How Easy Is It? Banking Question

[Jade&Evie]

One of my friends wants to buy a car; its not new- its being sold privately so she can't get it on finance. I live by the rule- if you can't afford it dont buy it but she wants to get a £7500 loan to buy it.

How easy is it to get a loan at the moment? I thought that the banks had stopped lending She's only 21 but she does have a good credit report.

I think she's crazy

 

[Meggiewoo]

As long as shes got a decent enough salary and good credit she should get it.

Kim x x x

 

[MrsBrightside]

my sister in law tried to get a bank loan for a car recently for about £5,000. Shes got a full time job, good credit history and she got knocked back by loads of banks!!! she gave up in the end and got it on finance!

 

[Meggiewoo]

my sister in law tried to get a bank loan for a car recently for about £5,000. Shes got a full time job, good credit history and she got knocked back by loads of banks!!! she gave up in the end and got it on finance!

Aw thats rubbish!!

Kim x x x

 

[Sherlock]

TBH I'd not be keen to spend £7,500 on a car atm. Especially aged 21 when insurance is higher.

With a recession ongoing spending that kind of money is risky. I'd be looking to buy the same car only older and spending a lot less. You can still get a good car for half that money.

If she applies for the loan and gets knocked back don't forget it goes on her credit history for a while that applicatoins were made and declined.

Also its the amount the repayments will be over the payback period. That's a lot of cash to find each month plus interest.

 

[Charlie:-)]

Not all banks are in the same sh*t as HBOS, RBS basically the big 5.

I work for a bank and we just announced our year end results and we have made a healthy profit and are in a great position financially because we dont have to rely on lending money from other banks. We have a lot of deposits to help balance out the money which is lent out in loans, mortgages etc.

If your friend approaches a smaller bank/building society then she will have more chance than if she were to approach one of the top 5 cause they are still cautious when it comes to lending. She could also speak with the staff in the branch first before going through with the application, they will be able to give her a better idea on whether her app will be accepted or not.

 

[Slinky Sarah]

Not all banks are in the same sh*t as HBOS, RBS basically the big 5.

I work for a bank and we just announced our year end results and we have made a healthy profit and are in a great position financially because we dont have to rely on lending money from other banks. We have a lot of deposits to help balance out the money which is lent out in loans, mortgages etc.

If your friend approaches a smaller bank/building society then she will have more chance than if she were to approach one of the top 5 cause they are still cautious when it comes to lending. She could also speak with the staff in the branch first before going through with the application, they will be able to give her a better idea on whether her app will be accepted or not.

Can i ask which bank you work for?

Pretty much every bank is in the shit or getting their unfortunatly as people are panicing and not spending.

Go out and spend people!!! That will boost the economy and get confidence back!!!

 

[scones]

Thats a lot of money for a 21 yr old to borrow, we have just borrowed £5000 from barclays for a car loan, got accepted the same day and the money came through very quickly, we are paying it off over 4 yrs which is about 130 a month, we only did this because we knew we could manage it though, and only because we HAVE to have a car, not because we want one. Maybe she could look for something a bit cheaper, be warned though, the car companies interest rate is soooo much higher than the bank!

 

[Charlie:-)]

[quote="Charlie":1sb3ubgc]Not all banks are in the same sh*t as HBOS, RBS basically the big 5.

I work for a bank and we just announced our year end results and we have made a healthy profit and are in a great position financially because we dont have to rely on lending money from other banks. We have a lot of deposits to help balance out the money which is lent out in loans, mortgages etc.

If your friend approaches a smaller bank/building society then she will have more chance than if she were to approach one of the top 5 cause they are still cautious when it comes to lending. She could also speak with the staff in the branch first before going through with the application, they will be able to give her a better idea on whether her app will be accepted or not.

Can i ask which bank you work for?

Pretty much every bank is in the sh*t or getting their unfortunatly as people are panicing and not spending.

Go out and spend people!!! That will boost the economy and get confidence back!!![/quote:1sb3ubgc]

I work for National Australia Bank who own Yorkshire & Clydesdale Bank, and the info I'm getting from the big wigs and the press statement released 3 weeks ago is that we are in a very healthy position and made a good profit in difficult times purely because they don't rely on borrowing money from other banks.

 

[Slinky Sarah]

[quote="Slinky Sarah":30k25v9f][quote="Charlie":30k25v9f]Not all banks are in the same sh*t as HBOS, RBS basically the big 5.

I work for a bank and we just announced our year end results and we have made a healthy profit and are in a great position financially because we dont have to rely on lending money from other banks. We have a lot of deposits to help balance out the money which is lent out in loans, mortgages etc.

If your friend approaches a smaller bank/building society then she will have more chance than if she were to approach one of the top 5 cause they are still cautious when it comes to lending. She could also speak with the staff in the branch first before going through with the application, they will be able to give her a better idea on whether her app will be accepted or not.

Can i ask which bank you work for?

Pretty much every bank is in the sh*t or getting their unfortunatly as people are panicing and not spending.

Go out and spend people!!! That will boost the economy and get confidence back!!![/quote:30k25v9f]

I work for National Australia Bank who own Yorkshire & Clydesdale Bank, and the info I'm getting from the big wigs and the press statement released 3 weeks ago is that we are in a very healthy position and made a good profit in difficult times purely because they don't rely on borrowing money from other banks.[/quote:30k25v9f]


im with them (yorkshire bank) lol. I said most banks not all, a few have had their heads screwed on properly and not given 100%+ mortgages in the past, yorkshire being one of them

Definatly a good bank to be with

 

[Charlie:-)]

[quote="Charlie":2fgvwkd1][quote="Slinky Sarah":2fgvwkd1][quote="Charlie":2fgvwkd1]Not all banks are in the same sh*t as HBOS, RBS basically the big 5.

I work for a bank and we just announced our year end results and we have made a healthy profit and are in a great position financially because we dont have to rely on lending money from other banks. We have a lot of deposits to help balance out the money which is lent out in loans, mortgages etc.

If your friend approaches a smaller bank/building society then she will have more chance than if she were to approach one of the top 5 cause they are still cautious when it comes to lending. She could also speak with the staff in the branch first before going through with the application, they will be able to give her a better idea on whether her app will be accepted or not.

Can i ask which bank you work for?

Pretty much every bank is in the sh*t or getting their unfortunatly as people are panicing and not spending.

Go out and spend people!!! That will boost the economy and get confidence back!!![/quote:2fgvwkd1]

I work for National Australia Bank who own Yorkshire & Clydesdale Bank, and the info I'm getting from the big wigs and the press statement released 3 weeks ago is that we are in a very healthy position and made a good profit in difficult times purely because they don't rely on borrowing money from other banks.[/quote:2fgvwkd1]


im with them (yorkshire bank) lol. I said most banks not all, a few have had their heads screwed on properly and not given 100%+ mortgages in the past, yorkshire being one of them

Definatly a good bank to be with [/quote:2fgvwkd1]

We are an award winning mortgage lender Im proud of who I work for especially in these times, you have your money with a great bank in todays market and Im not being biased because I work for them, I truly believe that.