max loan term = contract length?

[formant]

Dunno, would you lend money to to someone with only 6 months self employed and no history if they would be any good at it?

Considering you can get a mortgage based on 6 months in a permie job - why not? Particularly if they were on 50k as a permie previously. 6 months into a permie role means your job is just as unstable as a contract position (with the eligibility for employment tribunal claims over unfair dismissal and the likes being deferred to 2 years minimum service now).

Banks habitually lend to people in much "worse" circumstances.

[SandyD]

I haven't taken a loan for many many many years (apart from mortgage) but I remember long time ago (about 10 to 15 years ago) there was loads of adverts for interest free loans for the first 12 months, I remember taking advantage of one loan once, fitted the whole house with a new central heating, and paid it all off within the 12 months interest free period.... but now I don't seem to be able to find any decent loans which are interest free for the some months (apart from overdraft etc) What happened to all those? did the regulators stopped them?

Anyway to the OP, just try a different loan provider, or contractor money as suggested earlier.

[SandyD]

In fact to take on a mortgage all you need is a valid 3 months contract, why should you not be able to do that for a car finance?? Also what about the car dealer themselves, they usually offer finance but I expect they'd have worse deals.

[northernladuk]

Considering you can get a mortgage based on 6 months in a permie job - why not? Particularly if they were on 50k as a permie previously. 6 months into a permie role means your job is just as unstable as a contract position (with the eligibility for employment tribunal claims over unfair dismissal and the likes being deferred to 2 years minimum service now).

Banks habitually lend to people in much "worse" circumstances.

In fact to take on a mortgage all you need is a valid 3 months contract, why should you not be able to do that for a car finance?? Also what about the car dealer themselves, they usually offer finance but I expect they'd have worse deals.

Why are you using a mortgage example in a discussion about loans. They are completely different animals. For a start a mortgage is secured against the house. A personal loan isn't so changes the whole field of play so any comparison is useless.

And remember getting a mortgage (and a loan for that matter) is based on a whole range of factors not just employment length. If you have good credit, large deposit, low LTV then yes you can, if you don't have those things then no you won't. No one factor means you can get a mortgage.

..and 6 months into a permie does not mean you are unstable as 6 months in to your very first contract at all. One carries a much greater risk than the other.

[SandyD]

To the OP, not sure how much loan do you need, but try a credit card loan which has 0% interest for purchases for the first 16 months or so: 0% Credit Cards: Interest-free cards for 17 months. Money Saving Expert

[northernladuk]

To the OP, not sure how much loan do you need, but try a credit card loan which has 0% interest for purchases for the first 16 months or so: 0% Credit Cards: Interest-free cards for 17 months. Money Saving Expert

Have you read and understood what these are first?

Bearing in mind they all use an assumed credit limit of around £1500 I don't think this is going to help him.

[SandyD]

Have you read and understood what these are first?

Bearing in mind they all use an assumed credit limit of around £1500 I don't think this is going to help him.

Who said they have a limit of £1500? One of my cards have a limit of £11K and the other £7.5 K
I think that's a decent short loan to get interest free for 16 months.

[TheFaQQer]

Have you read and understood what these are first?

Bearing in mind they all use an assumed credit limit of around £1500 I don't think this is going to help him.

Two have a minimum income requirement of £20k. Do credit card companies online systems take dividends into account when you apply?

[northernladuk]

Two have a minimum income requirement of £20k. Do credit card companies online systems take dividends into account when you apply?

The last time I applied for one it just asked for income rather than salary and I included two years accounts with the application to save time and it was never questioned. The only problem I had was that they only offered me a very low credit limit due to the fact I didn't close my old cards down first so stated I had too much available credit. I did ask how on earth I was supposed to transfer a balance from one to the other if I had to close one down first but they just shrugged it off and said it couldn't be changed. Wanted the rewards option not the high credit limit so went ahead anyway.

Whether or not I needed 2 years accounts I don't know as I proactively supplied it.

[SandyD]

Two have a minimum income requirement of £20k. Do credit card companies online systems take dividends into account when you apply?

I put down my income (company income) not my salary.