Hpi - Help

Youghal

Here I am, 29 years of age, female, and I never had a need to borrow money from anywhere.

I moved to UK some years ago and closed my accounts here in Ireland since I wasent going to use it.
I have recently returned from the UK because of a good job offer. Now here is my problem...

I earn pretty good money, are on perm. contract full time plus I get comm. as well on top of that, I dont owe any money, dont have creditcards, only my current account with a 500Euro overdraft.

I have recently applied for a mortgage and are still in process of it all.

Now, I went to a car dealer the other day, applied for a HPI loan, for a 07 car, all applications was rejected, simple because they cant find anything on me.

What do I do, I can easily afford the payments every month... Do I really need to owe money to borrow money.

What can I do, please help, so confused ????

BuffyBot

How long have you been back for?

Sounds like you haven't built up a sufficient credit record yet (your records from years ago no longer count as all that information is gone). The lending criteria for car-dealer packages tend to be very straight down the middle and unless you have a perfect credit history, they will reject you. After all they're car dealerships, not banks so they don't care about the details, it's just yay or nay

If you speak to your bank directly, and they agree you can cover the costs, they'll probably be able to arrange a finance package for you through their own car finance unit

Youghal

The car dealer told me that he was trying all banks he was working with, but no luck.

I have been back for around 6 month now, and it seems so hard and unfair, going to work every day, and are working me bum off so Im able to buy myself something nice.

Not spending alot of money, and dont want to borrow money, until now, and what happens , NO CREDIT for me

Spoke to my bank and because I just moved bank they want longer history on me.

I am so confused... Im on perm. contract full time plus I get comm. should be so easy.

I even offered to put down a deposit of 2000Euro on a 07 car worth 17K.
What do I do ?

BuffyBot

Just looks like you'll have to wait a bit longer to build your record up I'm afraid

hollymount

Ask your current bank if they would accept copies of your English bank statements - they should and this would provide evidence of your record in England, this will give them a snapshot of your history which is all they want.

It willl cost you to get duplicate statements but better that than having to wait to build up a financial record here.

Good luck.

Youghal

What about some good news !!!! I got my HPI - But need to put down 5K...:eek:

Wondering, is it a good idea to go to the credit union, have heard on the radio that they offer good loans???

BuffyBot

Credit unions generally require you to have savings there before they'll give you a loan - so again, it's sort of like having a record

ircoha

What is HPI: Google suggests Happy Planet Index.?

To the OP, why not borrow from the bank as opposed to the car dealer.
Are you doing a hire-purchase deal, where by you don't actually own the car until the last payment is made.

you could do well with cash.

Youghal

I need some help and advice, Im abit lost, and dont know what to do, and what is the best way to do it.

I moved back from the UK to IRL a few month ago, because I got a good job offer.

I needed a car to go back and forward from work, so I decided to buy a car, a 07 - 08 car.

I am in full time perm. employment and earn good money, never borrowed any money so I thought great, Ill be flying, its going to be easy to get a HPI.

Anyhow, I applied for my HPI and I got declined, reason, I had no credit his.
However they were willing to approve the HPI if I put down 5K, and I have now accepted this.

I am suppose to get my car in Jan. just I need 5K.

What I now did was I went to the local credit union and opened an acc. Over the last 2 weeks I have saved 1000 Euro.

Here in 1 week I am going to go there, asking for a loan for 5K, but what is the BEST possible way I can prepare myself so Im more likely to get a loan? Papers ect...

Bare i mind I have only had the acc. for 2 weeks and saved 1K.

Please give me some advise.

Cheers.

BuffyBot

Threads merged.

Youghal, it's normally not good practice to start a new thread when you have one open about the same issue

Youghal

Sorry ! Im new here, will take that on board

But still need advise :rolleyes:

Lossy

Does HPI mean "Hire Purchase"

If it is hire purchase be very careful. As someone posted, you are just hiring the car until the last payment and invariably there is a balloon (purchase) payment at the end of the term. If you default on any of the payments for whatever reason its possible that the car might be taken from you. I would seriously suggest sticking with a bank/building society/credit union for finance.