Best loan for an 18 year old?

msgnomey

sorry no!!!:T

postingalwaysposting

will369 wrote: »

I know you lot are all giving me the best advice.. but no one is actually helping me

As I have made my mind up

But just want some advice on what loan to get

In that case you may want to bookmark this board as you will need it in um a year :rolleyes:

We are 'helping you' and if you follow our advise you will be thanking us in the future. The problem is you dont like what we are saying... The facts are ~

1) You dont earn enough to keep a car on the road without adding a loan! Have you completed a budget? Not knowing anything personal about you just to own a car you have to budget for petrol, mot, tax, insurance and repairs. Thats not taking into acount accomodation, food, beer money, entertainment etc

2) Even if you could afford a loan you will not get a good interest rate and thus you will be tied with this debt for years. What happens if you marry and then want to buy a house? 5 years is a very long time.

3) A car is a luxury, no one needs a car. There is circumstances that you would require a car (your trade/occupation needs you to be mobile) but its not essentail to your living. As long as you have shoes on your feet you can walk anywhere.

My advise to you would be buy a cheap car (thus cheap insurance somethimes) which you could afford within two months. The pop over to this board and find a high rate savings account as save for the car you really want. Also it may be worth while working out a budget for yourself and also move away from the comsumer society that seems to be drummed into 'young' people.

Take care whatever happens...

kilasuit

sameish situation thou 19 and i gave up on the idea seeing as realistically thought that i cud afford a car let alone a loan to get 1 in the first place.

an FYI i'm earning nearly £1000 a month on a fortnightly pay best bet is to save up for it.

Thou if your 100% for goin for a loan do so for a better rate and for less than the maximum that you can get for your own sake as we cant stop you only advise you BUT dont complain that your skint or are still in debt for a car you dont own 3yrs down the line OR that we "forced" you into getting it.

As we've all advised against it and these are the principle reasons

1. your affordability is apparantly 1/4 of your monthly income
2. You are most likely not actually reponsible with your money so will most likely default and find that in 10 years time you;ll still have this hauting you (thats me giving you 4 years of paying it off and the 6 years the default 2will be registered against your name which will hinder you for ANY credit in the future)
3 It's a rediculous idea at your age and being only a year older than you and i've learnt loads in that time and personally owe just under 3k to 3 different companies which includes a 2k overdraft that i'd class as mainly charges.

nehoo i reckon its a silly idea and you should sit down and do your homework

thesim

I dont understand why you need a car for that price??

Can I ask whats so special about the car??

shop-to-drop

I just keep having images of a wealthy middle aged unemployed banker sitting at his computer having a laugh.

Not sure I guess this guy could be for real!?

the_rottweiler

You asked on a public forum for advice, has anyone on the forum advised you to take a loan, no, so you then decide to look at credit cards.
At £400 per month YOU CANNOT AFFORD IT
Stop messing around, save £100pm for 18 months and then you can get a £500 runaround and insurance, use it till you get lower premiums and ncb.
I also get the impression that op is a troll now

abinanthanb

Its really heartening to see too many people trying to save a financially dumb kid from getting into a stupid and hazardous debt. But what I see from the OP's replies is that he has made his mind and he is not seeing through the waves of cautions and advices raining in this thread.

Maybe he needs a special language to make him realize that he is actually landing in a deepshit voluntarily!! :mad:

Anyways cheers :beer: to everyone who has gone out of their way to help him. I wish I had this kind of helps when I was an illiterate.

bobothebear

My dad told me an amazing bit of advice about cars when I was buying my first car.
All cars ever do is cost you money and you get not much back. Therefore there is not much point in spending much to buy one because its only ever going to lose you money.

Try finding someone who can argue that is not the case?
Buy a new car and chances are you cant afford it so spend loads paying off a loan.
Buy an older car and you can afford it but it goes wrong more so spend money fixing it.


My car is a V-reg Peugeot cabriolet in v.good condition(Worth about £2.5k so more than OP's proposed car) and so far just this year I have spent on the following:
2 New tyres
Front brake pads
MOT
Insurance
New Battery
New Electric Window cable
Car Tax
All work I do myself so save alot there.

safc118

Im pretty sure that your getting into more than you can handle

1. You have no ideas of running costs of your car (i have a 1.1 C2 and i spend well over £100 a month in petrol (bear in mind with petrol prices atm they are going 1 way and thats up). I drive about 200mile a week to work and back as my transport links are terrible also)
2. You have to pay back at leest £100pcm for the loan

already thats half of your wage already gone???

then as many others have said you have to consider

Tax
Mot
Anything that goes wrong (pretty likely to happen on a 1k car so why not buy a banger for much cheaper)

Here is some advice some that hasnt been recieved yet so dont think im having a go. Your best bet is to get a inital credit card and pay it off at the end of every month. Register yourself for the electoral roll aswell. (By doing this it will improve your credit history)

Atm your new to credit so thats bad in terms of credit history as you have none. So if in the unlikely event you do get credit you will be charged a stupidly large rate, If you have a good credit history your seen as reliable and then they will give you a much lower rate (which will lower your premiums / give you a bit of experience with credit / reduce the amount of intrest that you have to pay)

Good Credit has to be earned, best to move in slowly and see whats there (if its a bad idea since your moving slowly you can easily get out) not just jump in over your depth as you will soon see yourself drowning:eek:

moonsugar

postingalwaysposting wrote: »

3) A car is a luxury, no one needs a car. .

There is great advice everywhere in this thread but it all boils down to this IMO.

I've recently turned 18, started driving lessons which I've saved up for since I was 16. I would love a car right now - I really would, I'm a carer which means I don't get out much, I am physically not in great health so I struggle to walk any sort of distance.

But I don't want to buy anything I can't afford.

Particularly as you seem to be a) set on buying something that's above what's minimum and b) you don't seem to understand the facts about how a loan works, particularly as you're talking about something that requires costly maintenance.

Work hard and save up - that is the fact of all reward in life.