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AL-
World Chat Champion



Joined: 17 Mar 2005
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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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Joined: 06 May 2009
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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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Joined: 01 Sep 2006
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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
Formerly known as
P.



Joined: 14 Feb 2008
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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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Joined: 12 Mar 2010
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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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Joined: 24 Feb 2007
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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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Joined: 27 Jun 2008
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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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Joined: 17 Mar 2005
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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
Could Be A Chat Bot



Joined: 09 Apr 2010
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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
L Plate Warrior



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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Joined: 08 Feb 2007
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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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Joined: 07 May 2011
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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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Old Thread Alert!

The last post was made 13 years, 95 days ago. Instead of replying here, would creating a new thread be more useful?
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