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Loan for son age 18

candlegirl
candlegirl Posts: 559 Forumite
in Loans
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.
I get paid to party!:rotfl:

Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Tell him to save.
  • V.Lucky
    V.Lucky Posts: 806 Forumite
    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.
    :hello:
  • TheEffect
    TheEffect Posts: 2,293 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    candlegirl Posts: 559 Forumite
    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.
    I get paid to party!:rotfl:
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    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
    PNPSUKNET Posts: 4,265 Forumite
    noramly lenders wont lend much to any one young until about the age of 21 as they have 3 years history
This discussion has been closed.
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