Georgiamac
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#1
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#1
I've put on my application that I'm a student as I earn more money that way than putting down my part time job. I've been ask to show my income as a student for the next three years? How is that possible?
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StriderHort
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#2
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Wouldn't you just tot up the sum of your estimated income from all sources for the next 3 years?
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TimmonaPortella
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#3
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You... earn more money as a student than in your job? What do you mean by that?
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Drewski
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#4
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(Original post by TimmonaPortella)
You... earn more money as a student than in your job? What do you mean by that?
Student loan income is greater than wage from part time job, I imagine.
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TimmonaPortella
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#5
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(Original post by Drewski)
Student loan income is greater than wage from part time job, I imagine.
Would underwriters consider further (contingent) borrowings 'income' for these purposes? I have no experience in trying to get finance on the basis of student loans, but it would surprise me if they did.
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Drewski
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#6
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(Original post by TimmonaPortella)
Would underwriters consider further (contingent) borrowings 'income' for these purposes? I have no experience in trying to get finance on the basis of student loans, but it would surprise me if they did.
Almost certainly not. Which is why OP is getting denied.
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Georgiamac
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#7
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I was told my application would be more successful on the basis of my student loan, the student loan covers not only money for uni and college but also does cover things like buying a car ect. I don't underatand how I can possibly give them a 3 year projection of my income when it is calculated on a yearly basis. Also, unless your on a salary with a contract it would be impossible to provide 3 years income this way aswell
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Georgiamac
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#8
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Probably better to add that they want documentation for this aswell, this is after I've put a hefty deposit down (more than half the price of the car) and have a gaurantor
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DarthRoar
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#9
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Financing a car as a student is really stupid. Especially trying to finance it with your student loan. Paying the finance loan with your student loan is a huge no no.
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AyyHash
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#10
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Dont finance a car. You end up paying more if u didnt know that already ur a student so imagine the insurance on top of that if u **** up RIP ur bank acc
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StriderHort
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#11
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(Original post by Georgiamac)
Probably better to add that they want documentation for this aswell, this is after I've put a hefty deposit down (more than half the price of the car) and have a gaurantor
That might be a bit trickier, credit places used to generally take the applications word for it on their income but i know that's been shaken up with all the 'responsible lending' stuff, i'm not really sure what documentation you could provide, I think most people would be a bit stumped if told to provide proof of the next 3 years earnings, all you can do is estimate.

As others are saying, i'd be leery of a finance option that needs that big a deposit, proof of long term income AND a Guarantor, which essentially means someone else is taking on the loan for you (if you have someone willing to guarantor the loan, couldn't they just lend you it?)

What are you trying to buy and what are you trying to borrow? High street lenders may be a better option.
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