19 and I need a loan

pet3r

I'm currently unemployed (19 years old) although I have been offered my job back in June when vacancies open / work picks up and my Jobseekers allowance will cover the loan payments as I have no other out goings (the monthly payments shouldn't clear £150).

I need to borrow £3000 to buy a car but I don't know where to go because I don't really have a credit history.

I know debt is a last resort at this age but it has to be done. Could someone please advise me of some companies that are likely to accept me without a monster of an interest rate!?

Any help much appreciated as I've been to see a car today and need to get the ball rolling!

shegirl

There may be somewhere but to be honest I wouldn't have thought so,but it's not an area I know much about.

Could you not go for a cheaper car anyway?A cheap runabout given you're unemployed etc insurance won't be cheap either (or is that included in the amount you want to borrow??).

How long have you been on JSA?If over 26 weeks you could apply for a budgeting loan for a cheapy little car I would've thought but you wouldn't get much

stephane_2

Unemployed = No loan....simple

shaven-monkey

save money. Buy something cheaper.

woody01

pet3r wrote: »

I'm currently unemployed (19 years old) although I have been offered my job back in June when vacancies open / work picks up and my Jobseekers allowance will cover the loan payments as I have no other out goings (the monthly payments shouldn't clear £150).

I need to borrow £3000 to buy a car but I don't know where to go because I don't really have a credit history.

I know debt is a last resort at this age but it has to be done. Could someone please advise me of some companies that are likely to accept me without a monster of an interest rate!?

Any help much appreciated as I've been to see a car today and need to get the ball rolling!

You don't needa loan of £3000 to buy a car. That is a ridiculous sum to go for when you have no money.

Thing is, you have absolutely no chance anyway, as no lender will give you that kind of cash when you dont work.
People with an income are struggling to get credit as it is.

bouncydog1

Hard facts are that it is highly unlikely you are going to get a loan as you have little income and no credit history. You will not be able to afford to run a car as insurance costs will likely be well over £1,000 plus fuel, servicing, MOT etc.

Why do you feel you need a car - what is wrong with public transport - alternatively you could buy a bike if it is just to get from A 2 B. Quicker than walking and much more healthy than sitting in a car polluting the air with car fumes!

Also if you have no outgoings you should have your JSA left, less a small amount of personal spending so surely you have enough to buy a bike?

BadgerFace_2

When I got my first car (a £1000 run around, though I thought it was the bees knees!), I reckon between insurance, fuel, new exhausts, clutches, MOT's about £350 a month...and that was after I'd paid for the car. It's not a cheap business.

If you really need to get about, I'd recommend a moped. You can get one for £250 and it will cost £15 a month insurance, a tank of fuel is about £7 and will last 150 miles and tax is £15 a year.

Car- £350 a month
Moped- £35 a month

Damn, that's just made me want one!:D

ILW

pet3r wrote: »

I'm currently unemployed (19 years old) although I have been offered my job back in June when vacancies open / work picks up and my Jobseekers allowance will cover the loan payments as I have no other out goings (the monthly payments shouldn't clear £150).

I need to borrow £3000 to buy a car but I don't know where to go because I don't really have a credit history.

I know debt is a last resort at this age but it has to be done. Could someone please advise me of some companies that are likely to accept me without a monster of an interest rate!?

Any help much appreciated as I've been to see a car today and need to get the ball rolling!

No chance.
Buy a bike.

Rafter

Presumably if you can afford the payments on JSA you are still living at home and not paying for your own food/rent?

If so, unless your parents are prepared to take out the loan in their name you are rather stuck.

Any loan company has to assess affordability of a loan. On JSA you simply won't qualify so no point even applying.

R.

snowgirly

I am sorry to see that all the replies to your post simply means that you can't get a loan as of this time. Yes, they are right, no work, no loan. It is just that loan companies are making sure that their business will run if they approved you. That's sort of protecting their investments. I think anybody would do the same, you won't lend a money to someone who doesn't have any means of returning the borrowed amount. You're still young, you can find a job and save money. That's the best thing to go for now.

Lokolo

What is it with kids and spending loads of money on cars these days!

My good old £100 1991 Fiesta is fine!