need 10k pretty quickly, where to go ?

Eric Cartman

right i need 10k by the end of the week, thursday if possible, its for a car and some other bits too,

im 18 and in full time employment for 2 months, i have 2 months sallary gone into bank account and work will give a copy of my contract, i have no credit history and my bank (BOI) still thinks im a 3rd level student,

wheres the best place for a loan of this nature `??

zAbbo

Your parents?

Hogzy

Credit Union...

Once they see your a human being they will hand you money! well thats in the old days aka 2years ago when i got a loan!
Dunno if its still like that, check different branches tho for the best deal believe it or not they all offer different rates!

jetski

Apply for a credit card and ask for a 10k limit or if they give you less apply for two! i dont think you will get the cash before thursday its very little notice TBH

Puteq

I know this wont help but i think it should be said, credit union will rob you blind, i think when i went looking for a loan last time they offered it to me allright, at something like 19% interest. credit card is a bad way of getting a loan too cos of high interest as well, tho if you are in a real rush you could go the credit card route to get the cash ASAP, then arrange a bank loan at a reasonable interest rate and pay off the credit card. nobody is going to give you cash that fast though except parents as another poster said ...

methinks what with the economy and all that lark we keep hearing about on the news though, getting a loan from anyone will be difficult right now :-(

cullig_jp

Your best bet is the credit union really id say. I think they'll give you 3 times your savings for your first loan. Tis short notice though. Good luck:)

311

Puteq wrote: »

I know this wont help but i think it should be said, credit union will rob you blind, i think when i went looking for a loan last time they offered it to me allright, at something like 19% interest.

Thats sounds ridiculous ,how is that interest calculated ?

mr kilo

do you own a balaclava by any chance

Thomas_S_Hunterson

Puteq wrote: »

I know this wont help but i think it should be said, credit union will rob you blind, i think when i went looking for a loan last time they offered it to me allright, at something like 19% interest.

That doesn't sound right.

What was the APR?

mr kilo

i could loan you the money.


100percent interest.

Eric Cartman

i think im just gonna have to wait, i applied for a BOI loan last week, havent got the descision yet, but ive been informed that my accounts student status and only having 2 months sallary will work against me

seamus

Don't be so eager to rush into debt.

That car will still be there next week, and if you've a decent enough job and no previous credit problems the bank will give you the cash.

Any other options will usually come with a price.

angelfire9

Eric Cartman wrote: »

right i need 10k by the end of the week, thursday if possible, its for a car and some other bits too,

Buy a cheaper car! Your 18 what do you want a 10k car for? Or is it the "other bits" that are expensive?


Getting yourself into 10k of debt at the age of 18 for a car is madness

stepbar

Eric Cartman wrote: »

i think im just gonna have to wait, i applied for a BOI loan last week, havent got the descision yet, but ive been informed that my accounts student status and only having 2 months sallary will work against me

If you applied last week and didn't get a decision yet, I can safely say it was declined. Ring your branch and quote your reference number.

Finally, if you do get it I would be very suprised. Being a lender for said bank, I wouldn't have put the application up at all. Looks like some lenders don't know how to say no.

My advise (for what it's worth), you would need mandated wages coming into your a/c for at least 6-12 month (pref 12), no excesses or forced credit, bounced d/d / s/o's and a clear repayment capacity.

stepbar

Puteq wrote: »

I know this wont help but i think it should be said, credit union will rob you blind, i think when i went looking for a loan last time they offered it to me allright, at something like 19% interest. credit card is a bad way of getting a loan too cos of high interest as well, tho if you are in a real rush you could go the credit card route to get the cash ASAP, then arrange a bank loan at a reasonable interest rate and pay off the credit card. nobody is going to give you cash that fast though except parents as another poster said ...

This is the worst advise ever.

