Best loan for an 18 year old?

IWantToBeFree_2

The fact that you are going to be paying over £2k in interest and by the time the loan has paid off you probably won't even still have the same car.... taking out a loan for a car at your age is stupid, you should save for one instead or cut your cloth accordingly and get a cheaper one. What are you going to do next year when you need to renew your insurance? Take out another loan?

IWantToBeFree_2

will369 wrote: »

I hope to pay some back in a lump sum

And have you checked the terms and conditions of the loan to see if you are able to? Many lenders don't allow lump sum payments, and will charge you if you redeem the loan early. Other lenders may front load the loan with interest meaning that even if you pay it back early, you will still have to pay all the interest you would have done if it had taken you 5 years.

Have you factored any of this in?

will369

IWantToBeFree wrote: »

The fact that you are going to be paying over £2k in interest and by the time the loan has paid off you probably won't even still have the same car.... taking out a loan for a car at your age is stupid, you should save for one instead or cut your cloth accordingly and get a cheaper one. What are you going to do next year when you need to renew your insurance? Take out another loan?

from now to next year I will save for insurance

And I might still have my car

will369

Thats where I want help

I want someone to find me the best loan

where I can borrow £4000.. and pay back around 100 a month... and pay a lump sum if I want

koopa_coffee

Again why £4000, and why do you feel the need to take out a loan? What is wrong with waiting a few months and saving up to buy the car yourself?

IWantToBeFree_2

will369 wrote: »

Thats where I want help

I want someone to find me the best loan

where I can borrow £4000.. and pay back around 100 a month... and pay a lump sum if I want

What is wrong with having a look for yourself and then presenting people with options so they can comment on which would be best in your circumstances?

Trouble with the youth of today, want everything on a bloody plate!

will369

koopa_coffee wrote: »

Again why £4000, and why do you feel the need to take out a loan? What is wrong with waiting a few months and saving up to buy the car yourself?

Because it wont take me a few months to save up £1500

ALIBOBSY

OK before you jump in can I just post something to think about. My OH wishes he could go back and tell his 18 yr old self what he knows now. You have the chance to get that advice from people who have been there, done that, and bought the t-shirt.

My OH looks back at the money he wasted and wishes so much he had started to at least save some of it. He ran up store cards and loans all of which he paid off no problems because of his wage ( he was on about 17k around 20 years ago so a good wage), but he wasted so much on interest and designer clothes and just general "rubbish".

If you are on £400 a week and live at home you should easily be able to save £200 a week, ie £800 per month so a few months will get you your car without any future debt.

good luck
ali x

mumisworried

Please,Please,Please be careful. Look up my recent threads. My son is in such a mess. His insurance is sky high - £100 monthly for a 6 year old corsa. He was offered a loan on his 18th birthday by Halifax and now owes twice that. Speak to your family and don't make any rash decisions. My son passed his test 6 weeks after his 17th birthday and was desperate for his own car - it has caused nothing but problems since. Don't get into debt now - it looks so easy to pay back but trust me it's not. Hope you make the right decision. Once the bank/credit card have got you they will do everything in their power to make sure you are indebted for life. Don't make the same mistakes as my son has done.

kuohu

ALIBOBSY wrote: »

If you are on £400 a week and live at home you should easily be able to save £200 a week, ie £800 per month so a few months will get you your car without any future debt.

The OP edited his post to £400 a month so it puts a different perspective on things.