--- Car Loan for 18 year old ---

LiamRatedRKO

Hi everyone! I am a 18 year old and currently on my first year of an engineering apprenticeship. Until September my Monthly income is £403. (£980 from my second year).

My Renualt Clio has started to leak badly from the sunroof and have tried fixing it for months and its stressing me out, so i am now after a new second hand car in the price range of £1200-£1700ish. At present i have £600 in my bank account. Has anybody got any tips on weather i should get a loan/over draft of around £700/800?

Baring in mind my M.O.T is in 3 weeks and i dont think it will pass without spending alot on it! So i was after another car to keep me going till september. My first year of no claims insurance will be 6 weeks when i turn 19 (so i need to decide weather to try and get a loan or get my car through m.o.t as one year no claims means a huge reduction for myself, being a young driver!!). Cheers for reading and any tips/info will be appreciated (Y)

powned

try trading it in, and see if you can haggle a good deal on a better car.
Car dealers seem to be able to get anyone finance...
Try not to get into finance tho if you can help it.. it get annoying very fast
I'd try getting a loan from a relative or something like that.
I spent 10k on a saxo vtr when i was 18 (12 yrs ago), i could kick myself for that

[Deleted User]

why borrow money?just spend the £600 you have saved on something with 12(or as near as)months mot?

paulmcerlean

powned wrote: »

try trading it in, and see if you can haggle a good deal on a better car.
Car dealers seem to be able to get anyone finance...
Try not to get into finance tho if you can help it.. it get annoying very fast
I'd try getting a loan from a relative or something like that.
I spent 10k on a saxo vtr when i was 18 (12 yrs ago), i could kick myself for that

this is really not the case anymore. there are many who struggle to get car finance.