Student needing 6K for a car - they best option?

aliasojo

Ok, I sensed the OP's frustration in post number 8 when he commented about all he wanted was advice on the most cost effective route, which is why I posted.

You're now being a little extreme in your examples and I see no point in continuing this.

Sorry to take the thread OT .

MRSPOON_2

Well Iam hardly in an ideal position myself in terms of credit score , being disabled and a tenant but my own bank HSBC accepted me for a 6k loan over five years at £140,00 per month.But I do have a disposable income of 1 k a month and no rent to pay .

So maybe try her bank? But you really need to be realistic as having just had a car that wasn't that old fail and be told I should cut my losses by a two independent mechanics and have to rush around finding finance myself, then you have road tax , car insurance and also you have to remember things always go wrong with cars , you need to service it and then what if something else comes up that hits you financially. you need to have a long hard think.

epsilondraconis

It would have been nice for aliasojo to actually give some advice, instead of simply commenting on other posts and saying that people are giving only opinion and no advice.

OP, if your gf is adamant about buying a £6k car, which as you've seen isn't considered to be a good idea, perhaps she could approach her parents. Would they be able to loan her the money or even take a loan out in their name to fund it. Due to their age, they are more likely to get a favourable rate (assuming they don't have financial problems themselves).

As you've seen from my earlier post, I also believe she should purchase a cheaper car. I just think that when she approaches her parents, they may try to talk some sense into her and recommend buying a cheaper one.

aliasojo

epsilondraconis wrote: »

It would have been nice for aliasojo to actually give some advice, instead of simply commenting on other posts and saying that people are giving only opinion and no advice.

OP, if your gf is adamant about buying a £6k car, which as you've seen isn't considered to be a good idea, perhaps she could approach her parents. Would they be able to loan her the money or even take a loan out in their name to fund it. Due to their age, they are more likely to get a favourable rate (assuming they don't have financial problems themselves).

As you've seen from my earlier post, I also believe she should purchase a cheaper car. I just think that when she approaches her parents, they may try to talk some sense into her and recommend buying a cheaper one.

I had none to give unfortunately. I'm not well enough informed to give financial advice, I was just concerned that the thread seemed to be following a path that was not what the OP had asked about. I posted hoping that people would reconsider whether advice such as 'she sounds a bit of a madam' etc was really all that helpful.

Anyway, enough said. I'm really not up for an argument, I just thought some of the comments were unfair and unasked for and I didn't think it was wrong of me to say so.

Godders

Your best places to look are here

http://www.moneysavingexpert.com/loans/cheap-personal-loans

http://www.moneysavingexpert.com/loans/plastic-loans

And all the links that those articles contain. Make sure you work out carefully what she / you will be able to afford for monthly repayments and make sure that if she is suddenly unemployed completely that she won't find herself in massive trouble (that's just friendly advice).

For what it's worth I borrowed £5000 on about 5% life of balance credit card and the other £3000 at 0% on another credit card with a repayment plan of 4 years which is being funded by the fuel cost savings over those 4 years (I travel a lot!).

If I find myself unemployed (hopefully unlikely) then I have sufficent funds locked away to repay the lot but at higher penalty costs than the interest I'm paying.

CLAPTON

Back to the original question...

to ask how to get a loan without mentioning

-the income of the borrower
-the amount available to repay each month
-the credit rating of the person

then this shows an absolutely amazing and appalling ignorance of the financial system

so to give advice based on the information supplied would be grossly irresponsible.

just my view...

RobertoMoir

nickb_2581 wrote: »

Hello
My girlfriend recently passed here driving test and is in the market for a car. Im wondering what the best route of gaining finance for this is she is in part time employment but im sure will be hit hard on a finance deal through a dealer. Is there a better option i could look into??

Thanks in advance

This is something she'd be better to look into than you - if it's her taking out the loan, its her credit rating and all.

The dealer might be the only place that will lend the money at all. At the end of the day the question is what can she afford to repay, or rather what will any lender think she can afford to repay?

Robert_Sterling_3

aliasojo wrote: »

I applaud those who have managed to reply relevantly.

AM I missing something here.
What exactly was your reply relevant to the OPs quest for £6,000 for a car for hig g/f.

I found the suggestions very relevant to the state of the finances available.

aliasojo

Ok, I apologise.

I obviously should have kept my thoughts on this one to myself. Consider me suitably chastised.

Robert_Sterling_3

Thank you Aliasojo :A