Author Topic: need a loan  (Read 937 times)

Offline Vikkiz

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Re: need a loan
« Reply #15 on: October 12, 2019, 11:29:20 PM »
I've heard of several CUs asking for Income Tax Agreements in support of loan applications by self-employed taxi drivers. In every case they said it's to comply with Central Bank regulations.
not so much Income Tax Agreements but your Tax Clearance Status

Offline Taxi driver42

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Re: need a loan
« Reply #16 on: October 13, 2019, 04:59:25 PM »
Ulster bank are the worst to deal with they refused me 3 times and 5he week I finished a25 yr mortgage they told me no to 20k loan

Offline john m

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Re: need a loan
« Reply #17 on: October 13, 2019, 06:39:22 PM »
Banks are now asking self employed for 3 years tax clearance .Seems a lot of shisters declare big earnings and write off expences the first year so their after tax earnings is high then they borrow against that figure or even cook the books by overdeclairing earnings and pay the tax on it .Taxi driving and Hairdressing seem to be favourite employment for fradulent wage earnings .I see the taxithingey have issued some sort of earnings average for drivers in their how much it will cost to rejig your meter .

Offline mercenary for hire

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Re: need a loan
« Reply #18 on: October 13, 2019, 06:58:15 PM »
That's been like that for ages John.Taxi drivers are a risky gamble for banks.They're doing us a favour TBH.The same lads buying 40k motors will be the same ones trying to buy a 500k house.

Offline john m

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Re: need a loan
« Reply #19 on: October 13, 2019, 07:08:28 PM »
That's been like that for ages John.Taxi drivers are a risky gamble for banks.They're doing us a favour TBH.The same lads buying 40k motors will be the same ones trying to buy a 500k house.

When I was changing my car the story was certain licence holders were getting credit and not paying for the vehicle it took years to get a repossession order then as it was your only means of earning drivers were appealing and it was taking another year before the court granted repossession orders and the vehicle was worthless .A good mate in the business recons about half of the WATs that are on the road are in default payments as the drivers PSV driving licence cannot be removed by the courts only the vehicle .There was a lad who was arranging finance for WATs who has ceased trading .He was signing up drivers and selling on the contract to some Czeck Bank .Think the same bank was providing car finance for some of the West Dublin independent car traders !

Offline mercenary for hire

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Re: need a loan
« Reply #20 on: October 13, 2019, 07:14:22 PM »
Just about the mortgages they take an average of your last three years returns.So even if you put in a whopper in your third year it gets dragged down by the lower ones.Not worth it unless you're playing the long game.

Offline john m

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Re: need a loan
« Reply #21 on: October 13, 2019, 07:28:45 PM »
Banks dont look on a home owner as a guarentee of payment with changes to the Law your hen or your live in squeeze have a claim on the Bricks and mortar even if their handle isint on the log book. Your earnings and disposable income now decides if they will loan you coin .

Offline Taxi driver42

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Re: need a loan
« Reply #22 on: October 14, 2019, 12:06:11 PM »
Banks dont look on a home owner as a guarentee of payment with changes to the Law your hen or your live in squeeze have a claim on the Bricks and mortar even if their handle isint on the log book. Your earnings and disposable income now decides if they will loan you coin .

Homeowner means little now
Its ur ability to repay

Offline mercenary for hire

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Re: need a loan
« Reply #23 on: October 14, 2019, 12:15:50 PM »
In my mind yer only a homeowner when you pay back the bank in full.Until then they can still kick ya out.

Offline john m

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Re: need a loan
« Reply #24 on: October 14, 2019, 01:56:08 PM »
In my mind yer only a homeowner when you pay back the bank in full.Until then they can still kick ya out.



Ah the deluded tenent purchaser thinks he has a house but he really has a loan .

Offline Vikkiz

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Re: need a loan
« Reply #25 on: October 14, 2019, 09:34:04 PM »
In my mind yer only a homeowner when you pay back the bank in full.Until then they can still kick ya out.



Ah the deluded tenent purchaser thinks he has a house but he really has a loan .
If I don’t own my home til I pay back the bank, shouldn’t they pay the property tax?

Offline mercenary for hire

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Re: need a loan
« Reply #26 on: October 15, 2019, 12:10:16 AM »
Probably Vikiz..It's just another tax by a different name.

Offline dalymount

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Re: need a loan
« Reply #27 on: October 15, 2019, 08:13:28 AM »
Although I did it myself years ago, I puzzled why anyone needing a car loan would go to a credit union ? I think they charge much more then other lending instructions. I bought a car many years ago through the CU, I borrowed 20k and paid them back 24800.thwte are a few interest free deals at the moment from some dealers surely this is a better option ?

Offline john m

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Re: need a loan
« Reply #28 on: October 15, 2019, 09:39:01 AM »
Although I did it myself years ago, I puzzled why anyone needing a car loan would go to a credit union ? I think they charge much more then other lending instructions. I bought a car many years ago through the CU, I borrowed 20k and paid them back 24800.thwte are a few interest free deals at the moment from some dealers surely this is a better option ?

Thats why I posted this tread .A lot of Car deals are not available to self employed especially taxi drivers .If a taxi driver defaults on the loan the car is worthless to the Garage if they repossess it .I was looking to change my car earlier this year and few dealers were willing to get credit for taxi drivers in fact Phoenix motors at Kilmainham were asking 16% for taxi credit .Some workers might find it difficult to refinance a replacement motor .I know a fella bought a 3 year old x taxi  occi repossessed by finance company 140 ,000 Km for 4K cash his mate worked for the garage got it trade .

Offline mercenary for hire

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Re: need a loan
« Reply #29 on: October 15, 2019, 09:48:03 AM »
AIB is charging 8.95% so 16% to get you on the road isn't terrible.Obviosly the plan would be to pay it off early.Allowing a loan to run it's course even at 8.95% is expensive.

By the way I have 300 quid saved towards my next vehicle that I started planning for 3 months ago.Not a great start..

 


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