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Graduate loans

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Having received a job offer (not in writing until CRB check and references have cleared), I really need to get a loan to buy a car (it's an essential car user position).

 

I've gone to my bank (Abbey) to ask about student loans, and after 2 hours of flaffing about with conflicting advice, I was finally told that I need to be in the job before I can apply.

 

Basically, I need the loan (about £3-4k) ASAP, but I need the payments to start in a couple of months time (after I get my first pay), which I thought was the whole point of a graduate loan.

 

My overdraft (£2000) is maxed out and ideally I do not want the hassle of switching banks, but will do if I must.

 

Finance is not really suitable, as I will be using part of the loan to pay for insurance as well.


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Hi there,

 

I think this will largely depend on your credit record. I have just graduated uni but have had a car finance agreement for £9000 since March 2008 with no employment. My parents pay for the car for me; however, the finance is in my name and I had no troubles. Do you know if you have had any credit problems in the past e.g. defaults, etc. Also, a maxed overdraft might hurt your chances a little. My advice, go and chat with a specialist car finance provider - Santander Consumer Finance are pretty good despite owning Abbey you might get quite a different response. At the end of the day, it might just be the recession, no income and no assets is higher credit risk for lenders.

 

Final suggestion is try Zopa, it is a community lending website and probably the place where you will stand the best chance as they offer young people loans.

 

All the best,

 

TFT


09/07/09 :)Business Studies BA(Hons) 2:1:)

 

eCar Insurance overpayment - £325

Settled in full - 15/09/08

NatWest Student A/C bank charges - £260

Settled under hardship scheme - 08/06/09

Natwest Business A/C bank charges - £60

Settled in full as GOGW - 20/04/09

Santander Consumer Finance late payment fees - £60

Part settled for £48 - 01/03/08

Peugeot Finance late payment fees - £50

Settled in full before county court hearing - 01/09/09

Peugeot Finance overpayment of £247

Settled in full - 01/12/08

Valley Leisure - complaint about collections agent

£160 part refund of gym membership in compensation - 01/02/09

HFC Bank - complaint about payment deducted from my account on wrong date

GOGW £10 - 01/05/09

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Well my credit rating seems OK. I've had CCJs in the past (more than 6 years ago) which I am still paying, but I got a store card recently with no probs (only because my brother has a part time job in that store and needed 1 application to pass some target). I've also passed a credit check in the past to work for a bank so I think I'm OK.

 

The reason why this is peculiar is that the job I have is an essential car user from near enough the outset.

I only passed my test a few months ago and have not driven since.

I therefore need to have a car before hand to get used to it and driving again.

As I'll be waiting a month or so before a pay check, I'll also need some of the loan to pay for insurance and day to day essentials - that's why I asked about a graduate loan. Car finance by itself is not really suficient.


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Your best bet would be, if you can get it a MBNA or Egg 0% card , both of these you can transfer funds into your bank account and spend as you wish with no interest to pay for 15 months, just the minimum payments. Both these give generous credit limits. In 15 months you will have an income and be able to get a loan to transfer the balance.

 

The difficulty will be that at present you have no income, and the process is automated.

 

Have you thought about leasing a car for a while, or HP which is expensive, you could also put your insurance on a monthly DD.

Does your new employer offer assisted purchase vehicle loans, although to be eligible you will most likely need to be out of your probationary period.

 

Barclays I beleive are one of the easiset graduate accounts to get.

 

Good Luck and congrats on the new job.


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