Best loan for an 18 year old?

will369

Passed my driving test about 6 months ago.

I started learning about 1.5 years ago.

I want a car so badly and have done for so long.


If I save up from my 2 part time jobs... it will take me about 1 year so save up the £4000 I want

£1500 for car

£1500 for insurance (I think)

Then the rest of the £1000 for general car things to keep me going.



In the economic climate will the bank lend me £4000?


I hope to pay it off monthly.. at around £90... so that will take about 5 years.. and I will prob end up paying about £5000 back.


I have an income of £400 a month


What do you think is the best way about this?

Cheers

slig

I think the best way is to save up for it. A year of saving and the car is yours - even less if you can cut back on other things to put more towards the car fund.

PNPSUKNET

Been honest most lenders will not lend this amount to an 18 year old as you have no credit history.

Lokolo

Insurance you can pay monthly at a cost.

Any reason why you want to spend £1500 on car? Mine only cost £200 and I've had it for 3 and half years now.

TheEffect

You get paid £400 a week.
Wait 1 month and buy a £1500 car with 4 weeks money.
Pay insurance monthly
Pay for expenses as they come

£400 a week is a lot

stephane_2

You're only 18, trust me buy a second hand car with a bit of saving, wait a year or two and save in the meantime, you're insurance will cost far less and you'll get an even better car.

melorablack

OH bought his first car last year when he was 19, his car cost £450 and insurance for his 1st year of driving was about £1,250. Why don't you buy a cheaper car instead of getting yourself into debt at 18?

eslick

best loan for an 18yr old. No loan full stop. Dont get yourself into debt, use the bus until you can afford it. Why does it have to be a £1500 car whats wrong with one £500 get someone who knows about cars and go to an auction save your pennies and dont get into debt.

Snakeeyes21

Buying a car isnt worth getting in to debt for.
my first car was a vauxhall cavalier, cost me £100 i drove it for 4 years untill last year when it fell apart. Then i bought a scooter which costs peanuts to run. im never going back to a car.
is it worth spending £300+ a month to run a car when that money could be going towards a house deposit.

beanielou

To be blunt no loan is best.

RobertoMoir

You won't like this but the best loan for an 18 year old who wants a car is no loan at all. Please save the money instead, and please look at whether you really need to spend £1500 on your very first car or if a cheaper "banger" will do.

Case in point, why do you need to spend £1000 on "general car things to keep me going"? What the heck are "general car things to keep me going" anyway? I don't think I've ever spent £1000 on "general car things" in my life, certainly not in one year.

If you need to take a loan out to afford insurance and "general car things" then what will you do the following year when you need to renew your insurance and buy some more "general car things"? If you can't afford stuff like that out of your wages then you can't afford to run a car, sorry to say it.