Loan for 18 year old

davidtlogan

Hi, after pricing car insurance for someone my age I found out the cheapest is £1392, paying that in installments would then become £1592.

I have looked on various sites and I am looking to take out a loan for £1,400 and pay the insurance off in one payment and pay back the bank, which should work out to be less than if I paid the insurance company in installment (which was £1592).

Basically, I want a loan of £1,400 that, when repaid, will have be less than £1592, there are many, although I haven't been approved.

Does anyone know of any loan company or bank that I will succesfully get a loan from?

Ames

So, you want to get a loan so that you're paying one years car insurance for several years?

Also, advertised rates aren't necessarily what you'll be offered.

davidtlogan

No, a one year loan.

Its generally cheaper to take a loan of £1400 from a bank and pay it back than paying the insurance company in installments.

A one year loan from the bank will be less than what I would pay the insurance company in installments, so I want the loan to pay the insurance in a one-off payment and I'll pay the bank back over the course of the year.

Ames

Couldn't you wait a year to get a car and save the insurance up then?

*Vikki*

ditto.

Try out swift over and Tesco too for quotes or adrian flux.

abbecer

I really wouldn't go down a loan route at your age. As most people on here would agree once you get credit cards loans etc it can soon snowball as the easy credit is so tempting. I would keep searching for a different insurer. Have you looked at usual sites confused.com, moneysupermarket.com etc. If you go on Quidco too you may be able to earn cashback.

Rebecca x

moonsugar

don't buy anything you can't afford. really.

confusing your 'wants' with your 'needs' is where most people get in trouble debt wise. Really, at your age, you shouldn't even be thinking in that way.

chambta

Loans of that size won't be that much cheaper APR. See your logic but don't think it's a route you should take. Try and get the insurance cheaper and compare the best prices payable over 12 months.

andrina_nightshade

Instead of taking out a loan, is it possible for you to add one of your parents onto the insurance as a second driver? This might help bring down the cost. Also, see if you can go through a cashback site like Quidco - it might help claw back a little of the cost.

But I can only echo what others have said - at 18, the only loans you should be concerning yourself with should be student loans. Getting into debt (even what you perceive to be a small one) at your age is a dangerous road to go down.

kilasuit

even if you could get a loan for that amount you'd still pay more than the 1592 that they are saying that it would cost

DCFC79

Why dont you get a job and save up, ok so you maybe wont be able to save up the whole amount you want but whatever you save would help