Best loan for an 18 year old?

aaronoxf

Myself and many, many, many others speak with the same advice, I am 23 and have seen a lot of people in similar positions (they really, really want a car to show of to there mates, ow look I have a car I can pick you up from college or take you to town - then end up stuck with a massive petrol bill) (at 18 you do not know or appreciate anything in the world, im 23 and own my own house, paid for my first car with cash and still i am learning, I am no way mature enough to make big decision by myself)

Please, please, please, please, please dont get a loan, buy a cheap 2nd/3rd hand car. Saving for your car will make all the difference, then you will own it and not someone else! Trust me do not spend 1500 on a car as you will crash it, you will dent it and it will become a mess!

I personally think getting a loan is a mugs game, why on earth would you want to borrow £4k then have to pay back £6.....£2k interest! !!!!!! you could buy another car for that!

Just save save save save save! itll be worth it in the long run!

Ames

That's another good point, if you have a car you'll end up your mates taxi service.

Burlesque_Babe

also a good point about the upkeep of it. You just never know when a car will go wrong - and how often.

To be honest, I doubt the OP will return to this thread, he seems to have his mind set at what he wants to do, despite all the advice.

There was another thread yesterday where someone new wanted a 4k loan, earns 300 per month and wants to pay back 100 per month and has already approached the Nat West who have declined him.

The OP of that thread hasn't been back since being asked what the money was for...

moonsugar

Burlesque_Babe wrote: »

also a good point about the upkeep of it. You just never know when a car will go wrong - and how often.

Particularly as a new driver - I'm not stereotyping youngsters as I am one myself but in the years of being an inexperienced driver there aren't many people who haven't had a prang or two. And for that reason insurance can cost more than a new car by miles (that might be a pun, sorry ) as well as fixing it up and getting back on the road.

On the plus side.. It's great to use the bus when your 18. Just make sure you wear a hoodie and you'll have a seat to yourself no matter where you're going

I know I'm young but please don't be under the assumption that all young people "want things on a plate", I would rather work myself into the ground than ever take out a loan for something I don't need.

geoffky

will ... see you on the bankruptcy board in five years..because your attitude to risk will get you there. your want is becoming a need when it should be a save.

alo6

something tells me he is going to buy one of those corsas with a purpose stabbed hole in the exhaust.

dottilotti

It is wrong because you are having to pay back nearly 2k in interest and it would be a lot better if you could save up an extra year and have no debt at all. In 6 months time you will regret having this loan.

jennihen

Put simply, are you such a numpty that if you saw a car you really liked on sale for £1500 you would give £3500 for that car cos thats what it comes down to at the end of the day?