Loan application denied?
Hey guys, well basically I applied for a loan the other day, the amount was 60k for a new car so it was considered a secure loan.
Today the bank called me back saying I can only get 20k....
The strange thing is, I have a very secure 120k a year job. So why would they only offer such a low amount based on my "age".
So I have a 120k job, girlfriend is on 70k (full time, salary based pay) with NO living expenses other our mobile phone bills ($180 a month) and the bank want's to offer us an amount we could save in 10 weeks? That makes NO sense at all...
Anyone else had stupid amounts offered by banks?
Donating Member
if you can save that much in 10weeks. Wait 30 weeks and then you have your $60000 without the hastle of a bank. Dont get a a loan above $15000 unless its for a house, otherwise its a waste of time. The amount of interest will be rediculous.Originally Posted by Benjamin K
Hey guys, well basically I applied for a loan the other day, the amount was 60k for a new car so it was considered a secure loan.
Today the bank called me back saying I can only get 20k....
The strange thing is, I have a very secure 120k a year job. So why would they only offer such a low amount based on my "age".
So I have a 120k job, girlfriend is on 70k (full time, salary based pay) with NO living expenses other our mobile phone bills ($180 a month) and the bank want's to offer us an amount we could save in 10 weeks? That makes NO sense at all...
Anyone else had stupid amounts offered by banks?
97 WRX AWD
Tein Coilovers + EDFC Dampener Control - Whiteline heavy duty Rear sway bar - Whiteline Droplinks front and rear
Turbosmart dual stage boost controller
IHI VF34 Turbo - XForce 3inch TBE - Oversized TMIC - Unichip PiggyBack ECU
PPG Straight cut 1st & 2nd, Slight helical 3rd & 4th and standard fifth - HD Clutch - custom braided clutch line
02 wrx 4pot front calipers - DBA500 two peice slotted rotors - Steel braided Lines
BP98 safe tune @ 171.8awkw
Likes Cheese...
if you could save 20k in 10 weeks, just wait 30 weeks, its not that long. cheaper than getting a loan.
*edit* beat me to it lol.
Hand over the dog bikkies
Was on crap pay and the gave me 10k loan for a lancer of all things. Worst decision ever. Why don't you save up that 20k then show the bank you can save? Bank's generally do not approve high loans without a proven history of saving. Also if you don't have a previous history in regards to loans or any kind of debt repayment they shy away.
Blues Brother # 1
OMG 120k a year. i want your job lol. im on a slack 35k a year :-( cannot wait till the missis finishes uni lol. but just save, you will have 60 k in no time
I paid my current cars loan off in 1 year when it's a 4 year term... So I don't think you can prove much more then that in credit history wise... Other then a few late phone bills (Work out bush so sometimes it's just impossible to pay).
While yes we could wait, we're impatient... As for the interest, we'd pay the loan out in a year. So it'd only be 2k in interest... So no it's not too expensive...
The bank wanted to do the 20k over 7 years by the way... Where I promptly told the loans sales person to withdraw the loan application immediately... Seriously, what do they take me for... An idiot? While yes I may only be 19, age shouldn't even be a factor considering my income...
moderator- for now anyway
Its not necessarily your age factoring into decsions, being only 19 how long have you worked at your current place of employment?
2 years straight...
Finish your HSC with high passes in physics, chem and bio... Then go into the workforce and befriend people in very high places
The guy who got me this job, I actually screwed him over once... Got him removed from a site where he managed a $50 million a year contract...
Blues Brother # 1
Yeah, Left school in yr 10 4 years back, Was wasting my time as i was not learning anything, As Im a hands on bloke, pen and paper just does not work for me. School not for everyone. I Have been a Fully Qualified Apple Sale, Product and techie professional for 3 years now. Just building and fixing stuff, all that i can do lol
So Wet For You!
Theres your problem. People like you wont make them any money. They want people who only make the minimum payment (thus getting them the max interest) or people who default, giving them more money in fee's.
-------------------------------------------------------------------------------------------
* * [] [VP CALAIS INTERNATIONAL] [EFI 304] [T56] [] * *
* * [] [VP BERLINA LX WAGON] [EFI 304] [T5] [] * *
-------------------------------------------------------------------------------------------
STEALTHY's Shed Clean Out! Buy my ****
moderator- for now anyway
So you only been earning 113k a year since January, so a bit over a month????? I think that might have a LOT to do with why your loan application was rejectedCurrently on 52k a year, however I start my new job in January. 113k a year before my 20th birthday.
Mining/energy is where it's at. You loose your social life, but you can't really have a social life at 20 on $500 a week before tax though. I prefer to have every 5th week off, own a nice car on a loan and still not worry about budgeting...No bank is going to loan someone 60k with a job history of earning only 52k and only on the bigger bucks for the last month or so. Maybe after you have a proven income of 113k a year for more than 6 months they will but you are kidding yourself if you think they will now.
As far as they know, I've been earning this amount forever... They only ask for the last two payslips, which bingo, is a month...So you only been earning 113k a year since January, so a bit over a month????? I think that might have a LOT to do with why your loan application was rejected
moderator- for now anyway
They tend to look at your bank records too- especially if its the same bank that you have any accounts with, so wouthey would be able to see all credits/debits to and from your account.
I didn't go through my bank, and no where did I sign a permission or condition of application that they can have access to bank records.
Who wants chowder?
So you expect them to loan you money based on your last 2 payslips and no credit checks?
moderator- for now anyway
ah ok, well i would have tried going with a bank i have my savings account with first rather than another random bank where I have no record with. But if you are desperate for the car just go get dealer finance, they will approve anyone, sure you'll pay +20% interest but you can afford it lol
"Credit checks"... Key word there is credit, which yes you do consent to on every loan application. They even ask you to disclose any outstanding loans, bills or financial liabilities.
They don't do Savings/assets checks. They may ask you to disclose them which will increase your chances of approval, but in this case I wasn't asked too.
Who wants chowder?
Hmm well, as said, just get dealer finance and you'll be driving what you want in no time.
The difference in the interest is pretty big, while I can afford it and I'm 19, I'm not that stupid to throw away 4 grand for no reason at all...
moderator- for now anyway
Just out of curiosity, what car are you looking at getting?
Too many projects.....
Well, you will throw that and more away as soon as you drive it off the showroom floor anyway, so what's the difference?
Either go dealer finance, save the money and then buy or get over it. Simple really...
Sorry if I'm wrong but you sound like a noob for doing that.Finish your HSC with high passes in physics, chem and bio... Then go into the workforce and befriend people in very high places
The guy who got me this job, I actually screwed him over once... Got him removed from a site where he managed a $50 million a year contract...
Doing it is one thing, bragging about it like you're Mr Cool...
Anyway, you have no living expenses apart from the $180 per month? (I guess you are still living with your parents?)
Do you actually have a deposit or any saving to prove to the bank you can actually save money?
I would assume for that kind of loan the bank would want a deposit or saving history, as a $60,000 loan for a car is a bit of a risk without any other big assets or saving history.
Just because you have a secure job, doesn't mean you can't be terminated, plus banks are still a little touch with the GFC still hanging around like a bad smell.
The difference is a set of whatever rims I want? Half a blower or turbo build?
Looking at how well used E series clubsports have held there value, the fact the new car will hold get less then 10 thousand k's added to the clock a year, I'd say the loss when it's sold is going to be fairly low...
Too many projects.....
I don't really care for VE's, so out of curiosity whats a used VE Clubby go for? And how much is the new one?
Posting Permissions
LinkBack URL
About LinkBacks
