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Another Car Loan

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  • 24-09-2008 12:20pm
    #1
    fifth
    Registered Users Posts: 3,135 ✭✭✭


    Hi,

    Currently have a car loan with the credit union and have been paying it off for a few years now and looking to upgrade the car so wanting another ten grand or so on top of my loan at the moment.

    I applied to the bank of ireland for a loan first but they turned me down today, i have regular income, always have, and living at home with family etc. But I do have an overdraft facility which I use sometimes and I think this might be why they turned me down..

    So what are my options? Can I apply to another bank even though I'm not a customer of theirs? I don't want to stuff up my ICB by making too many applications for credit.

    Any ideas?

    Thanks


Comments

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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    an EXTRA 10k over 5 years will cost you over €200 a month - yet you would struggle with havig to pay an extra €30 a week to credit union - it seems like you have answered your own question (unless I misunderstand you)


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    #3
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    Have a look here altho this:
    homer911 wrote: »
    an EXTRA 10k over 5 years will cost you over €200 a month - yet you would struggle with havig to pay an extra €30 a week to credit union - it seems like you have answered your own question (unless I misunderstand you)

    is a very valid comment


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    #4
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    Yeah, I typed this up in a rush before I had to go back to work sorry. Disregard that last part..

    I've put in an application to tesco loans.. and this is the last one i'm trying now.. Anyone know how quick they are to get back?


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    funkyflea wrote: »
    Yeah, I typed this up in a rush before I had to go back to work sorry. Disregard that last part..

    I've put in an application to tesco loans.. and this is the last one i'm trying now.. Anyone know how quick they are to get back?

    I'd guess that a few of the following was evident in your case
    - your repayment capacity was tight
    - you're only new to your job.
    - no real savings or capacity to save.
    - first loan.
    - overdraft or are you forcing credit (actually you would want to check that one out i.e do you have an authorised o/d facility)

    Am I even nearly right?

    As Tesco, not so quick.


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    #6
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    I'm in my job a year now.. and I do have an overdraft, it is authorised but I did go over it by about 20 euro on one or two occasions..

    No savings with bank but have some with credit union.

    I have had a credit card with a few hundred euro on it since xmas I suppose that doesn't go in my favour either.

    Ah well.

    Cheers


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    #7
    romah
    Closed Accounts Posts: 150 ✭✭romah


    Have you asked the Credit Union to top up your loan yet..!!!

    Seems like the simplest solution to me . You dont have to have all your loan paid off to get another...


    My reasons

    1. You have a credit history built up with the last loan ..
    and
    2. it will probably work out cheaper in the long run ..no penalties , charges etc.


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