I was saving away alright but I do the food shop every week and then I’d get clothes for work etc also. I could save more but don’t go out or get takeaways or go on holidays no mortgage so spend instead of saving for those things. I can afford the loan no bother but need car as soon as possible. I just didn’t think bank would look unfavourably on spending. I’m not a natural saver I don’t get joy from seeing it build up at all.Perhaps stop spending mindlessly & start saving?
Best advice I ever got from one of my parents:
Before taking out a loan, work out the monthly payment & save that amount for 3 months.
Then you have established that you can afford the loan on your income & you also have more deposit saved, so you can borrow a bit less!
Thanks Tried this but was refused also for same reason - the credit card.Also I have heard before if you ask the car dealer to arrange finance for you, you could still end up getting finance from Bank of Ireland but arranged from the dealers end.
I have a car I’m trading in I don’t want an old car. I can afford new one but want to find best way to get finance for it. Want to stick with bank as it’s easiest I thought. Current car I paid off in full a few years ago and I have a buyer but can’t get rid of it unless I can get finance for new one. Current car too small.If you can't borrow money for a car, why not just buy a very cheap second hand car that you can afford to buy without borrowing for it.
As Rich says get the CCR report so that you can get full picture of what the bank(s) are seeing.I have a car I’m trading in I don’t want an old car. I can afford new one but want to find best way to get finance for it.
Thanks for this info. Once I get the CCR report what do I do with it?As Rich says get the CCR report so that you can get full picture of what the bank(s) are seeing.
You are basically not going to get credit from a regular bank until this is clean.
Do you have a credit union account? These can use the CCR report but are less computer says no and will look at an individual case.
You would still need to save a few bob with them already though.
Finally you have the option of a specialist lender(google car finance for bad credit).
Personally having come from having a lot of debt to none I would be vary weary of buying a brand new car. If your current car is mechanically sound then I would stick with it for another year and save up the equivalent of the payments of the car. In a year I would then revisit
I initially cursed my CCR entries that hindered me from borrowing but over time I realised it was actually saving me from getting into debt again.
The CCR is the overview of your recent credit history. It is the report that all lenders will consult when you apply for any loan.Thanks for this info. Once I get the CCR report what do I do with it?
It's not going to help with your immediate access to credit but while you say you "could" save more the lender will only be interested in what you "are" saving.I was saving away alright but I do the food shop every week and then I’d get clothes for work etc also. I could save more but don’t go out or get takeaways or go on holidays no mortgage so spend instead of saving for those things. I can afford the loan no bother but need car as soon as possible. I just didn’t think bank would look unfavourably on spending. I’m not a natural saver I don’t get joy from seeing it build up at all.
How much are you actually saving though? Are you saving the proposed repayment at a minimum? If not, with your CCR and lifestyle you are going to find it hard to get a loan. You say you can more than afford it but if you're not showing this to be the case in reality it won't work.I haven’t been in debt since and have been saving away monthly, my monthly earnings are more than enough to cover car repayments so it’s frustrating that bank won’t look at me.
This would likely work with a credit union.I have someone willing to be a guarantor with car repayments as they did when I got my first car many years ago not sure if bank will accept this?
Thanks for this. You’re 100% right, I rang bank and they went through it with me. I wasn’t saving enough to meet the repayments, the credit card isn’t even that much of an issue. If I had a bigger deposit saved I’d be fine.How much are you actually saving though? Are you saving the proposed repayment at a minimum? If not, with your CCR and lifestyle you are going to find it hard to get a loan. You say you can more than afford it but if you're not showing this to be the case in reality it won't work.
This would likely work with a credit union.
Definitely time to change this.
The Credit Union is a great idea. As soon as the OP gets paid each month the and before spending 400 to 500 on clothes, he should put say 200 in the CU account.A few things you need to address:
1. Do an AAM Money Makeover and see what your main financial problems are. Others will let you know quite quickly
2. Get that copy of your CCR report because when you mention not covering your phone bill on time regularly then God knows what else is on it
3. Get into using your credit union account even if it is a small amount that you save regularly while you are sorting out the money for the car
4. Use your phone calendar to diary note when financial payments are due so that you won't miss them.
Thanks I’ll have a think about the AAM money makeover, I had a look at the questions and tbh I don’t know the answer to a lot of them!A few things you need to address:
1. Do an AAM Money Makeover and see what your main financial problems are. Others will let you know quite quickly
2. Get that copy of your CCR report because when you mention not covering your phone bill on time regularly then God knows what else is on it
3. Get into using your credit union account even if it is a small amount that you save regularly while you are sorting out the money for the car
4. Use your phone calendar to diary note when financial payments are due so that you won't miss them.
I’d easily spend 400/500€ pm on clothing etc a habit I’ve gotten into over the years as I’ve no other big financial commitments. Definitely time to change this.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?