Applying for my first car loan!

py2006

Hi guys,

I am looking into applying for a car loan. I am looking for about 10,000 - 15,000. But I am not sure how much I would be entitled too.

I am 28, I have never had a bank loan in my life. No mortgage. I have had a couple of small credit union loans but they were only for a grand.

How easy/hard is it to get a loan for that amount. I aint earing a huge amount.

When you apply online or over phone for a loan do they want to see banks statments, pay slips etc etc afterwards?

Please advise me
Thanks

py2006

yea thanks guys! :rolleyes:

BuffyBot

You've heard the saying "Patience is a virtue" I'm sure. Not everyone is here 24/7 waiting to answer your question you know.

How easy/hard is it to get a loan for that amount. I aint earing a huge amount.

Generally, the amount the bank will lend will depend on your capacity to reply - i.e. your income. Your prior relationship with your bank may also influence the desicion.

When you apply online or over phone for a loan do they want to see banks statments, pay slips etc etc afterwards?

Yes, why wouldn't they?

Splendid

Went throught this a while ago.
Got turned down by everyone as i had no credit rating.
Always had a credit union loan, as opposed to a bank loan.

Rang NIB, got accepted for 15K. They needed a utility bill, 3 months payslips and 6 months bankslips.

ekelly

Go for a credit union loan. I have had a few loans out in the past for 2 grand and lower. Managed to get 30,000 over 5 years from them at the start of this year. They never asked for proof of earnings or banks statements. The loan was approved within a couple of days.

0utshined

With a Credit Union loan you have to keep funds on deposit though, don't you? This is going to affect the actual interest rate you get charged.

OP, Credit Unions aren't part of the ICB so the banks won't know that you've had these loadns and paid them back woithout prroblems. Regardless of whetther you call in to your branch or apply over the phone, they're going to want to see a six months history of your account to see how you manage your cash. If you're applying with your own bank they'll already have this but for another bank you'll have to provide it.

IIRC they'll give you a car finance loan rather than a personal loan for a car so you don't own the car outright until that's paid off. In any event you will most likely need to pay some of the cost yourself.

Best of luck,
0.

py2006

AIB just gave me a 15,000 car loan over the phone. They didn't ask to see any statements etc. However, I have an AIB account so I guess they know what I am earning etc

py2006

ekelly wrote:

Go for a credit union loan. I have had a few loans out in the past for 2 grand and lower. Managed to get 30,000 over 5 years from them at the start of this year. They never asked for proof of earnings or banks statements. The loan was approved within a couple of days.

I only have 1500 in the credit union, I doubt the would give me much more than 10,000

qwertz

Probably off-topic but why do you want to take out a loan to buy a car? Would a cheaper car not do?

0utshined

py2006 wrote:

AIB just gave me a 15,000 car loan over the phone. They didn't ask to see any statements etc. However, I have an AIB account so I guess they know what I am earning etc

I'd say so, they can see how you're managing your account. Congrat's anyway,what are you going to get?

BuffyBot

AIB just gave me a 15,000 car loan over the phone. They didn't ask to see any statements etc. However, I have an AIB account so I guess they know what I am earning etc

Remember, that unlike a unsecured personal loan, car finance packages use the car as security, which is why car finance is sometimes easier to get.

Lord Nikon

Your 28, do you live at home? My first suggestion would be to get a deposite up for a house, then worry about a car.

py2006

I'm looking to get an MX5 or maybe even an MR2 but that could just be a dream.

I still live at home yes but I couldn't be arsed forking out 25 grand for a deposit and having to pay 1200 a month for a fecking mortgage.

Dad has his house paid off, so I could get him bumped off or thrown into a home so I can keep it myself He is only 58 but I am sure they will take him in hehe

Lord Nikon

py2006 wrote:

I still live at home yes but I couldn't be arsed forking out 25 grand for a deposit and having to pay 1200 a month for a fecking mortgage.

Tell me about it, I need to move out too. Damn, i've had the same car for the past 5 years.