Loan for son age 18

candlegirl

My son has just turned 18 and was refused a loan with his bank.

He was told to come back in 6 months and also to take new bank account with credit facilties.

He has his own flat, full time job and pays his own bills.

He is looking for a loan asap as he wants a car.

Any advice please.

Lokolo

Tell him to save.

V.Lucky

I agree with Lokolo, 18 is way too young to be getting a loan especially in the current economic climate.

Make do with what he has or save for a big deposit.

TheEffect

A loan? Your son will be lucky to get a mobile phone contract/small overdraft in this economic climate, as well as his non-existant credit rating.

I'm 18 (nearly 19) and got a credit card when I turned 18, with a £100 limit. After using this for 10 months, now can I only get a small overdraft with my bank.

candlegirl

He does have a mobile phone contract as he works for 02.

I have told hom to save and wait but he is impatient!

Thanks for the advice I will tell him, others agree with me.

Lokolo

candlegirl wrote: »

He does have a mobile phone contract as he works for 02.

I have told hom to save and wait but he is impatient!

Thanks for the advice I will tell him, others agree with me.

He only needs £500 for a decent really old car, it'll last a couple of years until he can afford a better one.

My 1991 Ford Fiesta has lasted 4 years now!

PNPSUKNET

noramly lenders wont lend much to any one young until about the age of 21 as they have 3 years history