Car Loans

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Gulliver1

Registered User
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I am thinking of changing my car in the new year and will need a loan to finance half of it - i.e. I am going to sell my current car for €20,000 and will need to borrow a further €20,000 to buy a €40,000 car.

I want to be guaranteed a loan offer and was wondering what is the best way to secure this. Should I tell the lenders that the money is for "home improvements" or a car loan?

Any advice would be greatly appreciated.
 
If the loan is for a car, tell them it's for a car. Regardless of whether you are using the money for a car, home improvements or plastic surgery tell them what it's for - this is the only way the banks can assess whether the loan is suitable for you. And there is no way you can be "guaranteed a loan offer" - you must be able to afford to pay it back. That's the only criteria the bank will use.
 
I would also tell them its for a car. You can go directly to your bank or throught the garage. It will most likely be on a Hire Purchase agreement which in essence means you do not own the car the bank do until you clear the loan in full.

Can i ask what car you are thinking of buying.
 
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