20k Loan

Happytogetdebtfree

I'm no car expert but I wouldn't want a 20k car unless it wa pai for and I knew I could afford it take into account what others are saying here x

mjtaylor82

I'm not gonna tell you what you should or shouldn't spend your money on, thats your choice but something I was once told still sticks with me to this day....

"An expensive car will impress the girls, parking it on your parents drive wont"

Happytogetdebtfree

Why wouldn't parking your expensive car on your parents drive not impress? I mean yes if your 30 + at home with expensive cars maybe but 20 I've yet to see that occur from experience. Good point though

natalieheron

Dont do it!!!! I got into big debt at your age taking on too much.

djwolf

That's a fair amount to take on at the age of 20 but it's up to you. I had a car loan for £5k at the same age and that was bad enough. It seemed to take an age to pay off. I have debt now but I'm older and earn more so it's not such an issue. One thing I've always been told in case of difficulty is 'if you have the assets to pay off the debt you're okay, otherwise be careful'.

Eric_Pisch

been there done it

ran a new ford cosworth at 20 (shows my age) damn near bankrupted me

buying such an expensive car on such a low salary is barmy especially one that drinks fuel when fuel will be heading towards the £1.50 a litre mark over the next 18 months, whats the road tax on that £450 a year?

save your money, earn your NCB and then when you are 25 you will have the money saved to buy a stonking car and be able to afford the insurance

you wont listen thou, wish i knew me back then, id be in a 911 turbo now

mjtaylor82

Happytogetdebtfree wrote: »

Why wouldn't parking your expensive car on your parents drive not impress? I mean yes if your 30 + at home with expensive cars maybe but 20 I've yet to see that occur from experience. Good point though

When i was told it the meaning I took from it was that having a expensive car at a young age would impress the ladies, but bringing them back to mummys house because you couldn't affoard to move out would be less impressive.

The question you really need to be asking is:

- Would you be happy living at home till your mid 20's?
- Would your parents be happy with you living at home till your mid 20's?
- Would you be happy to probably not have a holiday in the next 5 years?

I've had it where a car has become a burden rather than a pleasure, sure it'd be ace to have a mustang, but is it worth having a lower standard of living and missing out on experiences??

CLAPTON

income 1,000 per month

loan of 20K

either Lloyds or the OP are quite mad or something

bouncydog1

By the time you have paid back the £20k loan in 5 years your asset will be worth hardly anything. People are downsizing their cars because of increasing fuel costs so you would also probably find it hard to sell.

As others have said the insurance and running costs will be astronomical, providing you can find an insurer - and what happens if you bash the car - you are likely to have a high excess before the insurer steps in to pay damage. Following year NCB is gone - insurance is higher.

If you go ahead and buy it without being able to afford it e.g. having to borrow money to pay off existing finance, and borrow money to buy the car, then you are surely heading for financial disaster.

And what happens if you lose your job! Don't be an idiot - keep your corsa it's hardly an old wreck - and be money savvy - that's much more likely to impress the ladies!

jonesMUFCforever

I don't believe that LTSB or any sane bank would lend you £20k at your age regardless of rates.