personal loan for 19 year old

giorno

i've looked at a plethora of similar threads, most of which consist of 18 year olds wanting a loan for a car with no income but hey.

i'm trying to find a personal loan for myself as i'd like to get a new bike. ideally it would be for £5000 over 2 years, easily paid back but unfortunately the companies i've applied to don't seem to think i'm worth the risk or are too young to apply! i have about 800 a month net income and have some credit history with a phone contract i've never missed a payment on and a laptop which i've recently paid off with no missed payments.

is there a particular reason why i'm consistently being refused or are there companies that would be more likely to lend to me?

thanks alot, GioGio.

LeeSouthEast

Constant applications will lower your credit score even further. Stop now.

Have you tried your own bank? They will 'know' you far better.

WTTM

giorno wrote: »

i've looked at a plethora of similar threads, most of which consist of 18 year olds wanting a loan for a car with no income but hey.

i'm trying to find a personal loan for myself as i'd like to get a new bike. ideally it would be for £5000 over 2 years, easily paid back but unfortunately the companies i've applied to don't seem to think i'm worth the risk or are too young to apply! i have about 800 a month net income and have some credit history with a phone contract i've never missed a payment on and a laptop which i've recently paid off with no missed payments.

is there a particular reason why i'm consistently being refused or are there companies that would be more likely to lend to me?

thanks alot, Giorno.

It's all a little obvious - young, not a massive income, approx £250pm loan repayment, little credit history. I could go on but I won't.



MOMENT

theoretica

I assume as you say you can easily pay it back that you are living at home. The loan companies will realise that many people your age soon move out from home, which will put a big strain on finances.

Kavanne

Why do you need a 5 grand bike? My bf got a perfectly good 2000 Bandit for £1500 in near mint condition.....

rictus123

If you are 19 all you can ride is upto 33bhp yeh? £2000 is more than enough.

Kavanne

rictus123 wrote: »

If you are 19 all you can ride is upto 33bhp yeh? £2000 is more than enough.

Not necessarily. If he got his restricted license at 17 then he could have done his first 2 years by now No matter what your age it's only the first 2 years that you are restricted to 33bhp. Direct access is for over 21s only.

Coveredinbees!!!!

Suzuki are doing 0% on a number of models, you could get yourself a SV650 sport for just £500 down and 36 payments of £141.

Kavanne

Coveredinbees!!!! wrote: »

Suzuki are doing 0% on a number of models, you could get yourself a SV650 sport for just £500 down and 36 payments of £141.

He doesn't need to spend £5k.... people always say that on the car threads, and it's just as true on the bike threads!

no_fat_chicks

You'd be better off nicking one. The police won't care, unless you ride it past one of their cameras at 37mph.

Coveredinbees!!!!

because bikes are cool :cool2:

Also they don't lose value as fast as cars unless you bin them.