Loan spiral - young and naive!

Clairestar13

moonrakerz wrote: »

'Fraid Clapton's "oldness & wiseness" has left you trailing far behind ! His comment about "being entitled to money you haven't earned yet" is the crux of the matter.

Your comment about insurance is wide of the mark.
Why does a 19 year old require a £5000 car, other than purely for status ?
Any one with a modicum of common sense would buy an old banger for a few hundred quid.
a. it's what can be afforded
b. it only needs 3rd party, f & t insurance
c. it will gain ncd
d. Most important - it keeps you out of debt


The OP DOES NOT need £3000 to get herself "on the road".

Final question: Does she actually NEED a car ?

The fact is, i dont want an old banger, I've had an old banger, and now i want to upgrade my car, I dont see why i should be criticised for wanting to do so, as lots of people do.
I want my insurance fully comp because these days it tends not to be that much more expensive than third party, and obviously there are more benefits for doing so.
I have been a named driver on my dads insurance for 2 years and have no NCB of my own so insurance will be expensive anyways.
I need to earn myself a credit history at some time so I had no issues with applying for one now whilst i live at home and can afford to pay it off with no problems at all.

mrcow

You never answered the first question though - how much do you earn each month?
How long have you been working for?
Are you on the electoral role?

2 loan searches wont give you a "really poor credit rating" - far from it. If you've been turned down for loans, it's because the lenders currently see you as a bad investment.

RobertoMoir

Good points MrCow. Claire needs to figure out why she was turned down and fix that before applying for more loans.

It's quite possible to not be on the electoral role when you're young, I suppose, and that would certainly put a spanner in the credit works.

horse76

Take on the board the advice given on here in building up a good credit rating and just ignore the other posts. Wish you all the best in getting the car you want.

Bananasplit

Clairestar13 wrote: »

I have been a named driver on my dads insurance for 2 years and have no NCB of my own so insurance will be expensive anyways.

Have you done the Pass Plus?
I did. It knocked £400 off my original insurance.

McKneff

Is there some 'fronting' going on here if the ops car is registered in her name but its insurance is in dads name?

Clairestar13

mrcow wrote: »

You never answered the first question though - how much do you earn each month?
How long have you been working for?
Are you on the electoral role?

2 loan searches wont give you a "really poor credit rating" - far from it. If you've been turned down for loans, it's because the lenders currently see you as a bad investment.

I earn 15k a year, I have been working in my current job for a year because before then i was a student in 6th form. Yes I am on the electoral role. I live at home with my parents.

Clairestar13

McKneff wrote: »

Is there some 'fronting' going on here if the ops car is registered in her name but its insurance is in dads name?

No, both the car and the insurance were in my dads name, I was just the named driver.

I just tended to drive it more than my dad because he has a company car - also I dont see what this has to do with the original post.

mrcow

Clairestar13 wrote: »

I earn 15k a year, I have been working in my current job for a year because before then i was a student in 6th form. Yes I am on the electoral role. I live at home with my parents.

How long have you been with your bank?
And have you ever been overdrawn with them? They may consider lending - they are often a good first choice as you have account history with them.

Clairestar13

Bananasplit wrote: »

Have you done the Pass Plus?
I did. It knocked £400 off my original insurance.

No I dont have the pass plus, I think I would consider doing it though. I didn't even think about that. Thanks.