[Bruva]

Hi all, I am looking for some advice.

I get payed cash in hand and rarely use the bank or should I say not enough as I should do....

In order to get finance, or a quote at least, I need to prove that I have availible funds going thru each month etc, and been informed that I must have at least 3 months of bank statements to proove this (is that right?).

Now, if I start putting my wages thru the bank, in 3months time should I be able to send that over ok, and receive a quote? And is £300-500 a week enough to show?

Thanks.

 

[robsm]

Bruva, I don't know what planet you're from but, yes, strangely enough you will need a bank account and decent credit history to get financing. You wont get financing based purely on the fact you have a bank statement saying you've been putting in a few hundred pound a week. Your circumstances to me sound extremely dodgy.

 

[tonigmr2]

How do you pay the taxman?! You must have some indication of that to prove your earnings.

 

[waltong]

Getting finance at the moment is hard work for most. Interest rates being so low means they cant afford to take any risks. You'll always find someone to loan at silly rates but probably not the sort of money to finance a GTR. Unless you have audited accounts and/or regular tax returns you dont have a chance.

 

[Bruva]

Sorry I wasn't very clear, I use the bank but not enough (I don't think) to show a decent amount of funds goin thru. I just use it to pay off bills and pay in part of my earnings etc. What I'm trying to say is, if staring adding a fair chunk of my wages every week/using my account properly, in 3-4months time would that be enough to at least get a quote?
Thanks again.

 

[misters3]

Sorry I wasn't very clear, I use the bank but not enough (I don't think) to show a decent amount of funds goin thru. I just use it to pay off bills and pay in part of my earnings etc. What I'm trying to say is, if staring adding a fair chunk of my wages every week/using my account properly, in 3-4months time would that be enough to at least get a quote?
Thanks again.

Have you had any finance previously?

 

[markpriorgts-t]

I never used to bother with finance was a great beliver in if i didnt have the money i didnt buy it lol, only got my first credit card this year and the wife keeps that pmsl

got finance on a car about ten year or so ago but nothing before or after so i imagine if i went for credit i would be knocked back even though i use my bank and have a decent wage

 

[misters3]

I never used to bother with finance was a great beliver in if i didnt have the money i didnt buy it lol, only got my first credit card this year and the wife keeps that pmsl

got finance on a car about ten year or so ago but nothing before or after so i imagine if i went for credit i would be knocked back even though i use my bank and have a decent wage

Have a speak to Will Thorley at CarFinance.net / Jigsaw. They've financed quite a lot of the cars on here.

If he can't sort you out, the only other suggestions would be to go the bank or get finance through your wife (meaning she would be registered owner - although back in the day my sister and i both owned a car for insurance purposes)?

 

[markpriorgts-t]

Have a speak to Will Thorley at CarFinance.net / Jigsaw. They've financed quite a lot of the cars on here.

If he can't sort you out, the only other suggestions would be to go the bank or get finance through your wife (meaning she would be registered owner - although back in the day my sister and i both owned a car for insurance purposes)?

i'm not after a car just bought a 32 GTR from japan and a grandad rover 75 for work lol, was just saying you kind of get penilised for not having debt

 

[misters3]

i'm not after a car just bought a 32 GTR from japan and a grandad rover 75 for work lol, was just saying you kind of get penilised for not having debt

Ah right, i'll get back to work.

 

[Bajie]

Remortgage ... ?!?

 

[supracat]

beg, borrow, steal??? -..............or pimp yourself???? .........just a thought:clap:

 

[Mikeydinho]

I never used to bother with finance was a great beliver in if i didnt have the money i didnt buy it lol

Good man:thumbsup:

if you gotta take credit to buy something then you can afford it.

 

[misters3]

Good man:thumbsup:

if you gotta take credit to buy something then you can afford it.

How exactly did you get on the property ladder?

 

[supracat]

gotta agree with mikey here.

When it comes to cars i only ever pay cash - as the man says, if you have to use credit then you probably cant afford it. there's no better feeling than paying in notes and feeling like youve really earned that car, that day, by working your nuts off for it.

Houses are a different matter entirely - they're essential and in most cases people will need to borrow, cars are probably not, and i hate saying that when i look at my collection.

 

[misters3]

gotta agree with mikey here.

When it comes to cars i only ever pay cash - as the man says, if you have to use credit then you probably cant afford it. there's no better feeling than paying in notes and feeling like youve really earned that car, that day, by working your nuts off for it.

Houses are a different matter entirely - they're essential and in most cases people will need to borrow, cars are probably not, and i hate saying that when i look at my collection.

How about looking at it from the point of view.

Why tie your money up in cars when you can finance at good rates eg 5.5%Apr, and utilise the capital elsewhere, the idea being to get a greater rate of return than the cost of the finance

"Finance has never been cheaper"

And i'm not even mentioning the fact that you'll get a big chunk back when you sell it. So you don't even have to finance the whole portion of the car! Meaning you have even more money to invest. In fact if you were so inclined, you could take the money you haven't tied up in your car and get returns such that your monthly payments for the car are covered as well as the cost of borrowing!! (now that's living!)

 

[supracat]

yes, but for the uninitiated its also a huge risk that they blow the capital on a bad investment, their ROC drops below the original lending rate, or worse still they fritter this capital all away.
theres also the U factor, unemployment - if they dont have PPI and lose their job then how will they keep the repayments going? - at least owning outright they know they've no monthly repayments to keep up - despite perhaps having no cash for petrol etc, granted....!!

I understand that everyones' view is different on this, but personally i prefer to know i own all my cars outright, and that ive worked hard to have that right.

 

[Bruva]

So to some my questions up lol?

 

[Bruva]

Bump

 

[Beirute-GTR]

Hi all, I am looking for some advice.

I get payed cash in hand and rarely use the bank or should I say not enough as I should do....

In order to get finance, or a quote at least, I need to prove that I have availible funds going thru each month etc, and been informed that I must have at least 3 months of bank statements to proove this (is that right?).

Now, if I start putting my wages thru the bank, in 3months time should I be able to send that over ok, and receive a quote? And is £300-500 a week enough to show?

Thanks.

Mate I think you have come to the wrong place asking for advice. Firstly this forum is not too friendly, secondly instead of help and advice most people will criticize you or make fun of you or in some instance pretend to be tax man and ask for your account audits. That aside, yes you can get finance if you have 15-20% deposit, look for non-status finance for which all you need is a couple of bank statements and your driving licence/ proof of ID and proof of address. The only draw back would be that you will end up paying slightly higher rates, but you can obviously ask them to calculate how much interest you will end up paying and at what rate. Think carefully, if you can afford paying it in the future. Most finance packages will be for 3-5 years and a balloon payment at the end. Look for independent car dealers on pistonheads etc, they can arrange a finance for as little as £699 p/m. or have look at exchange and mart back pages, loads of finance companies on there.:thumbsup: