Help for first time loan

xsarahx_2

Hi everyone,

I'm 19, full time employed earning £15000 P/A

My credit history is not bad, a couple of missed payments on a phone contract, according to experian these are only marked as orange, i have no red marks and nothing bad other than that.

I applied for a loan through my bank & was turned down, i bank with barclays.

I've been looking into gettng a loan of £1500 over 3 years to pay for my first car.

Just wondering, does anybody know any loan companies that will offer £1500 with a reasonable APR for a young person with little credit history.

Or, is it easier to go with a car dealer & get finance?

Sorry about all the questions!

Thankyou for any help!

Wutang_2

xsarahx wrote: »

I've been accepted by yes loans but they want a payment of £69 before i can get the money, i didn't pay this because if possible i would like a loan without a fee, however the APR was only 16%

https://forums.moneysavingexpert.com/discussion/2643841

xsarahx_2

Yes sorry, i've been reading all of the YES threads, so please ignore that part.

But could anybody offer any advice on the other questions?

Thanks!

mike_the_rate_tart

Try Zopa, uk.zopa.com

CLAPTON

xsarahx wrote: »

Hi everyone,

I'm 19, full time employed earning £15000 P/A

My credit history is not bad, a couple of missed payments on a phone contract, according to experian these are only marked as orange, i have no red marks and nothing bad other than that.

I applied for a loan through my bank & was turned down, i bank with barclays.

I've been looking into gettng a loan of £1500 over 3 years to pay for my first car.

Just wondering, does anybody know any loan companies that will offer £1500 with a reasonable APR for a young person with little credit history.

Or, is it easier to go with a car dealer & get finance?

Sorry about all the questions!

Thankyou for any help!

what are your financial circumstances?
how much can you save each month?
how much are you budgetting for insurance and running costs?

xsarahx_2

CLAPTON wrote: »

what are your financial circumstances?
how much can you save each month?
how much are you budgetting for insurance and running costs?

Pretty good, i still live at home & have £500 P/M spare.

I'm going on my much older brothers insurance and me being a named driver with a provisional license costs £65 P/M.

CLAPTON

xsarahx wrote: »

Pretty good, i still live at home & have £500 P/M spare.

I'm going on my much older brothers insurance and me being a named driver with a provisional license costs £65 P/M.

confused

-you can save 1,500 in only 3 months... probably (although I don't know) you could ptobably do this faster if you really wished and cut down other spending

-whatever do you mean you are going on your brothers insurance?
if you have your own car you will need to insurance it yourself

AMILLIONDOLLARS

xsarahx wrote: »

Pretty good, i still live at home & have £500 P/M spare.

I'm going on my much older brothers insurance and me being a named driver with a provisional license costs £65 P/M.

So you haven't got a Full Licence? but you want to buy an expensive car for £15,000. Will the car be registered in your name or your brothers. I believe there will be insurance implication if you are not the named driver of the car, but with the loan being in your name.

AMD

Beast

AMILLIONDOLLARS wrote: »

So you haven't got a Full Licence? but you want to buy an expensive car for £15,000. Will the car be registered in your name or your brothers. I believe there will be insurance implication if you are not the named driver of the car, but with the loan being in your name.

AMD

£1500 not £15000

plum44_2

Couldn't you just save for 3 months and then you wouldn't have to go into debt? Much easier on the nerves.

AMILLIONDOLLARS

Beast wrote: »

£1500 not £15000

Thank God for that her £15k salary must have been at the forefront of my mind!!!!:D

AMD