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Car loan with no credit history

  • 06-06-2018 5:40pm
    #1
    Xylene
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi.

    Is there any chance to get car loan with no savings, no credit history and one missed dd on bank account?
    (I have permanent job, and my wife has permanent job also)
    Did anyone get loan like that?


Comments

  • #2
    Ivefoundgod
    Registered Users, Registered Users 2 Posts: 2,460 ✭✭✭Ivefoundgod


    If you've no credit history at all then you'll struggle to get any decent amount. Savings isn't necessary in all cases, the main thing banks look for is how much is left over from your wages after all bills etc. are paid (rent, utilities, children etc) If you're getting the loan in your own name your wifes wages would only support the application. Your best bet is probably the credit union but they will usually look for 10% of the total loan(or something like that) to be held in the CU you're getting the loan from. If you're only looking for a small amount then chance the banks but honestly with no credit history you'll struggle to get loans for anything over 5k from anywhere unless you've a very good salary.


  • #3
    Cows Go µ
    Registered Users, Registered Users 2 Posts: 902 ✭✭✭Cows Go µ


    I got a car loan 2 years ago for €8,000 with AIB without any credit history. I've always banked with them so just applied online and they approved it right away. Although I have always saved more than the monthly repayments so that could have worked in my favour. If you are having trouble, maybe try through your existing bank or at least have a chat with them to see what your options are


  • #4
    sparksfly
    Registered Users, Registered Users 2 Posts: 552 ✭✭✭sparksfly


    http://www.payasyougoauto.ie/web/how-it-all-works/

    This might be of interest to you.


  • #5
    GavRedKing
    Registered Users, Registered Users 2 Posts: 53,262 ✭✭✭✭GavRedKing


    The Fiancee was getting a Polo GT about 2 years ago at this stage, full time employment 8 years with the same company and VW Bank didnt want to know, even with about 20% of the value of the car being offered up as a deposit.

    She went online and got what she needed through AIB within hours.


  • #6
    easyvision
    Registered Users, Registered Users 2 Posts: 244 ✭✭easyvision


    Exact same experience with VW bank they turn down alot of people where AIB accepted me for 18k with zero loan history in matter of minutes and wasnt even in full time employment. AIB will throw money at you. If you can make the payments AIB seems handy


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  • #7
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    What interest rates are the regular banks approving at? I'd bet the interest rates are higher from them than the likes of VW Bank, to take into account the higher risk. I'd say the likes of VW Bank have stricter borrowing criteria on lower rate credit.


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