Toots

Just one from left field here, but would your parents be willing/able to get the loan and then you pay them back the same amount as their repayments would be? My Dad did this for me when I started my job, as I needed a car to get to work, but couldn't get a loan because my wages hadn't started coming in yet. (I didn't even bother applying, I'd just started work in the bank so I knew what the answer would be)

Only thing was tho, I only borrowed €5000. A €10k loan at 18 is a huge comitment, do you definitely need that much? You might find BOI would approve you for a smaller loan, so you could at least get yourself a car to get you from A to B, then trade up in a few years.

Eric Cartman

angelfire9 wrote: »

Buy a cheaper car! Your 18 what do you want a 10k car for? Or is it the "other bits" that are expensive?


Getting yourself into 10k of debt at the age of 18 for a car is madness

8.5k for the car, 1.5k for the insurance , also i could pay back 1000 euro a month and still live quite well, im taking the loan for 3 years but i aim to have enough money to pay it all off in 1 (variable rate, minimal penaltys to pay off)

everybody else : changing to a different car is not really an option, when giving advice forget its a car, its for my business, a commercial vehicle , would a business loan be easier to acquire ?

KillerShamrock

Eric Cartman wrote: »

8.5k for the car, 1.5k for the insurance , also i could pay back 1000 euro a month and still live quite well, im taking the loan for 3 years but i aim to have enough money to pay it all off in 1 (variable rate, minimal penaltys to pay off)

everybody else : changing to a different car is not really an option, when giving advice forget its a car, its for my business, a commercial vehicle , would a business loan be easier to acquire ?

Possibly if you open a business account and get the business starter pack you could get the car on finance (with a bank well BOI at least, you own the said car from day 1 the finance not secured against it) or with a business start up loan but you really need to talk to a business adviser about that.

Go to your local branch and find out is the best advice anyone here can offer

IsThatSo?

If you are buying from a dealer they usually have a finance package available. They always say it to me when I buy a car so check that one out. Usually salary needs to be mandated to your account for 6 months, for banks that is, finance companies might want more and may charge you a higher interest rate. Its another option to look at. Also, if you did go with finance via the dealer (or whoever they use) it might take pressure off you to have it sorted for Thursday as they would know it was underway and wait for that response. Its another option to look at anyway

Eric Cartman

cheers IsThatSo, problem is car is in the UK so im not getting finance from there, id rather avoid the hire-purchase route , that means the finance company owns the car till ive got it paid off, id rather get a loan, does anyone know are tesco finance quite strict ?


also what if i got the loan co-signed by someone with decent credit and years of sallary being paid in, would that work ?

IsThatSo?

Getting a Guarantor should work. I know that you are short on time now as today is Wednesday. Ring AIF, they usually give an answer in 24 hours. You can then sign the documents at a branch of your choice and that branch will also have a Guarantor form.

You will have to bring the Guarantor with you though, and both of you will have to bring ID. I would recommend both of you bringing your passport/driving licences and a recent utility bill, just to cover all angles and prevent delays.

The above is assuming, of course, that your company of choice is willing to take a Guarantor. As you are going though the loan application process talk to them about this as it will speed up the decision for you if they have all information at the beginning.

I have had several car loans with AIF and found them good. You can tryany other company of your choice, I am not pushing them, its just the only one I have used. They do do HP and lease agreements, but they also do straight up car loans and specifify that this is what you want, whomever you deal with.

Good luck

Puteq

stepbar wrote: »

This is the worst advise ever.

Why is it such bad advice? I would straight away say - if you want a car, save money for it and buy it in cash, everythig else is more inefficient monetarily speaking, and i agree with other posters that getting that much into debt is a bad idea just for a car. then again i didnt want to sound like the OPs mother so i didnt belabour the point. However it is true, the worst way to get a loan of cash is to use a credit card, since it is one of the higher interest rates. So i would stick to what i said, if you have a huge debt on a credit card, get a bank loan at a lower interest rate to clear it. then again if you are the kind of person who is going to go on a spending spree with your credit card now that its clear again the yes that would be a bad idea!

oh - and i should make a clarification, y credit union was 'only' going to charge me something like 9%, not 19%, i was just so shocked by it i think i exagerated it to myself in my mind sorry!

