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AL-
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PostPosted: 09:28 - 25 Oct 2012    Post subject: Loan Reply with quote

Stupid question alert. Just about to take out a loan with my bank. The loan has been approved but I didn't change the purpose of the loan so it has been approved for car/vechicle which I didn't want the money for. Does it matter?
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willis1337
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PostPosted: 09:38 - 25 Oct 2012    Post subject: Reply with quote

As it's a personal loan what you use it for is just for the bank's info in case they can't get their money back from you they would look to take possession of the thing you are buying with it. No issue provided you don't default. Unless of course you are spending it on coke and prozzies, in which case, have you borrowed enough?
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angryjonny
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PostPosted: 09:42 - 25 Oct 2012    Post subject: Reply with quote

Shouldn't really matter as long as it isn't secured against the thing you're claiming it's for.

Don't think I'd take out a car-sized loan and then not spend it on a car, but each to their own.
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AL-
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PostPosted: 09:48 - 25 Oct 2012    Post subject: Reply with quote

Phew, glad it doesn't matter Cool
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P.addy
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PostPosted: 09:59 - 25 Oct 2012    Post subject: Reply with quote

Barclays?

They offered me £26,000 Laughing
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AL-
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PostPosted: 10:01 - 25 Oct 2012    Post subject: Reply with quote

26k would be mental Laughing
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CarlosCBR
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PostPosted: 10:20 - 25 Oct 2012    Post subject: Reply with quote

I took out a loan with Honda Finance and they dont secure it against the bike anymore. The guy said they hold it against me personally. So if i default payments, will they take me away but let me keep the bike? lol.
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Polarbear
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PostPosted: 11:12 - 25 Oct 2012    Post subject: Reply with quote

Personal loan just means its not secured against anything specific, but if you default and it goes through the courts, the bailiffs will come for anything you own to get the money back.

However that's an utter worse case scenario, in most cases people come to a revised agreement with the bank for repayments.
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daemonoid
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PostPosted: 11:27 - 25 Oct 2012    Post subject: Re: Loan Reply with quote

AL- wrote:
Stupid question alert. Just about to take out a loan with my bank. The loan has been approved but I didn't change the purpose of the loan so it has been approved for car/vechicle which I didn't want the money for. Does it matter?


Do double check the interest rates. Co-op are constantly offering me loans, I almost took one out but the rate went up for a car purchase. So I could've had £18k unsecured for less than 18k on a car...
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AL-
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PostPosted: 12:06 - 25 Oct 2012    Post subject: Reply with quote

I have checked and I am happy with the rate I have been given. However, I was just making sure that it doesn't matter what reason I put on my application Thumbs Up
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owl10
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PostPosted: 05:25 - 28 Oct 2012    Post subject: Reply with quote

What you buying then? tell us!
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KyleSpalding
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Joined: 15 Nov 2012
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PostPosted: 21:19 - 15 Nov 2012    Post subject: Reply with quote

CarlosCBR wrote:
I took out a loan with Honda Finance and they dont secure it against the bike anymore. The guy said they hold it against me personally. So if i default payments, will they take me away but let me keep the bike? lol.

What happens to you if the loan is held against a person, not against one of your assets and you are not able to pay the loan back (default)? I am thinking about taking out one of these Auto Loans with bad Credit but do not know what the penalty would be if something happens where I am not able to pay the loan back. Any info would be greatly appreciated. Thanks!


Last edited by KyleSpalding on 06:07 - 23 Nov 2012; edited 1 time in total
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andys675
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PostPosted: 23:01 - 15 Nov 2012    Post subject: Reply with quote

CarlosCBR wrote:
I took out a loan with Honda Finance and they dont secure it against the bike anymore. The guy said they hold it against me personally. So if i default payments, will they take me away but let me keep the bike? lol.


if you default payments they send a company rep round with a man in a van, they ask if they can have the bike back, but they don't tell you that if you say no they can't take it and have to go through legal proceedings instead.
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cromwell
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PostPosted: 14:18 - 16 Nov 2012    Post subject: Reply with quote

Shouldn't make a difference, it's just for their records and their internal stats when it comes to unsercure personal loans.
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