Loan spiral - young and naive!

Clairestar13

Hi all,
I need some help. I've just recently sold my car and am looking for a new one, but I need a £5000 loan to cover the cost plus insurance. Now I am only 19 and have no real credit score or rating because I've never had a credit card, I still live with my parents, my phone and old car insurance was in my dads name so thought i wouldn't have a problem applying for a loan.
I applied with Sainsbury's at 8.7% but having completed the application I noticed that Tesco were offering the same loan at 7.9% so I cancelled Sainsbury's and applied with Tesco. Being young and naive, i was just looking for the cheapest loan and didn't know of the consequences of doing this.
I was then refused by Tesco and i didn't know why so I called up Sainsbury's again hoping they'd still have my details on file... they didn't. I was also told that because I had applied twice within a week, it would have really affected my credit rating and i was likely not to be accepted again. The guy said I should try anyway and they'd see what they could do... I was refused.
So now, I am 19, never had any credit cards or loans in my life, with a really poor credit rating, through no real fault of my own... well not that i was aware of at the time. so now i am without a car, without money, and without any means of being able to get some money.
What can I do? What are my options??
Thanks
Claire

RobertoMoir

Assuming you only want to stick with people who will lend at a reasonable price, I'd ask whoever it is you bank with. If they say no, then I'd honestly think about waiting for a while. You can't un-ask for credit, and continually applying isn't going to make you a more attractive borrower.

CLAPTON

being young and naive you will want you learn from others

-save for what you want

-lots of excellent cars available 1-2k

-curious that you think you are entitled to money that you haven't earned yet... why is this?

Gorgeous_George

Could dad get the loan for you?

GG

LilacPixie

Go to your own bank

I second what Clapton says. Buy a cheaper car. Seriously 19 limited driving experience andwhat looks like zero no claims bonus buy yourself a cheap run around build up your no claims while saving whatever yourloan payment would be and buy a newer car is 2-3 years time. Seriously there are some bargains to be had for under 1k.

mrcow

How much do you earn per month?

PNPSUKNET

If you havent had credit, even a credit card will be scared to lend more than 1k

luke05

You should assess you self first on things that matters to you first.. The monthly consumption you have for example.. so that you will not get caught in any trouble afterward..

Snakeeyes21

To get credit you need to have a credit history, with no credit history your unlikely to be accepted for a loan, id suggest getting a phone in your name and mabe one of these high interest cards that they give to anybody, like capital one, vanquis or aqua, aslong as you pay it off in full every month it wont cost you a penny, then after 6 months or a year of reliable payments you will stand a better chance of being accepted for a higher loan amount, it will also benefit you if / when you decide to buy your own home in a few years.
Remember credit isnt a right, you have to earn it.

scho_2

CLAPTON wrote: »

being young and naive you will want you learn from others


-lots of excellent cars available 1-2k

Looks like even the old and wise still have lots to learn clapton:

-Insurance for any new young drivers is usually around £1500-2500 for the most basic 1.1 shopping car.

The OP still needs at least 3K to get herself on the road.

Kavanne

scho, top gear did it for £2500 lol!