New car

return guide

Having heard some horror stories regarding the credit crunch, is it possible to get a loan for a car?

I am looking for 7.5k, whre is the best place to start?

Thanks

mickdw

Do you have a PERFECT credit history?
Do you have a secure job?
Do you have some savings?

If yes to the above, You should be fine.
If no, it will be difficult.

Lanciahead

The bigger finance companies are turning down approx 70% of all applications at the moment, including "blue chip" customers. A lot of people are relying on their credit unions

Barr

If ur part of the credit union , its ur best option.

Drummerboy08

Im not so sure how bad it is at the minute.

We recently got someone who I never expected to get finance. She had a car that was in negative equity, loans from the credit union and bank already to a sizeable sum, was employed in the motor trade, and her husband had only started working recently after almost a year off. Very little savings.

Approved first time round.

Taking from that, well I dunno what to take actually. We still find it hard to get some customers approved, but the ones you dont expect to be approved are getting approved.

Try and find out is the best answer.

Mr Benevolent

Unfortunately the credit unions are going to the wall as well... think abut it, loads of unsecured little loans over the last five years, people can't pay them off. They're not talking to the media about the problem because it'd trigger a mass withdrawal of savings. Bottom line, it'll be just as tough to get a loan from the CU. I suggest buying a cheaper one based on savings if possible.

roosterman71

Finance is available. I know of a girl who just got 10k to buy a car. She'd no savings at all

Saruman

I got about 6k from the credit union without issue recently. I already had a loan with them and just topped it up. I pay the same as I did before, it has just added on to the loan term. In fact when they first gave me the proposal the monthly repayments would have been half what I currently pay and I told them to keep it at the much higher payment so I can pay it off quicker.

Credit unions are great, though confab are you sure credit unions are going under? They are not for profit organisations so they only loan the money they actually have out to people and are flexible in repayments so no one should be defaulting on loans with them. At worst they stop paying for a month or so and then make up the arrears without penalty when they can afford it.

I know that from experience as I had to stop payments to them a while back due to an unexpected (unanticipated) lack of money for a month or two. and I just made it up over the following months.

StephenM_smc

I recently got finance for slightly more than that from Ulster Bank. They had no major issues, apart from needing a guarantor given the fact I am a student customer. I am also a business customer with them which may have helped the application.

There's no harm having a chat with your bank and see what they say, they should give a reasonable indication of whether an application would be successful or not.