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

missprice

doesnt it take you back though
to those heady days when you could dream about 'that' car

i alsways wanted a shiny new car
but in 24 years i have never had one
started with a very old vauxhall, with really bad respray job
then to an ancient volvo
then no car for 12 years cos i simply could not justify the cost
now a very old but easy to repair but costly to run but not used much rover
it does around 80 miles a month. so its cheap in that not much goes wrong and dont use much fuel and ins is dirt cheap
however in the current market i could not sell it, no one wants a 30 year old car that does 16 mpg on a good day

MARKMAKAVELI

Would you all agree that leasing is a good option for me?

Depending on the contract, I could opt out at any time and they would keep the car?

Voyager2002

Another question: why are you planning to live so far from your workplace? Why not rent a room nearby, paying for it with the money that would otherwise go on your daily commute? Then you could walk to work or get a bicycle, and have a sleek healthy body to impress your mates!

Jon_B_2

Your mind has changed umpteen times throughout the duration of this thread.

From what it seems like you don't even know what you want. I'd hazard a guess but you're probably about my age (I'm 22 today).

Sit down and do the maths.

Answer this question; are you still living at home with your parents?

no_more_cards_for_me

MARKMAKAVELI wrote: »

Would you all agree that leasing is a good option for me?

Depending on the contract, I could opt out at any time and they would keep the car?

No, you haven't got a permanent job. No leasing company will touch you unless you have a permanent contract.

andys15

MARKMAKAVELI wrote: »

Would you all agree that leasing is a good option for me?

Depending on the contract, I could opt out at any time and they would keep the car?

I am not much in the know at the mo. All I do know is that my company and no doubt countless others are pushing green issues. We will soon be able to lease brand new "greener" cars, and pay for it pre tax, which as a 40% tax rate payer represents huge savings for me. If Barclays do similar than it will be a cheaper option.

I have thought about leasing for a few years now, on the provisio of my car dying, but its still running and had no issues on its last MOT in December.

MARKMAKAVELI

I am 24 and won't look at relocating. Yes I do live with parents but let me stop you a minute and say that I do pay a substantial amount of rent, even when I was out of work, due to my principles even though it added to my debt. I have never been given anything, I've always worked for everything, so please don't get the impression I'm spoilt or anything.

Jon B, you say I've changed my mind umpteen times like it is a bad thing, I've taken on your advice and I am still in the process of forming an opinion given all the information given to me. Can't see what's wrong with that method to be honest.

MARKMAKAVELI

no_more_cards_for_me wrote: »

No, you haven't got a permanent job. No leasing company will touch you unless you have a permanent contract.

If I did go this route my Dad may do it through his company on a business scheme, with me paying him the full amount every month.

andys15

MARKMAKAVELI wrote: »

If I did go this route my Dad may do it through his company on a business scheme, with me paying him the full amount every month.

Would be a great option, I think, but I am not an expert. At least you will not be in debt and stuck with it for 5 whole,long years.

Jon_B_2

MARKMAKAVELI wrote: »

I am 24 and won't look at relocating. Yes I do live with parents but let me stop you a minute and say that I do pay a substantial amount of rent, even when I was out of work, due to my principles even though it added to my debt. I have never been given anything, I've always worked for everything, so please don't get the impression I'm spoilt or anything.

How much rent?

I'm on 17k a year and my missus is on 22k.

We pay about average for rent etc and at the end of the month have about £600-800 to save. This is with 2 incomes, both of which vastly outweigh your income.

Trust me. DO NOT take out a 10k loan when you don't have any other responsibilities yet. I appreciate you are taking out opinions seriously and are making an informed judgement on what to do. However you really need to have a sit down with your calculator and look at how realistic paying off this loan is.

Hypothetical situation; 3 years down the line you meet a lovely girl who was attracted to you through your lovely shiny car. She asks you if you'd like to move in. You move in. You then find that the cost of living is far more than you would ever envisage. You start falling behind in your loan payments, through no fault of your own, but because that £60 direct debit for your gas and electric came out on completely the wrong day. Straight after the £110 came out for your council tax.

5 years down the line. You've made a default on your loan. You could even be out of job. The banks won't touch you. Your mates won't be able to bail you out and that lovely girl you met 2 years before? Well she just don't wanna know.

OK, i'm not trying to scare you, but do you see my point? Taking on such a large amount of debt so young when you aren't even earning a lot and not even in a guaranteed job is just so so risky and for what? A box of metal with wheel on so you can get to work. Let me tell you this, I can think of million better things to spend £10,000 on.

All the best.

Jon.