Car finance expert needed.

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Flame

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Any one here expert on this?

Last year i try bought a car from MFC...declined due reason i have no debt reflecting on transunion. So i apply absa...and boom they finance. So i paid my car over a year...have a mr price acc, a credit card, cell contract and a loan from nedbank.

Im a nedbank client 6 years now......

I want to trade my car in...MFC decline once again....any reason anyone can think of? Still waiting for marketer from MFC to come back to me for the reason....

I apply at absa...also decline (funny tho due they financed me when i had no debt) ...and did not skip one payment yet.
They say reason is due i opened a cheque acc desember (never used it) and i closed it last week...declined due i closed the acc (once again they gave me last year finance when i had no acc at absa) I do have credit card at them now...and i payed that clean in full last week....

So how do i build up a record then??? NO DEBT THEY DECLINE!!! WITH DEBT THEY DECLINE ALSO??
How do i build up a excellent record?

Any insight on this?
 
Flame said:
Any one here expert on this?

Last year i try bought a car from MFC...declined due reason i have no debt reflecting on transunion. So i apply absa...and boom they finance. So i paid my car over a year...have a mr price acc, a credit card, cell contract and a loan from nedbank.

Im a nedbank client 6 years now......

I want to trade my car in...MFC decline once again....any reason anyone can think of? Still waiting for marketer from MFC to come back to me for the reason....

I apply at absa...also decline (funny tho due they financed me when i had no debt) ...and did not skip one payment yet.
They say reason is due i opened a cheque acc desember (never used it) and i closed it last week...declined due i closed the acc (once again they gave me last year finance when i had no acc at absa) I do have credit card at them now...and i payed that clean in full last week....

So how do i build up a record then??? NO DEBT THEY DECLINE!!! WITH DEBT THEY DECLINE ALSO??
How do i build up a excellent record?

Any insight on this?
Click to expand...

Have you pulled your credit record with Transunion yet? What is your score?
 
better than last year. 773 now. was 751 2 days ago.
 
Maybe the car is too expensive according to them, but they should tell you the real reason. If they don't give you a reason, or gives a weak reason (that whole cheque card closing thing sounds weak), you can take them to the credit ombud to give a proper reason I think.
 
car is R148 000...current one was R126 000. R200/month more than now....
 
Crazy idea but maybe some point,
Was in a similar predicament when i was younger,

How old are you and how much gross per annum do you make?

When i was younger same story, didnt give credit easily, regardless

Just like car rental, same story.
 
Flame said:
35 .... R149088 per annum.
Click to expand...

Shoudent have any issues,
But maybe annual salary too low? Or job not stable enough?
Like i mentioned, in a similar boat to you, 28 and around 189k per annum and i barely got a cc,
Only becuse the bank maneger knew my dad well,

Id try virgin money cc and try finance through wesbank?
 
What do your monthly payments come to? Maybe the R200.00 pushes over your affordibilty, especially now you have debt to pay too
 
eg2505 said:
Shoudent have any issues,
But maybe annual salary too low? Or job not stable enough?
Like i mentioned, in a similar boat to you, 28 and around 189k per annum and i barely got a cc,
Only becuse the bank maneger knew my dad well,

Id try virgin money cc and try finance through wesbank?
Click to expand...

i have a cc at absa and nedbank..nedbank balance R0. absa R800. should i clean absa and close both? Maby its due the credit is their to use thats why i might declined for affordability?
 
Dolby said:
What do your monthly payments come to? Maybe the R200.00 pushes over your affordibilty, especially now you have debt to pay too
Click to expand...

dealer worked out R3200 on 15%...but it might be lower...dont know rate yet ill get.
 
Maybe it's your other loans that push your affordability.
 
Affordability could be the issue. My vehicles full price 40% of my annual salary. The one you want to buy is like 90% of your annual salary.

Another question, you bought a car a year back... why a new one now?
 
its not new its second hand..both....high mileage...190 000km on now.... and im single no wife or kids..only thing that makes me happy is driving my car.
 
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