Toots

Eric Cartman wrote: »

cheers IsThatSo, problem is car is in the UK so im not getting finance from there, id rather avoid the hire-purchase route , that means the finance company owns the car till ive got it paid off, id rather get a loan, does anyone know are tesco finance quite strict ?


also what if i got the loan co-signed by someone with decent credit and years of sallary being paid in, would that work ?

I'm not sure how strict Tesco finance are, but if you need €10k quick, they're definitely the last place you should be looking for it!! :pac:

Bottle_of_Smoke

stepbar wrote: »

If you applied last week and didn't get a decision yet, I can safely say it was declined. Ring your branch and quote your reference number.

Finally, if you do get it I would be very suprised. Being a lender for said bank, I wouldn't have put the application up at all. Looks like some lenders don't know how to say no.

B365 by the sounds of it.

Bottle_of_Smoke

Eric Cartman wrote: »

8.5k for the car, 1.5k for the insurance , also i could pay back 1000 euro a month and still live quite well, im taking the loan for 3 years but i aim to have enough money to pay it all off in 1 (variable rate, minimal penaltys to pay off)

everybody else : changing to a different car is not really an option, when giving advice forget its a car, its for my business, a commercial vehicle , would a business loan be easier to acquire ?

Aside from very exceptional cases they'll need to see a turnover pattern for the business before they consider giving you a loan for it. They'll also base their decision on how much you've invested in your business yourself & your previous banking record.

also what if i got the loan co-signed by someone with decent credit and years of sallary being paid in, would that work ?

That would work in your favour.

nogoodnamesleft

Puteq wrote: »

Why is it such bad advice? I would straight away say - if you want a car, save money for it and buy it in cash, everythig else is more inefficient monetarily speaking, and i agree with other posters that getting that much into debt is a bad idea just for a car. then again i didnt want to sound like the OPs mother so i didnt belabour the point. However it is true, the worst way to get a loan of cash is to use a credit card, since it is one of the higher interest rates. So i would stick to what i said, if you have a huge debt on a credit card, get a bank loan at a lower interest rate to clear it. then again if you are the kind of person who is going to go on a spending spree with your credit card now that its clear again the yes that would be a bad idea!

oh - and i should make a clarification, y credit union was 'only' going to charge me something like 9%, not 19%, i was just so shocked by it i think i exagerated it to myself in my mind sorry!

The credit union had some of the best rates. Something like 7.2 APR I saw recently that they are still around the 7 mark. Car finance at the dealer would be deared. There are differing rates for different type of loans be it personal or car loans, BTW the credit union requested to see some proof of the intended purchase, I actually already had it bought ( had to pay VRT) so showed them the sales invoice and told them I had to pay the government its pound of flesh. I have been a member for a few years other wise they will want to know you annual income and expenditure.

stepbar

Bottle_of_Smoke wrote: »

B365 by the sounds of it.

Don't get me started. Probably was

Puteq

nogoodnamesleft wrote: »

There are differing rates for different type of loans be it personal or car loans

Actually you are correct here i should acknowledge, i spoke ill of the credit union earlier cos they were offering me a loan at 9%, but i was looking for a loan to complete a house build, they did say it would be cheaper for other things...

Kinetic^

You should buy the car. It will teach you a lesson in how depreciation works and how you will get screwed over when you come to sell it.

Alternatively, buy a car for 1000 that you can get in 2/3 months after saving for it and save yourself from giving interest to the wbankers.

seamus

Kinetic^ wrote: »

You should buy the car. It will teach you a lesson in how depreciation works and how you will get screwed over when you come to sell it.

Alternatively, buy a car for 1000 that you can get in 2/3 months after saving for it and save yourself from giving interest to the wbankers.

Indeed, I would strongly recommend going fairly cheap for your first two cars at least. You will bump them into things. You will be too lazy to repair/wash/clean them. Better to have a small dent in a cheap car than a small dent in an expensive one.