18 years old and looking for a loan

tomstickland

To find the best deals go and look at the loans section on the mse main site.
Apply for one and see if he is accepted. Lack of credit history might make it difficult, or it might make the rates undesirable.

Gorgeous_George

Chances are his bank would be the best choice.

However, is he getting FULLY COMPRENESIVE insurance? If not, do not borrow money to buy a car. It could be written off, scrapped and he'd still have the loan to repay. like it or not, that is my best advice. I know people who had £7,000 cars and wrote them off on 3rd party insurance.

BTW, tell him to get a PAYG mobile phone. £37.50 per month is stupid.



GG

chani1

every one is being so negative about this. The guy needs a new car it may help his credit by doing this if he can afford re payments then why not yes he will be in debt but a bet most of the people who replyed to this owes alot more than 3k just buying crap on credit cards at least its for something useful!!! to answer the question my younger sister was able to get a low apr from allience and leicster at 18 and that was a higher value and it is not her personal bank either.

tomstickland

but a bet most of the people who replyed to this owes alot more than 3k just buying crap on credit cards

No, you are wrong. I don't have any debts. I save money before spending it.

Yes, buying a car with a loan is a reasonable idea, but I think people are appearing negative because it's so easy to think "I can easily afford that loan" when there are actually a number of risks and other things to think about.

Girl_least_likely_to

chani1 wrote:

bet most of the people who replyed to this owes alot more than 3k just buying crap on credit cards

Nope, me neither

jonesMUFCforever

Since Larryuk has not been back here I will give him the advice I was going to give him anyway.
I will put money on it that out of his £850 - £950 per month salary he has saved NOTHING and probably does not give TUPPENCE to his mum for his upkeep.
We are therefore to assume he will suddenly stop spending because not only will he have a monthly repayment on the loan to pay for he will also have to find money for petrol, insurance,upkeep of the car and road tax.
If he finds a bank willing to lend him the money give him 3 months before he defaults on his loan for the first time which will lead to bank charges etc etc etc.
IMO a non starter.

advent1122

My first car was a Brown automatic Mini.....One hell of a babe magnet.
Saved up the £300, got cheap insurance..Wooohooo.
I have in the past got a loan to buy a car NEVER EVER AGAIN.
By the time you pay it off the car is worth diddly squat and you then need another loan to get another decent car etc etc.