

You must also be aware that the more applications you make to various companies the more that companies are likely to refuse as each search shows up.

And as you say the time you have spent at your present address doesn't help.

Maybe as others have suggested going to your own bank and seeing what they have to say is the only way but to be honest If you have made more than 3 applications in a short amount of time with other lenders you will not get the loan as they for some reason treat this as a no no in the way that they score people.

gjc10212 · 27 Apr 2006 at 11:51

There are plenty of Loans available for people with poor credit, but the interest you repay will be very high and not worth it IMO. Try your bank first maybe an overdraft will be cheaper (if you can cover the cost of the car). www.equifax.co.uk will tell you your credit score and give you an indication as to why your being refused credit - there is a small fee of £15 ish but its worth it. Equifax score ranges between 0 (bad) to 550+ (Excellent) last time I looked.

Ev0 · 27 Apr 2006 at 21:13

A lot of the time at that age you're credit history is technically perfect and not the reason you're being turned down.

The reason is companies have their own internal scoring systems and if you don't match up to these then you don't get the money. Thinks like do you own your own home, life insurance etc etc. Living at the address for less than a year is not a major thing, christ people move all the time!

Companies will not tell you how you scored and on what cireteria for their own systems, just that you didn't meet the requirements. They should however be able to tell you if you passed the basic credit checks though.

When I needed my loan I got turned down by some of these "omg we charge you hardly any interest" places. My credit history is perfect, I've got enough cash in the bank to pay the loan off tomorrow if need be and earn plenty, but still as I didn't score enough on their ratings I was turned down/offered stupid high rates. Went with my bank and got a grad loan for decent interest, just called said I wanted the money they said fine no problem