Loan..Yes or No?

prmdc098

Hi people im thinking on taking out a 5000 loan to buy a car
My question are do you think i should with all this credit crunch thing going on?
Can anyone suggest companies who would offer to me an 18 year old?
And are the companies low rates?

~Beanie~

Have you tried your bank? I assume that you are in regular employment and earn enough to repay a loan.

prmdc098

yes i tried .. well researched my bank but there rates are pathetic
im hoping to take it out over 5 years
and they said it would be lyk15%apr or whatever you call it
so it was arond 8000 when payed back which im not going to even consider
Yes im in full time employment

jimpix12

Why not take it out over 3 years? It will only cost a bit more per month but the savings are high vs. 5 years.

What bank offers 15% APR typical?! Or did you apply already?

You shouldn't have too much of an issue getting a small loan, if it's for a car remember to mention that as it's a tangible asset (that they can repossess!) in the bank's eyes and that may help your case.