Best loan for an 18 year old?

will369

bumpoowee wrote: »

When I had just graduated I wanted to get a loan as I was moving for my first proper job. I found that nobody would give me a loan on decent terms, and ended up taking out a credit card with £3k limit and 0% on purchases for 12 months. By swapping between 0% deals I eventually paid off the balance without having to pay any interest.

May be worth looking in to doing this if you haven't already, my only doubt is whether you will get enough credit limit for it to be worthwhile, as I was 21 at the time (although maybe it's more to do with being in employment than age?).

hmm

maybe a credit card would be better?

Basically I want £4000 pound.

I bank with Natwest

I was looking at the Natwest Platinum Credit Card


It says


Our best ever 0% balance transfer offer

Pay 0% interest on your balance transfers for 15 months (2.9% fee - min £5) and 0% on purchases for 3 months.






So with that card would I be able to set it to a maximum of £4000?


And how I pay it back?

Ames

You wouldn't be balance transferring though.

Really, your financial naievety is shining through your posts, I think you need to learn more before even thinking about taking on debts.

It's not a coincidence that these forums go credit cards, loans, debt free wannabe.

will369

Ames wrote: »

You wouldn't be balance transferring though.

Really, your financial naievety is shining through your posts, I think you need to learn more before even thinking about taking on debts.

It's not a coincidence that these forums go credit cards, loans, debt free wannabe.

What you mean by

You wouldn't be balance transferring though.

slig

1. They are unlikely to give you a £4000 limit.
2. It's 0% on purchases for three months only - what's the rate after that?

I actually think this is a worse idea than the loan.

Ames

A balance transfer is where you transfer the balance from another credit card. Therefore you wouldn't be balance transferring, you'd be spending.

will369

2.9% balance transfer fee - (minimum £5), and a Typical 16.9% APR (variable)

??

msgnomey

Oh dear

The 0% rate only applies if you transfer your balance from another credit card to the new credit card, and you usually have to pay a fee as well
Also the bank sets the limit on the card not you, you will find it is probably set low to start with then increased once you have shown that you will pay on time etc.

Why can't you save up??

will369

msgnomey wrote: »

Oh dear

The 0% rate only applies if you transfer your balance from another credit card to the new credit card, and you usually have to pay a fee as well
Also the bank sets the limit on the card not you, you will find it is probably set low to start with then increased once you have shown that you will pay on time etc.

Why can't you save up??

Because It will take me about a year to save up what I want.

You don't realise how much I want a car.

I spent nearly £1500 on learning to drive.. and I started 1.5 years ago.


Living in a village is so annoying... having a car will mean I can get a better part time job and work more hours as I will not be relying on my mum and dad to take me to work.


I can have a better social life having a car. Get out of the house more.

msgnomey

You will not be able to afford a social life

get a bike

will369

msgnomey wrote: »

You will not be able to afford a social life

get a bike

Brilliant!