max loan term = contract length?

[contractor0118]

hi

trying to borrow from my bank so i can buy a better car but bank managers says loan term cnt be longer than 6 month due to me being on 6 month contract..

:/

any advise? is thats how it works ?

[kingcook]

hi

trying to borrow from my bank so i can buy a better car but bank managers says loan term cnt be longer than 6 month due to me being on 6 month contract..

:/

any advise? is thats how it works ?

2 options:

1) Rob the bank.
2) Try another bank.

[contractor0118]

can i tell bank that i am permanent employee / director of my own company ?

[TheFaQQer]

can i tell bank that i am permanent employee / director of my own company ?

Yes. Mainly because it's true.

Whether it will make any difference is another question.

[northernladuk]

Somehow I find this very hard to believe.

[SueEllen]

Somehow I find this very hard to believe.

NLUK some posters are a bit simple and some bank "managers" are also thick.

I know quite a few self-employed people/contractors whose business advisor is someone who is clearly under 25, has no concept that different types of businesses have different needs and wonders why the person in front of them doesn't agree with the computer.

[RasputinDude]

can i tell bank that i am permanent employee / director of my own company ?

You have a couple of options here - educate the bank manager (good luck with that)
or
Go to a specialist advisor. ContractorFinancials and AS Financials (Martin is a fairly helpful chap) are both quite helpful.

[Jessica@WhiteFieldTax]

If you just put down your income in the application form, I'm really surprised the bank are checking further than that, unless you have poor credit score?

[SueEllen]

You have a couple of options here - educate the bank manager (good luck with that)
or
Go to a specialist advisor. ContractorFinancials and AS Financials (Martin is a fairly helpful chap) are both quite helpful.

There is absolutely no need to do that if:
1. You have a good credit record, and,
2. You have credit cards, bank accounts and/or a mortgage with other financial institutions.

Generally if you apply on a paper form and have a good credit record and have other financial products using a bit of common sense you can get the loan you want.

(And yes I'm fed up of various financial institutions trying to give me loans and credit cards I don't want even though they fully know what my situation is just because I have another product with them.)

[RasputinDude]

I think that it does depend on the bank manager. A few years ago, I had the devil's own time trying to convince the spotty faced oik at my bank that I was *not* a temp with only a twelve week contract. In the end, I gave up trying to convince them and went to a different institution and got the loan immediately.

To quote Sas, some people are just cretins.