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Need a loan

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  • 11-01-2008 1:37pm
    #1
    fippy
    Registered Users Posts: 121 ✭✭


    I have just started a new job (€33000 per annum) but i need a loan of 10000 to buy a car to get to work.....i have just opened this bank account to recieve my wages. will they let me borrow on the strength of my salary or will i have to be with them a certain amount of time?
    Time is against me i nedd this car for work!


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    #2
    Hitchhiker's Guide to...
    Registered Users Posts: 3,322 ✭✭✭Hitchhiker's Guide to...


    Highly unlikely you will get a loan from your bank imo. Would a car dealership be willing to give you a loan on a car you get from them? (i must admit that i don't know much about how that works).

    Also, as an aside, do you need to spend that much on a first car?


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    #3
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    They'll probably look for more of a record I'm afraid before lending. They *may* look at car finance, in which they still remain the owner of teh car until you've paid it off but again without any previous record (with them, or another bank) they might not go for it.

    Have to agree with above, seems a bit excessive for a first car, no?


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Go to your bank and ask. Have a cert from you boss stating perm emp, salary name etc. Its been done for people before, just ask. Cause every bank has a diff lending policy.

    Don't ask for 10k to inc you insurance, it must just be for the car itself.

    Also, yes 10k is alot for your 1st car. If the loan is graned they may only draw down funds against an invoice.


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    #5
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    I'm nearly certain you have to be in your job at least 6 months before they'll even consider you for a loan.

    Financing from the car dealer might be another option.


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    #6
    Barlow07
    Closed Accounts Posts: 480 ✭✭Barlow07


    dublindude wrote: »
    I'm nearly certain you have to be in your job at least 6 months before they'll even consider you for a loan.

    This is correct, they need to see a payment on your salary for six months, after this you should have no problem applying for a loan. I think your best option is to a dealer and look to get finance for 6 months and get a loan to pay it off.

    I think you maybe better getting a car for half this price and you may not the current job and also insurance if its your first car, your age etc. It all adds up in the end.


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    #7
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    dublindude wrote: »
    I'm nearly certain you have to be in your job at least 6 months before they'll even consider you for a loan.

    Financing from the car dealer might be another option.

    Well I can not comment on all banks, I know you can get it done.


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    #8
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #9
    fippy
    Registered Users Posts: 121 ✭✭fippy


    daveirl wrote: »
    This post has been deleted.


    its a car im bringing in from england....its a once in a lifetime deal!

    also i was thinking about getting a garantour?


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    #10
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #11
    eoinf
    Registered Users Posts: 1,285 ✭✭✭eoinf


    hi

    sorry to hijack the thread but i am looking to borrow 10k too. have a decent record with the bank so shouldnt be a problem getting approved .

    just wondering if anyone has any suggestions for the best loan rates for a loan of this amount.

    bank have offered 8.3% APR I must admit i dont know if this is good or not.

    any advice greatly appreciated.

    Cheers

    Eoin


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    #12
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    First port of call should be each of your existing bank's. Banks want business. Ask to meet someone and by giving background information they should be able to ascertian if you are eligible or not. Personally I believe you a better with a term loan rather than car loan or leasing. I want the flexibilty to be able to pay off extra sums or pay off in its entirety. I did this before my SSIA matured. Bought car and car dealers bent over backwards to try and give finance but to get rid of them I said that I worked for bank and they gave preferential rate. I ended up with term loan and told the bank that I would not pay an arrangement fee. Money was approved and interest started ticking. It builds up - have a look at PTSB website to look at sample rates and costs associated. PTSb specialise in car finance, not sure of eligibilty - eoin you wont have problem. Google for lower interest rates and play one off with another eg waiving arrangement fee etc. Word of warning with leasing deal - remember if you get bored of car or crash it dont just hand car back, always sell privately or you will be hosed beyond belief.


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