We Need A £55K Loan, What Do We Do?

[Greesem0nkey]

My fiancée and I need £15k for our wedding in March, £30k for a car (her 30th birthday present) and £10k to consolidate our previous loan. Our combined income is £44k and living with parents so is def affordable. Do we...
1. ask our bank who've refused us in the past for a joint loan ?
2. go online for a joint loan?
3. go online for 2 separate loans?
4. get a PCP for the car and a joint loan?
...or something else we've not thought of?

Please help!!??

[woofgang]

spend less?

[jno]

has your position changed since the bank refused you?

[NoMercy]

You with your parents but want to spend £30k on a car? Good grief.

[ummmm]

Save up.
Have a cheaper wedding.
No one needs a 30K car.

44k between you is not that much.

[DTCwordfan]

stop spending, no need for a 30k car.......

[Tilly2]

I know this is not what you are asking but have you considered the consequences of one of you/both of you not being able to work. The bank refused you for a reason. Is your situation now different?

[Old_Geezer]

I would concur that your best option is to cut your coat according to your cloth.

You already have a £10k loan to pay off.

Failing the common sense option, look on the money sites for smallest interest rate (expect it to rise). Try Martin Lewis's ? Probably involve risking you home as collateral.

[davegosling]

First things first - you are already living way beyond your means! You have existing debts of £10k - you can't think about anything until that's paid off.

Secondly, if a car is absolutely necessary, you do not need to spend anything like £30k on one!

[Cloverjo]

You don't need to spend that much. No point in putting yourself in more debt. You can have a perfectly lovely wedding for a fraction of that amount. Same with the car.

[Tilly2]

Haven't you just been made redundant?

[Tilly2]

According to this, you have:

https://www.theanswerbank.co.uk/Jobs-and-Education/Jobs/Question1512857.html

[jno]

the OP is asking for advice on borrowing, not saving...

[Buenchico]

I share the sentiments of those above but, to actually try to answer your question . . .

It's not clear as to whether each of you is currently living with your own parents or whether you're both living with one person's parents. That might make a difference as, if you're still living apart, lenders might not see you finances as linked. (So the possibility of applying for two separate loans could be considered).

However the fact that you've already applied for a joint loan is likely to show up on your credit record, so your finances will be seen as linked (meaning that two separate loan applications would be seen as one, and possibly treated with greater hostility if lenders think that you're trying to cheat the system). Further, if you tell lenders that part of the reason you're seeking a loan is to pay for your wedding, then your finances will automatically be linked together (even if they weren't before).

It's probably time to
(a) accept that you're not going to get such a big loan (which is evidenced by the fact that you've already been turned down) ; and
(b) reassess your priorities (perhaps by looking to save the deposit on a flat and then take out a loan,in the form of a mortgage, which is backed by bricks and mortar).

[douglas9401]

That was a year ago, Tilly.

[Tilly2]

Thanks, Douglas.

[EDDIE51]

Go for a basic registry office wedding for less than £100, make do with a used car for £200 to £500 , pay off the loan and only then start to think about spending more money.

[Buenchico]

That redundancy reference is probably still relevant though. If we assume that the poster has found new employment, he'll need to convince any potential lender that it's secure employment before he can get a loan.

As an employer can fire an employee for any reason he likes (or even without stating a reason) at any time within the first two years of employment (as long as the reason for dismissal doesn't fall foul of specific anti-discrimination laws), it's unlikely that GreesemOnkey's employment will be seen as 'secure' until he's completed two year's service with his new employer.

[fiction-factory]

If you want to know the costs of loans go on MSE site.

I doubt lenders will see these loans as 'def affordable' even if you have a fairly good credit rating. Trouble is we don't know what your credit rating is, but if you've been turned down before there may be difficulties. How much would you be able to repay each month? You may also find you need to find somewhere to live at some stage. And if you have a child the finances will be very tight. It's worth asking yourself I think how it is you have got to a position where you don't have the money now to pay for these things- if you haven't been able to save the money how are you going to afford repayments?

[EDDIE51]

You have to ask what happens if you lose your job, you can no longer live with parents and your fiancee gets pregnant all with a £10,000 loan outstanding.
That is the reality of your situation. The very first priority is to pay off the £10,000 loan !!

[Greesem0nkey]

Thanks for all of your answers.
Our situation is that we're both living with my parents long term and can therefore afford a little luxury.
Our 15 year old car is sat outside dead and future Mrs G commutes a fair distance so i thought a reliable quality car for her 30th was a good idea.
The wedding of our dreams is all booked. Its not extravagant at all, wedding are just *** expensive!!!
Finally we thought consolidating the remaining £9k of our 5 yr joint loan was a sensible thing to do.
Our bank refused us that joint loan 3 yrs ago as we were renting together on lower wages.

We understand your views on saving but we're just after advice.