Finance / loan / overdraft - Stumped tbh

[Jake]

Right basically i need a new car, Ive currently got a natwest account with a £150 overdraft (obv £150 isnt going to buy me a new car) My job atm has reduced my hours cos i can only do days and now im on 14 hours a week compared to 45 i was on before when i did nights (had a car) My car failed mot & needed like £600 worth spent on it. The thing is natwest won't give me a loan as i cant earn £10 grand atm (i could if i had a car back but they say it doesn't count) They won't give me a bigger overdraft no idea why as i get all wages paid in and never go over my overdraft :l

So atm im pretty much screwed as my buses are crap i have like 7 a day into town and last one home is at half 5 (time most jobs finish so switching job won't really do much) Im actually stumped on ideas ive currently got like £300 but don't wanna buy a car for less than that as it probably won't be any good. Does anyone have any ideas on how to go about this? Cheers

[Adam]

Get a bike.

Edited by Jordan (Forum Moderator): Please do not post pointlessly

[MissAlice]

If you had a car could you immediately increase your hours? Because I think and I could be wrong, that 16 hours is considered more acceptable for any form of finance.

Banks use a different credit score system. Any loan taken out with a bank is in your name, and attached to you. Banks like to know all your expenditure before they consider you.

Finance companies who give loans particularly for a car attach the loan to the car, as well as yourself, and all they are interested in is can you repay the loan. You could try companies like Sainsburys, they offer loans. It's certainly worth a try.

Good luck :)

[Jake]

oo sainsburys do? thanks much help :)

[Adam]

Get a bike.

Edited by Jordan (Forum Moderator): Please do not post pointlessly
HOW THE HELL IS THAT POINTLESS POSTING?

It's a ******* legitamate suggestion. It would save the need of having a car, money w/e. Swear to God moderators on this forum are *REMOVED*

Edited by Infectious (Forum Super Moderator): Please do not be rude!

[Glen Coco]

Get a bike.

Edited by Jordan (Forum Moderator): Please do not post pointlessly
no idea why this got a moderator warning, it's actually a good idea.
bikes are cheap and easy and could be used as a means of transport until you get the money for a car?

[Special]

can't you just save up haha

[Casanova]

can't you just save up haha

That is the MOST USELESS bit of advice ever.
He's stated his financial situation is in dire straits because without personal travel his wages are limited, meaning he has no means to fund a car quick enough?

Try finance. If you decline, try to get someone to take it such as a family member. Everytime you decline for finance the more likely you are to decline time and time again and it just wrecks your credit rating.

Keep in mind your credit file is kept for 5 years after your decline. So you fail once in 2001, you still have the decline way into 2006.

[Jake]

A bike:
im not cycling if your on about a pushbike, its 12 miles to work then 12 miles back
ped = £110ish for cbt then like £300 for a bike so for an extra £250 id rather buy a car and not waste the cash on a ped.

But cheers for replys +rep to all, Ill see if anyone in my family will take one out for me :)

[NightRyder]

How is your credit (do not reply with answer lol)? If you don't have any you may be able to get what I got. Tho the interest rate was OUTRAGEOUS (I'm at 29.5% on a car loan for just under $7000 which totaled my loan up to $16k) I'm with a fiance company that takes anyone. See if there are any in your country that pretty much take anyone on no matter credit, or situation. (I'm assuming United Kingdom, please don't shoot me if I'm wrong) but if your not interested in a long term loan, the family idea is the best way to go!

Best of luck Hollyoaks!!!!!

[Stephen]

That is the MOST USELESS bit of advice ever.
He's stated his financial situation is in dire straits because without personal travel his wages are limited, meaning he has no means to fund a car quick enough?

Try finance. If you decline, try to get someone to take it such as a family member. Everytime you decline for finance the more likely you are to decline time and time again and it just wrecks your credit rating.

Keep in mind your credit file is kept for 5 years after your decline. So you fail once in 2001, you still have the decline way into 2006.

isnt hollyoaks a girl

Edited by Infectious (Forum Super Moderator): Please do not make pointless posts!

[Jake]

Credit isnt that bad ive had 2 mobile phone contracts both with different network providers & i never missed a payment or bill, Use my card for online transactions & direct debits for stores etc and never missed a payment on that either. But ill have a look at that cheers.

[.Tom.]

Hi

I work for a bank so have a bit of experience with this - If you cant get anymore on your Overdraft it may be that your credit rating isnt high enough - This is probably just because you have never borrowed any money before and so there is no evidence of you paying back your debt...

Best thing to do is get a 'beginner' credit card, the APR will be pretty high, but it builds your credit rating and you can get much better deals in the future... A year ago i got a CC £250 limit... Ive now got a £2,000 limit with a new Cred Card and my credit rating went from 400/999 to 999/999 in a year :)

Barclays Initial Credit card was the first card I had, nearly anyone gets accepted and normally between £250 - £500 limit - Should be enough for an ok car or at least part of it :)

Hope this helps !!