loans? what to do.?

Question

My bf needs a van for work. He has a car that always breaks down and isnt going to last through the winter. His tax is up in a month so really he needs a new van within the next 4 weeks. We went to garages and they said you can pay on finance and see if he can get it. it came back that he cant because his credit rating is low, or something. The bank wont give him any credit and no one will give him a loan. He only missed two payments from an earlier credit card but its all paid off now. he put in £500 deposit for a van he saw and now cant get it. How do you get a loan if no one is giving him one? Whats the best way to buy a van that he needs for him to work? It seems he is getting no where and he cant save up £4000 in a month. help! x

Answer 1

Maybe he can find a car dealer that will do dealer financing. The interest rate will be higher, but that may be what he needs to do until his credit improves. One warning I have for you - NEVER COSIGN A LOAN - for anyone!! If you cosign and the person you cosign for misses their payments, it goes against your credit record and you are responsible for the payments. You could be turned over to collections for their debt. I'm not saying that would happen but it would certainly be an ugly situation if it did.

Answer 2

Maybe you could get a loan BUT ONLY IF YOU GET THE AGREEMENT IN WRITING! If you buy a van, he could pay you back, but be very careful about getting into debt for someone else- it is a risk to the relationship. Only consider it if you know you can get the repayments off him- if you argue or split up, you will be left with the debt, and he could run off with the van. Other option is to rent one while you sort out his credit. Good luck to you both whatever you decide.

Answer 3

Does he own property, he could secure a load against his house in that case. Alternatively have a look on the web for companies that will give loans if you have a bad credit rating (see link) be aware that interest rates can be higher than normal. Also look at those Car companies that advertise on TV like YES who arrange car sales allowing for debt history.

Good luck

Answer 4

I don't recommend getting a loan secured against the house. If your BF defaults on the loan he could then lose the house - read the Consumer Credit health warning - 'Your home is at risk if you do not keep up repayments on a loan secured on it' - or words to that effect.

Answer 5

get someone with great/good credit to co-sign the loan
IF BF cannot pay the monthly note.. the other person that signed for the loan will have to make the payment

that's the problem with co-signing

the person who has the bad credit can default on the loan and ruin the person who helped them

Answer 6

about 8 months in the past I were given a payday personal loan for college devoid of themes at.not sensible what you adult men are speaking about paying it lower back in 2 weeks.I in basic terms checked the area the OP is speaking about and also you get a 365 days to pay it lower back.

Answer 7

GuaranteedCarFinance.Com on 01207 693949 or
http://www.welcomecar.info/ these are guaranteed pretty much as long as you working full time etc. My rating is very poor and they accepted me for car finance up to £5500

Answer 8

Looks like you need a guarantor...how about the parents?

Answer 9

Try going to an auction, vehicles are so much cheaper there.

Answer 10

try here may be and good luck
http://www.nohasslebargains.com/loan/id1.html
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