17 yr old needing to lend money?

nodtomc

I'm 17 (will be 18 in a month if that helps) and was wondering if there was anyway I could borrow about £500 from my bank somehow? Is this possible, or will I have to wait until I'm 18? I have a steady income every month, and my parents would put their names to it if necessary

HeadInSand_2

Title should read "17 yr old needing to borrow money?" - the lender lends money, not the borrower.
Ask your parents for a loan and pay it back interest free over the next few months.

nodtomc

loaner wrote: »

no you are too young, save up instead, it is a much cheaper (and stress free) way of living.

i will have the money to pay it back at the end of the month. I need the money now as it's a car that someone is selling at a good price, but only until the end of this week. If I save up, I'll miss out. Borrowing money is no problem with me, it's just whether the bank will let me

nodtomc

HeadInSand wrote: »

Title should read "17 yr old needing to borrow money?" - the lender lends money, not the borrower.
Ask your parents for a loan and pay it back interest free over the next few months.

my parents aren't able to lend me any money because they have a holiday to pay for

[Deleted User]

Grandparents, any other relatives who will do you a short term loan?

I doubt the bank will lend a minor money.. not even sure it's legal to do so

HeadInSand_2

Credit agreements under the age of 18 are unenforceable, so the chances of getting a loan from a financial institution are nil I'm afraid.

nodtomc

ringo_24601 wrote: »

Grandparents, any other relatives who will do you a short term loan?

I doubt the bank will lend a minor money.. not even sure it's legal to do so

none of my family would be willing to loan me the money. i read somewhere that if a parent co-signed the credit agreement, that makes it ok. EDIT : would they give me an overdraft as they know I have my wages going into that account every month?

zappster1966

Mate, if you're buying a car for £500 there's every chance it'll be a heap of cowdung, no offence to your friend but there are thousands of cars out there u can buy for £500. Don't forget repair costs, MOT, road tax, parking charges, speeding fines ... insurance (at 17 ?) ... not forgetting petrol, of course.

Seriously. Don't. I know every lad wants a car but they don't make any financial sense whatsoever. Avoid.

Says me. Austin Allegro at 15 y/o, Skoda Estelle Deluxe at 16 y/o (so classy) and an Opel Manta at 17 y/o ... ach, go for it, you'll have the greatest time of your life ... I did ;-)

nodtomc

loaner wrote: »

I guessed it was for a car, if you know them, offer to pay them at the end of the month.

There are plenty of cars on the market, have you considered tax and insurance?

my plan was to get the insurance at the end of this month, as I'm recieving a fair sum from the court as part of a compensation claim. It's just that this car is a good price and I like the car, but it's not going to be around at the end of this week.

HeadInSand_2

nodtomc wrote: »

none of my family would be willing to loan me the money. i read somewhere that if a parent co-signed the credit agreement, that makes it ok.

They could get one on your behalf in their name.

EDIT : would they give me an overdraft as they know I have my wages going into that account every month?

Credit agreements under the age of 18 are unenforceable, so no overdraft. A Bank wouldn't get a penny if you defaulted, hence they won't allow it.

LilacPixie

No you won't get an overdraft you are a minor.

Important life lesson - save up for what you want, dont rely on credit to provide it.