Soon to be Barclays staff, need £10,000 loan for car.

Wutang_2

Go for it Mark...I would actually spend more on the car. That would REALLY show your mates who's the daddy.

no_more_cards_for_me

Wutang wrote: »

Go for it Mark...I would actually spend more on the car. That would REALLY show your mates who's the daddy.

I think we established earlier that Mark is unlikely to get the level of loan he is looking for on his current salary.

Still don't let that stop you encouraging the OP towards a life of debt (and Rap "music").

:eek:

MARKMAKAVELI

Just to clarify although I find it embarassing that I have a poor car whilst my mates have flash ones, that's not the reason behind me wanting a nice car. I want one regardless. You are right my mates don't care what I drive, it's not about that. Just on a personal level it is a bit humiliating for me.

AndyS, with regards to leasing, it is dead money isn't it, a bit like renting a house. I suppose it could be a feasible short term option for a year. Thanks for the suggestion.

edit: no more cards, I am pretty sure wutang was being sarcastic!

no_more_cards_for_me

So am I

Can't stand rap "music" anyway.

MARKMAKAVELI

Great news:
I just chased up the guy I sold my car to, turns out it needed more work that MOT said and they had to sell it at auction and barely broke even. Sorry for the guy, but makes me feel a bit better about selling it now!

AndyS, can you lease cars for just a year? I presume you will always have to pay some sort of deposit? Do you know any good sites?

ILW

MARKMAKAVELI wrote: »

Just to clarify although I find it embarassing that I have a poor car whilst my mates have flash ones, that's not the reason behind me wanting a nice car. I want one regardless. You are right my mates don't care what I drive, it's not about that. Just on a personal level it is a bit humiliating for me.

AndyS, with regards to leasing, it is dead money isn't it, a bit like renting a house. I suppose it could be a feasible short term option for a year. Thanks for the suggestion.

edit: no more cards, I am pretty sure wutang was being sarcastic!

Bottom line is, you may want it but you cannot realistically afford it without taking a massive risk. Buying a car that costs a years take home pay is just plain stupid and I have to say rather immature.

no_more_cards_for_me

MARKMAKAVELI wrote: »

Just to clarify although I find it embarassing that I have a poor car whilst my mates have flash ones, that's not the reason behind me wanting a nice car. I want one regardless. You are right my mates don't care what I drive, it's not about that. Just on a personal level it is a bit humiliating for me.

AndyS, with regards to leasing, it is dead money isn't it, a bit like renting a house. I suppose it could be a feasible short term option for a year. Thanks for the suggestion.

You want one regardless of what exactly, you haven't got any savings to put towards it. You can't get a loan of that size on your salary.

So its an academic arguement.

Leasing is a good suggestion, its not dead money, you have a car with not further expense in respect of maintenance etc. You can change the car every 3 or 4 years and its a new car. However you still have to get approved for the PCP or PCH scheme and demonstrate affordability. Barclays do operate a scheme for staff (or they did 2 years ago). Get a banger, do well at work and then see what options are open to you.

Do you care that much about what people think of you ? Not everything in life is about what you drive.

bouncydog1

What you want and what you need are two entirely different things. IMHO you "need a good shake to wake you up to the reality of your situation".

You don't have a permanent job. You have an offer of a job that you are quite rightly excited about but, as others have said, you may not even pass your probationary period. Just because you are ambitious and keen does not mean that you will suit your prospective employer.

You do not have £10k to buy a car, pay the insurance and pay off your existing debt and until you have a job history and evidence of savings in the bank any lender is going to consider you a high risk.

So what if you have to rely on public transport - you have been travelling so I'm sure you've experience of public transport.

Best bet IMHO - work your probabation, show the employers what an asset to their organisation you will be, study for exams, catch the bus/train etc, give your mates something for petrol when they offer you a lift and SAVE UP FOR A CAR!!

andys15

MARKMAKAVELI wrote: »

Just to clarify although I find it embarassing that I have a poor car whilst my mates have flash ones, that's not the reason behind me wanting a nice car. I want one regardless. You are right my mates don't care what I drive, it's not about that. Just on a personal level it is a bit humiliating for me.

AndyS, with regards to leasing, it is dead money isn't it, a bit like renting a house. I suppose it could be a feasible short term option for a year. Thanks for the suggestion.

edit: no more cards, I am pretty sure wutang was being sarcastic!

It depends how you look at it. Assume you lease for 2 years at £200 per month, then you could say you have spent £4800 and have nothing to show for it, except driving a newish car for 2 years. If you finance, your 10k car will cost about £13k after interest. After 2 years of ownership, you will owe about 8k, and your car is worth say 6k. After 5 years your car is worth 2-3k plus all those services, mots you have needed. I personally will never buy a car again.

SimbaSimon

Seriously don't do it. I brought a 3k car with a loan but when something went wrong with it fancied a new 6k car and got another loan, total credit coming to about 9k. Doesn't seem like much, but what about 12 months down the line when you want to use your income for something else? You may well regret it. If I could go back in time I'd rather have stuck with my 3k car and have a lot less debt! For a couple of grand you can get a decent car, and when your ready in 6-12 months and you've cleared your current debt you can then think about getting a new car.