Advice Needed Please

BREMBO

Hello

Looking for some advice as im thinking ahead, hope you can help...

Hello, more a less straight to the point on this one, going to look into everything to give me plenty of time.

I’m looking at getting a second hand car next year with the value of about £16,000 may be slightly less than this. I may have a small amount to put towards this perhaps £3-5k.

So I will need to look at borrowing £10 to 11,000.

I’m looking for advice on how best to do this.

I figured out that I could pay at maximum around £350 a month back, but would be better if it was a bit less. I have the advantage of my partner being a university student if this can help in anyway, e.g. student loans etc.

I have a clean finance history, never been in debt all bills paid but have never taken out a finance agreement before. I don’t have a mortgage but rent I’m in full time work and I’m 21 years old no criminal record(s), points on license etc. Nothing that I believe will affect me?

If someone could let me know the best ways around this then please share your thoughts.

Hugely appreciated,

Ben

Ames

If you've never had credit cards or finance agreements before then your credit history wont be too good, especially for such a large loan. You also need to remember that on a car like that (I'm guessing if it's £16k second hand then it's a luxury make) at your age your insurance will be horrendous. Also, if you haven't been driving long then the chances of you pranging it are high, it's better to get used to driving in an old banger than a better car. For the price you're looking at you could buy two brand new small cars!

BREMBO

I know that this is a moneysaving expert forum, this probably isn’t so much of a saving much the opposite. I have actually been driving for 3 years and have had no accidents with a clean license. I have already looked into insurance and is at a reasonable level that am willing to pay. I have started off with an 'old banger' and have upgraded since so now looking for something which I have wanted for a while. Although from a moneysaving perspective is silly, I’m just looking for the best advice on how to get the money to borrow as I have more knowledge about cars than money lol

CHR15

If you borrow £10-11k for a car, you will be paying the loan off for a FAR greater time than the enjoyment you will get out of it.

New cars are great for 6 Months, after 12 Months, it simply becomes "the car"
After 2yrs you will be fairly bored with it
After 3yrs you really can't stand it.

It will still be a nice car, but you had a new one, now this one is getting old.
All the people who envied your new car will expect you to get a newer one, and you will feel the same.

With a loan, you will be free to sell it on, but you will still be paying the loan off.
You will have a large outgoing, you wouldn't have made enough out of the sale to buy a new one outright so you end up either jumping into disastrous finance deals, or driving a banger.

It's a big outgoing for a 21yr old, where do you see yourself in 5yrs?? Homeowner?? no chance with that commitment already.

I would never borrow more than £6-7k for a car at most. By the time I got completely fed up with it, the loan will be nearing the end