Finance Dramas:(

[cxcxcxvcvcvc]

Sorry all for the gripe but, i cannot seem to get finance anywhere! i have a reasonable paying job ($600 a week take home) with no credit defaults, and i cannot get a loan for a packet of chips! I get knocked back every time because i rent and am married with 2 kids! Does anyone else have this problem??

[crazyspoon05]

Where are you trying to get finance from as some of them just run details through a computer and if you don't score enough points they don't even bother checking your credit history and the like

I know some places like Dell don't like to finance low risk borrowers as they earn far more from their high risk borrower interest rates (something like 15% compared to 27%) even if they have a good credit history

[Torquative]

yes, I had a similar struggle. I had to go with a local credit union (luckily tho I had been a member for 6 years prior) and that was because the manager took time to sit down with me and go through every single option. It took some sweet talking but it worked.

[AttaBoy]

I hate when people refuse you. GRRRRR!!

[Julie]

Does your missus work? If you are bringing home $600 a week and have 3 dependants to support and pay rent you are just too big a risk for them. If you seriously need this loan and your missus doesn't work maybe its worth her looking at getting at least a part time job then you will only have 2 dependants and a dual income and you'll have no trouble. That or get yourself a huge raise lol

[Rufus®]

Sorry all for the gripe but, i cannot seem to get finance anywhere! i have a reasonable paying job ($600 a week take home) with no credit defaults, and i cannot get a loan for a packet of chips! I get knocked back every time because i rent and am married with 2 kids! Does anyone else have this problem??

That sucks, how much are you trying to borrow? if you don't mind me asking.

[Brucefromruse]

Just be carefull as loan sharks are ready to make you very poor. No idea how much you needed but a few grand cant be a problem....can it ??

[Garth]

welcome to my world, it's getting harder to get finance these days

im on 1.5k plus a week after tax, i cant get it becuase my wife is at uni and i have a daughter at school. chin up champ, good things come to those that wait.

[natas.308]

yes, I had a similar struggle. I had to go with a local credit union (luckily tho I had been a member for 6 years prior) and that was because the manager took time to sit down with me and go through every single option. It took some sweet talking but it worked.

probably your best bet....an instution that you have a good account record with should be able to help you. although you may noy get the amount you are after, your bank/union manager should be able to help you out. like you said, you have no bad credit so that cant go against you.

the only prob i c (im no financial guru btw) is if your spouse is dependent, how much rent you pay and if you have any other loans at the moment..

GOOD LUCK

[adam69]

If you are in Vic let me know,maybe i can refer you to somebody.

[philbio]

welcome to my world, it's getting harder to get finance these days

im on 1.5k plus a week after tax, i cant get it becuase my wife is at uni and i have a daughter at school. chin up champ, good things come to those that wait.

Wow $1500+/week Net with 2 Dependants and cannot get finance? Doesn't sound right to me. You must have some other hefty commitments.

[AttaBoy]

I would like to know whats Garth's occupation if he don't mind me asking. That 1.5k a week is awesome pay!!!

[MaN|aC]

hes a sparky, sure beats my pay

[1vngal]

It could be the number of applications on your credit file too. They stay on their for 12 months, and if you have to many that haven't been approved, other financial companies see that and think "Well, if all those other places won't give him credit, there must a be a reason"

All sorts of things go on there even applying for a mobile phone. I've got the same problem at the moment. So I'm waiting for a few of mine to drop off before going shopping for a newer car.

[jules]

what did you tell them you want the money for?

[minux]

It could be the number of applications on your credit file too. They stay on their for 12 months, and if you have to many that haven't been approved, other financial companies see that and think "Well, if all those other places won't give him credit, there must a be a reason"

All sorts of things go on there even applying for a mobile phone. I've got the same problem at the moment. So I'm waiting for a few of mine to drop off before going shopping for a newer car.

Finance companies do not see if they are approved or declined. They just see amounts of requests made.

[greenfoam]

We got approved for a 100k loan a while ago and I was only doing casual work of about 15 grand a year in total but that was heaps for me I can live off that no problem. The wife was on like 500 a week. Didn't end up with taking the loan but could have

[evil_monkey]

I had this trouble when I was 18, I owned my home outright (inheritance), I was in a decent paying job full time for over 2 years and they wouldn’t give me a personal loan for 10 grand. (I couldn’t even get a bloody mobile phone contract!!)

