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Turn Down On a Loan

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  • 29-10-2009 1:17pm
    #1
    ki
    Registered Users Posts: 532 ✭✭✭


    I am in full time employment.
    I have no debt.
    I requested a 14000 car loan from AIB(I've always banked with them).
    Clean Credit Bureau History

    REFUSED

    Because I've no track record of paying back a loan.

    Banking system my Arse


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    ki wrote: »
    I am in full time employment.
    I have no debt.
    I requested a 14000 car loan from AIB(I've always banked with them).
    Clean Credit Bureau History

    REFUSED

    Because I've no track record of paying back a loan.

    Banking system my Arse


    in fairness they are right... you have no track record and you want €14k... go get a loan off them for a couple of grand and clear it off in few months with them... get a credit card and use it and pay it off...

    I work in this area and I personally feel we got into a big mess due to irresponsible lending as many others do too.. seems like your bank are being responsible enough in this case.


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    #3
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    Yeah it's a joke isn't it- 14k for someone in full time job and clean history.

    Credit union will look after you. Your savings are better off there too, why hand over deposits to banks after this?


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    #4
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    Did 14,000 euro stop being a lot of money when I wasn't watching?
    Chris85 is bang on, Just having money doesn't necessarily prove to the bank that you'll repay their loan on time, take a smaller loan if possible, or go to a different lender.

    Is it a new car? Maybe they won't loan so much for a new car as they'll never be able to sell it for the amount they're owned if you stop paying.


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Ste.phen wrote: »
    Did 14,000 euro stop being a lot of money when I wasn't watching?
    Chris85 is bang on, Just having money doesn't necessarily prove to the bank that you'll repay their loan on time, take a smaller loan if possible, or go to a different lender.

    Is it a new car? Maybe they won't loan so much for a new car as they'll never be able to sell it for the amount they're owned if you stop paying.

    yeah especially for a car which completely drops in value the moment its bought. I think the banks are right here.

    The CU might help but will still want a credit history and will also want you to be saving with them for a few months.

    Solve the issue and just get a guarantor to sign on the dotted line


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    #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    If they've turned you down for the loan, see if they'll be willing to do finance on the car for you. It's hire purchase, but at least they'd have the car as security. I've dealt with a couple of customers in your position and this solution worked out well for them.


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    #7
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    how does interest on higher purchase compare to personal loans?


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    #8
    VB1962
    Closed Accounts Posts: 32 ✭VB1962


    little more information please.....

    How full time is the job? How stable?
    What does it pay?
    Do you have any expenses?
    Are you putting any money into the deal?
    Age / Condition of car? Will it last the lifetime of the loan?
    Approx annual running costs - insurance / tax / petrol / servicing / maintenance?
    Can you actually afford the repayments?
    Clean credit bureau but no record of repaying a loan - you mean no credit bureau record...

    You are looking for 14,000 unsecured - would you lend it to a stranger?

    Sorry to seem harsh but these are the kind of details a lender considers - what about try looking at ba leasing arrangement - similar interest but at least the lender has the security of the car's value .


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