Bank loan not approve

[Deadsoulz]

Hi,

 

Any1 have any idea for bank loan not able to approve?

 

I booked a car for around $37k, full loan 7 years, my gross income - $3k, no credit card debt but used to have but cleared. Currently own a 4 year old car that has so call "breakeven" and will be de registering thiis car when the new car arrives.

 

Does my previous credit card debt (less than $10k) plays a part? or is not easy to full loan?

 

Any1 use GE money 2.5% new car loan? any comments?

[Beei]

Find a guarantor

[Thefear]

Wat car did u buy bro... Usually the bank loan u based on the market value of the car...

 

If u didnt get full loan how much u got? Was it a vast diff?

[Cheekg98]

unless you borrow from same bank issuing yr credit card, otherwise, the bank will not know how much you borrow there

[Nighthawkcity]

card debt history takes at least 6 mths to clear.. all banks will know your credit history, think up to 2 yrs.. cant remember..

 

there is a grade for ur credit rating, every mth u dun pay full, it will drop.. drop to lowest grade, high risk credit, so not approved lor..

 

if u last min pay like last mth, sure now not approve.

 

get a guarantor lor.. ll

Edited February 1, 2008 by Nighthawkcity

[Scuderia]

No offense but I personally feel that until you can pay cash for a car, you have no business buying one.

 

Too many yong people nowadays mindlessly go into debt in order to live well beyond their means.

Take care

[Nkotb]

Credit bureau will show your lending history with the bank...

 

if your monthly liability is too high, your loan will not be approved...

 

high liability = high risk mah..

[Cheerios]

Hi,

 

Any1 have any idea for bank loan not able to approve?

 

I booked a car for around $37k, full loan 7 years, my gross income - $3k, no credit card debt but used to have but cleared. Currently own a 4 year old car that has so call "breakeven" and will be de registering thiis car when the new car arrives.

 

Does my previous credit card debt (less than $10k) plays a part? or is not easy to full loan?

 

Any1 use GE money 2.5% new car loan? any comments?

 

3K buy car when i started off, i bought a picanto with a salary of 4.5k

 

now salary 6++, finally gotten civic fd

[Verve]

not that i agree entirely cos how many can pay full cash but i have to agree that as far asa possible car should be fully paid rather than loan

[Cheerios]

with his meagre income, he will kenna pawned big time

 

[Cheerios]

Edited February 1, 2008 by Cheerios

[Whiteride]

Hi,

 

Any1 have any idea for bank loan not able to approve?

 

I booked a car for around $37k, full loan 7 years, my gross income - $3k, no credit card debt but used to have but cleared. Currently own a 4 year old car that has so call "breakeven" and will be de registering thiis car when the new car arrives.

 

Does my previous credit card debt (less than $10k) plays a part? or is not easy to full loan?

 

Any1 use GE money 2.5% new car loan? any comments?

 

think is part of your ex record for credit card. My loan 60+k gross also about 3.5-5k avg can approve lei..

 

U used to have, how long ago ? u might want to request a credit report from credit bureau to clear your doubt

[Auron]

buy the credit report from the credit bureau and see what it says about your credit rating....

if it not good, most probably the bank will not approve it.

of course, every bank have their risk assessment, some bank may approve it while others don't. as an alternative, i think u still can try to get loan from other finance companies....

[Qpik]

pay less than $10 to get a credit bureau report. run through it & highlight any discrepancies to the respective financial institution.

 

u will be surprised sometimes bank didn't update their records & u might be black-listed for something that you have cleared long ago.

 

actually, fm year to year, i will request for credit bureau report to see if there's any fishy things appearing on our account.

[Happyrider]

Interested to get a report on my credit rating. How to one go about it?

 

Bank loan of 68k approved for my ride but kena reject a lot of credit card applications(wanted to use for discounts and rebates) except for UOB One card. Yearly income enough for self-employed to get approved but still kena rejected. sianz 1/2

[Cybertron]

I think you might have a bad credit history.

 

The website to check is http://www.creditbureau.com.sg/ (i think is down currently)

 

More details here : http://www.moneysense.gov.sg/publications/...ditBureau2.html

 

 

 

Options :

 

1. Try non local banks like maybanks or other finance company. Local banks are more strict.

 

2. Try put a 10% deposit, so in ya case, probably put down a $3-4k deposit.

[Silver_blade]

Like what most have suggested..get a credit report to find out more or get a guarantor. Your gross income is definitely 'enough' to get a $37k loan. Alternatively is to find from banks what are the max they are willing to loan to you and you pay the diff in cash.

[Qpik]

http://www.creditbureau.com.sg

 

bro, click on the above and from the website, there's clear instructions on how to get it.

 

it cost $5 before GST. i got it online using my singpass as other options are not available to me.

 

i got a hard and soft copy for my own file. the report is easy to read too. if u need help on reading the report, you can pm me.