Only way I managed to get it was by having my boss threaten the bank manager to pull all his accounts, business and multiple property loans if they didn’t give me the loan.

Afterwards now that i don't need it every institution gives me credit without question system sucks ass.

on another note my wife who at the time only worked part time for less than 12 months earned less than half of what I earned had credit cards and loans thrown at her.

[`daj0pe]

Can you put any deposit in?

[cxcxcxvcvcvc]

Does your missus work? If you are bringing home $600 a week and have 3 dependants to support and pay rent you are just too big a risk for them. If you seriously need this loan and your missus doesn't work maybe its worth her looking at getting at least a part time job then you will only have 2 dependants and a dual income and you'll have no trouble. That or get yourself a huge raise lol

No my missus dosent work but gets a family tax benefit once a fortnight of $450, and i only have 2 kids!

That sucks, how much are you trying to borrow? if you don't mind me asking.

$4k for a vl commodore, so i can have a car to use for work!

If you are in Vic let me know,maybe i can refer you to somebody.

Cheers mate but im in brisbane!

what did you tell them you want the money for?

A car for work!

[cxcxcxvcvcvc]

OK so the finance mob called up the place where i work to ask if i am still working there, and all was well and so after work i gave them a call myself to see how things where, and they said it all looks good and that i can get a loan up to 16K! So i said well the car i want for work is only 4K and that is enough for me, and they said to go down to the yard and fax through a copy of my rent reciept and we can go from there! BUT.... When i went down to the yard, just after the guy had faxed through my stuff, he came out and said to me do you want the good news or the bad news? and i said give me the bad news first and he said that the only way i am going to get the finance is if i get a later model car, and that they guy i had spoken to was an idiot and was not the person that was supposed to be handling my profile!! so i said well what can i get? and he said that the car had to be @ least a 2002 model or later! so he said pick out 3 cars that i liked and the only ones there for less than 25K and above 2002 where a vy berlina v6 (23K) a 2005 xr6 (23k) and a 5speed manual xr6turbo for 24K so i took the xr6turbo for a spin, and said well see how the finance goes ect..! I know i probably wont get finance for any of them although he said he,s 100% sure he can get the finance for the berlina, But i dont want to get this much into debt for a car, i was happy to get a vl commy for a daily, but none the less i will see what happens!!

[Rufus®]

sounds a little sus! did you ring the finance company and double check? Maybe the sales dude is just trying to get you to spend more than you need to?

[cxcxcxvcvcvc]

sounds a little sus! did you ring the finance company and double check? Maybe the sales dude is just trying to get you to spend more than you need to?

I havent had a chace to call them yet, (after i left the yard i had to give my dad a hand) but im going to call them tomorow after work!

[JD]

OK so the finance mob called up the place where i work to ask if i am still working there, and all was well and so after work i gave them a call myself to see how things where, and they said it all looks good and that i can get a loan up to 16K! So i said well the car i want for work is only 4K and that is enough for me, and they said to go down to the yard and fax through a copy of my rent reciept and we can go from there! BUT.... When i went down to the yard, just after the guy had faxed through my stuff, he came out and said to me do you want the good news or the bad news? and i said give me the bad news first and he said that the only way i am going to get the finance is if i get a later model car, and that they guy i had spoken to was an idiot and was not the person that was supposed to be handling my profile!! so i said well what can i get? and he said that the car had to be @ least a 2002 model or later! so he said pick out 3 cars that i liked and the only ones there for less than 25K and above 2002 where a vy berlina v6 (23K) a 2005 xr6 (23k) and a 5speed manual xr6turbo for 24K so i took the xr6turbo for a spin, and said well see how the finance goes ect..! I know i probably wont get finance for any of them although he said he,s 100% sure he can get the finance for the berlina, But i dont want to get this much into debt for a car, i was happy to get a vl commy for a daily, but none the less i will see what happens!!

why does that paragraph sound like you are going through motor finace wizards? ( i may be wrong )

[1vngal]

Finance companies do not see if they are approved or declined. They just see amounts of requests made.

I know. But they go just by the amount you have on your file. Approved or not. I had about 5, 3 of which were approved. But regardless, it was still classed as too many for a 12 month period.