how would that affect their offer ?
2007-01-04 21:42:42 · 7 answers · asked by wypizdek2 w 1 in Cars & Transportation ➔ Buying & Selling
Normally its part of the application, but you can tell them what you like, they aren't going to know any different. A car is a good enough reason anyway.
2007-01-04 21:45:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
the bank is entitled to ask what their money is being spent on and I would answer truthfully. They may take that into account in detemining how much they lend you - after all, a car is an asset that can be recovered and sold if you don't pay your loan back, so you may get more as they see you are buying something saleable. If you took the loan for a holiday, for example, you might not get as much as, once you've had the holiday and if you don't pay your loan, your bank cannot recover anything that they can sell (they can't sell a 'used' holiday)!
Be honest. And, when you go to the bank for the loan, dress SMART! Really, sounds old fashioned, but if you look respectable then you get treated respectably!
Good luck,
2007-01-05 05:51:29 · answer #2 · answered by gorgeousfluffpot 5 · 0⤊ 0⤋
No, you can tell them a big FIB.
As it's unsecured, you can tell them anything. Used car sounds Okay though, I don't know why you just don't tell them THAT.
The only time they get a bit anxious is if you try to borrow very large amounts of CASH. Presumably it's cash you want? - In which case just tell them it's for a used car.
None of this will accept their offer, they just look at how big a risk you are. Don't forget that they are "negotiable"; they want your business.
2007-01-05 05:47:18 · answer #3 · answered by Not Ecky Boy 6 · 0⤊ 0⤋
obtaining a unsecured loan is not as common as it was "back in the day". if you are buying a car, they want to put a lien on it. what advantage is it to a bank not to put a lien on it. if you have Cd's or a large account, they may consider it. it depends on several factors and your credit rating.
2007-01-05 07:45:52 · answer #4 · answered by Marco 2 · 0⤊ 1⤋
They need to know (if you're in the UK) in order to ensure that they are obiding by the FSA regulations. Buying a car is fine but they can't lend you money for a mortgage depsits, illegal activities etc.
2007-01-05 05:47:21 · answer #5 · answered by louby lou 2 · 1⤊ 0⤋
no, you don't, but they dont have to give you the loan, either. after all, they get the final word.
2007-01-05 06:56:27 · answer #6 · answered by gearhead_35k 4 · 0⤊ 0⤋
no
2007-01-05 05:51:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