Buying a car with a credit card!

MEOW2_2

I tried that and it didn't have a box to edit the title.. Only the message, sorry I'm a newbie at this

BadgerFace

Thanks for the reply again That is the one downside of a scooter, no roof!

I'm going to speak to my bank (HSBC) today and hopefully they'll be nice, since their website says you can only get a credit card with them if you earn over £500 a month and £8200 or somthing PA... Which isn't me! But I've been with them since I was about 7 so fingers crossed they like loyalty!

Thanks everyone for the advice What a nice website!

MEOW2_2

Thought I'd post an update...

I've been to see my bank today, who I've been with since I was about 7 or 8...

They said they can't give me a credit card so I can build my credit score, simply because I don't earn enough.

Do you think anyone else would give me a card? Or would they all say no because of my earnings?

Do clothes store credit cards check your income as well? And car dealership fiance offers? Even the ones that they secure on the car where you don't actualy own the car until you pay a lump sum at the end?

Thanks for all the help everyone!

blindmouse

meow2, I want to talk to you like I would my daughter x please don't spend more than you earn yet.... Just because you are 18 it doesnt mean you need to rush out and get credit........ Take a breath and for now save the money and enjoy the things apprentices can afford all the time knowing in a few years you will hopefully be earning enough to afford them anyway on a much better footing than now....

Lets say you do 2000 miles per annum as you said, that means at 30mph you spend approx 70 hours in the car over a year, thats a lot of paying back for not much fun.......... Someone correct my maths please.......

elfen

Take the advice being offered. PLEASE PLEASE wait until you can afford it, not get it on credit. Your car still runs, please waiiiit

alfred64

Meow - please take the sensible advice being offered. People with more life experience than you can see problems ahead if you continue with your plans.

karenlyth25

I agree....wait until you can really afford it......take it from someone who knows....:(

A car loan for a brand spanking new corsa started me on the road to debt problems. Its so not worth it.....especially when I had the car three days and someone decided to key it all down the side....which I had to pay to put right as my insurance excess was £500!!

Try and save and make do with what you have. I honestly cant stress that enough.

For once the banks have done the right thing in not giving you a card or loan. Shame they were this cautious with everyone before!

Karen

catflea

Pretty much any company providing any sort of credit will check your income. After all, you wouldn't lend to someone without thinking you had a pretty good chance of getting it back would you? At your level of income you are unlikely to get anything over and above a small overdraft with your current bank. (by small I would say not much more than £100)

MEOW2_2

Thanks for all the replies everyone

Much appreciated!

Looks like I can't get credit until I earn more, and by the time I earn more (Hopefully only a few more months) I'll have quite a bit saved and will want to keep saving for a tiny bit more instead of borrowing (I have a bit saved already)

It's just quite frustrating for me, working full time earning £440 a month, when I could be working the same hours or less, in another job and get double, even triple the money, it feels like all these months I save I get nothing, when if I earnt more I could get what I save in 3 months in one month... I'm rambling! Sorry!

Car lust eh! Maybe I'll win some money

Once again, thank you everyone for all your help and advice I wish you all the best

catflea

BTW Meow, there is nothing whatsoever wrong with running an older car, and as you say in your initial post the car is reliable - that is imho one of the largest things you should factor in when considering selling - even if you buy a brand spanking replacement it could have all sorts of issues....