Still cant get a bank loan....lol....help

S

Scunna

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I want a £4000 bank loan fro a car

I got denied from barclays @ 6.9% apr

Now, ive been denied from Alliance and Leicester @ 12.5%apr

can anyone plz tell me what they thin kis the major factor that disqualifies me from the loan?

Is it too much?
ime 18 (too youung?)
wage = £10,000 per year

all I can say is noob companies lol

thx :)
 
All I can say is there a simple system with loans.
money you recieve= money you recieve + compound interest

If you don't need the car desperately don't get it, else you will waste lots of money.
 
Probably your age, and the size of the loan you're applying for. I've never had a loan, but my Mum does them at a bank, so I pick up a few things.
 
no i have an apprenticip and get a good wage. perhaps ime applying for 2 much money. i may ask for 2500 - 3000
 
1) Credit Experience
2) Length of Job Employment
3) Showing that you can pay bills on time (anything works, such as rent payments, phone payments, etc)

Tip: Having a parent co-sign on the loan will dramatically help your chances at getting a loan.

Realistically, your APR will be quite high since (most likely) you do not have a credit history. You should try to minimize the amount you intend to purchase. The amount of the loan also affects your ability to get one. I forget the percentage of debt to income that credit firms use to determine if you will be able to pay off your debt.
 
That is a flawless plan, ride you bike down to the bank, get your $500 loan for a shotgun, ride down to local...black market gun dealer(pussy brits, don't even have guns in your convienance stores), take shotgun to bank, enjoy money!
 
Foxtrot said:
That is a flawless plan, ride you bike down to the bank, get your $500 loan for a shotgun, ride down to local...black market gun dealer(pussy brits, don't even have guns in your convienance stores), take shotgun to bank, enjoy money!
Click to expand...
Whereas in America it would be easier for an 18year-old to get a shotgun that i would be for him to get a load.
Yep, we're pussys alright.


[alternative response]You are what you eat. ;)[/alternative response]
 
blahblahblah said:
1) Credit Experience
2) Length of Job Employment
3) Showing that you can pay bills on time (anything works, such as rent payments, phone payments, etc)

Tip: Having a parent co-sign on the loan will dramatically help your chances at getting a loan.

Realistically, your APR will be quite high since (most likely) you do not have a credit history. You should try to minimize the amount you intend to purchase. The amount of the loan also affects your ability to get one. I forget the percentage of debt to income that credit firms use to determine if you will be able to pay off your debt.
Click to expand...

Dont listen to the IRS agent
 
Most likely your age, and that you don't own a house. I just applied for a 12k loan recently and got it instantly. I've also applied twice for the same amount on my mortgage for improvements, and had them approved quickly too.

You do realise that almost half of your current annual income will be spent on this car?
 
SLH said:
Whereas in America it would be easier for an 18year-old to get a shotgun that i would be for him to get a load.
Yep, we're pussys alright.
Click to expand...
what? Could you clarify that last part

SLH said:
[alternative response]You are what you eat. ;)[/alternative response]
Click to expand...

I just can't resist.. so your a penis? uhh sorry, have to take the cheapshots :D (this is a joke for anyone who doesn't know)
 
Two problems:

ZERO credit history

and

UNSTABLE income (they'd give it to you on a dime if you had a full time job)
 
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