how to finance a new car without the banks knowing?

jon1981

hi,

is there anyway of financing a new car or getting a loan without the banks knowing? see i have a mortgage approval, but i might need a new car, if i get a loan the banks wont give me as much for the mortgage, how can i get around this? what other finance options are there?

kmart6

Loan Shark:rolleyes:

v240gltse

hi there,

what about your local credit union. I also found mine to be fantastic in helping out ??

regard

jon1981

v240gltse wrote: »

hi there,

what about your local credit union. I also found mine to be fantastic in helping out ??

regard

can the banks now find out if you have a loan with them?

Ferris

I don't think they can, not certain however.

testicle

There's an organisation in this county called the Irish Credit Bureau. Every loan/credit card/HP/etc you take out/apply for is noted here, and checked against when you apply for credit. This includes credit union loans.

Henry Ford III

Do not over borrow. It's utter madness at this point of the economic cycle.

If you need to conceal stuff like this to ensure a loan offer isn't reduced/withdrawn, think very carefully.

Genuine advice.

bazzachazza

testicle wrote: »

There's an organisation in this county called the Irish Credit Bureau. Every loan/credit card/HP/etc you take out/apply for is noted here, and checked against when you apply for credit. This includes credit union loans.

Here is a list of institutions that report loans to the ICB.

ACC Asset Finance (De Lage Landen (Ireland)) AIB Bank AIB Finance and Leasing AIB Credit Cards Anglo Irish Bank Corporation ASTI Credit Union Ballybay Credit Union Bank of Ireland Bank Bank of Ireland Credit Cards Bank of Ireland Direct Bank of Ireland Finance Bank of Scotland (Ireland) Banking 365 Barclaycard Bord Gais Finance Carlow District Credit Union Carrickmacross Credit Union Cashel Credit Union Castlebar Credit Union Castleblayney Credit Union Caterpillar Financial Services CIT Group Finance Ireland Clydesdale Financial Services CNH Capital Coolock-Artane Credit Union Creation Financial Services (formerly Open + Direct) Danske Bank (formerly National Irish Bank) De Lage Landen (Ireland) Deutsche Leasing Ireland Educational Building Society E-Services & Communications Credit Union Ltd Exchange Insurance Company Fexco Asset Finance (formerly BNP Capital Finance) Fiat Auto Financial Services First Active First Active Credit Cards Ford Credit Europe Friends First Finance Fresh Mortgages GE Money Haven Mortgages Ltd HFC Bank ICS Building Society IIB Bank IIB Finance IIB Homeloans Irish Nationwide Building Society (INBS) Leeds Building Society Lombard and Ulster Banking M.P.C.C. Credit Union MBNA Europe Bank Monaghan Credit Union National Credit Finance National Irish Bank (now Danske Bank) New Ross Credit Union Nua Home Loans Permanent TSB Permanent TSB Finance Plassey Credit Union Portlaoise Credit Union Postbank Ireland Ltd Roscrea Credit Union Royal Bank of Scotland Group Sandymount Credit Union St Brigid’s Credit Union St Dominic’s Credit Union (Waterford) St Joseph’s Aviation Credit Union St Raphael’s Credit Union Start Mortgages Springboard Mortgages Stepstone Mortgages Tesco Personal Finance Tipperary Credit Union Tullamore Credit Union Ulster Bank Ulster Bank Credit Cards Volkswagen Bank GmbH Waterford Credit Union Western Finance

jon1981

Henry Ford III wrote: »

Do not over borrow. It's utter madness at this point of the economic cycle.

If you need to conceal stuff like this to ensure a loan offer isn't reduced/withdrawn, think very carefully.

Genuine advice.

i wont over borrow. to be honest id be only looking for a few grand. its just even a loan of 3k can knock about 40k off the mortgage a bank would give you.

Anan1

Henry Ford III wrote: »

Do not over borrow. It's utter madness at this point of the economic cycle.

If you need to conceal stuff like this to ensure a loan offer isn't reduced/withdrawn, think very carefully.

Genuine advice.

Good advice. I'd go further and say that it's madness to buy property at the moment.

Henry Ford III

jon1981 wrote: »

.......Its just even a loan of 3k can knock about 40k off the mortgage a bank would give you.

There are good reasons for this. If you are highly geared borrowing wise, any additional monthly repayments will limit you repayment capacity.

Car depreciation really is a revenue expense, and should be paid for out of revenue income, and not capital borrowings, however minor these may seem.

I'm not trying to lecture here.

Tred carefully.

miju

jon1981 wrote: »

hi,

is there anyway of financing a new car or getting a loan without the banks knowing? see i have a mortgage approval, but i might need a new car, if i get a loan the banks wont give me as much for the mortgage, how can i get around this? what other finance options are there?

In all fairness if a bank reduces the amount it's willing to lend you based on an extra loan you take out it's for a bloody good reason (apart from the legal potential fraud implications).

Grow up and show some financial and general cop on will you.

Seth Brundle

Your mortgage shuld be the priority here. Get that drawn down first and then worry about the car and whether you can or cannot afford it (taking the above advice into account).
I know a few people who had mortgage approval only for the banks to turn around and withdraw their approval just like that!

Scottie99

If your really wanting to go down this line then I'd get your Mortgage approval sorted i.e all checks done statements etc. Once agreed by the bank take a loan out.

Be careful though I can see rates rise as the Central bank try to suppress inflation due to the knock on of Oil prices

jon1981

miju wrote: »

In all fairness if a bank reduces the amount it's willing to lend you based on an extra loan you take out it's for a bloody good reason (apart from the legal potential fraud implications).

Grow up and show some financial and general cop on will you.

hey wind your neck in, im not looking for a lecture, im well aware of my affordability and the ability to manage my finances. Im only trying to find out if theres a way of taking a loan or another finance options (legal) that will not affect my mortgage offer, and i know peoples opinions on the current housing market, im not looking for advice on this.

Lord Nikon

Once you get the mortgage, and i mean when your solicitor has the cheque, then go for the car loan. shouldnt be any problem then.

bazzachazza

I got my car in March of 2005 and got the cheque for my mortgage in June 2005 and there was no problem whatsoever. I had received formal approval for my mortgage in late Feb 2005.

If you want a car only go for a loan after they have done the credit search for your mortgage and you have got formal approval for the mortgage.

It's always amazing how people jump into stuff with both feet and comment/lecture without knowing the full details.

How someone runs there personal finances is entirely up to them. If they make a balls of it thats there look out not yours.

As long as you feel you can pay off both loans and any possible worse case scenario increases etc with comfort then i would recommend using a credit union.

Remember most CU's will only give a loan with at least 13 weeks regular savings.

So say you save €2000 and get a loan for €6000 over three years you only have to pay back €4000 and fore go your savings to clear the rest or pay the entire loan over the three years and you will still be left with rainy day savings.

Good luck with what ever you choose.

Seth Brundle

bazzachazza wrote: »

If you want a car only go for a loan after they have done the credit search for your mortgage and you have got formal approval for the mortgage.

With the credit crunch, banks have been changing their minds with regard to mortgage approval. Until you have the money they can still change their mind.

Anan1

I never thought i'd say this, but now seems to be a good time to buy a car and a bad time to buy property.