19 Year old - Car finance

Mxttz0r

Hi,

I'm 19 years old, on the electoral register, employed full time at 15k a year and have been in my job since October 2009. I am also living at home (with parents) with no intention (or finances) for moving out any time soon.

I have recently put a £500 deposit down on a car so that the dealership will hold it for me until I receive my bonus at the end of the month.

When I receive my bonus I will be putting another £1000 down to bring my total deposit to £1500. I'm looking to pay off the balance of £4740 with finance from the dealer over 3 years.

My credit score from Experian is in the good category and in the 900 area. I have one credit card I have been using for the past 8 months to build up my credit and my credit limit has just been increased from £260 to £800. This card has always been paid off in full and on time.

What is the likelihood of being accepted for the car finance from an experts opinion?

Many thanks,

Mx

ryan86uk

You will probably get it but why on earth are you even considering getting a car on finance. Okay, so you want the car. Fair cop. A car is basically a tin box on wheels that gets you from A to B.

I would like to have a nice car as much as the next person but only if I could pay for it out right. You want my advice... get a car that is cheap, cheap to run and gets you from A to B and save the rest for a deposit for a house!

Naturally, it's up to you but I think you may regret it. Three years is a long time to commit to paying X amount back every month. Then of course you have insurance/tax/mot and fuel costs on top.

dmg24

You don't really need a £6,000 car ... Do you?

Mxttz0r

I currently do have a car that gets me from A to B but it is a shared car with my mother and it has come to a point where it would help both of us if I were to have my own wheels - for work and social purposes.

It may sounds a bit OTT at my age but I professionally valet and drive many cars and I merely have a desire for a nice car that I can enjoy for the next 3 years.

Another thing I forgot to mention, I paid the £500 deposit on my £800 credit card and was wondering whether my current balance will have an effect on my finance application.

Thanks for the input Ryan, I appreciate it

Derivative

Mxttz0r wrote: »

no intention (or finances) for moving out any time soon.

I am a couple years older than you and believe me, you will be clamouring to get out at some point. To be honest I'm surprised you're not at 19.

I would consider very much if you ever want to own a house or rent, saving money towards that. Cars are nice toys, I had myself a bike for a while, but if you don't need it to get to work it's not getting you any closer to the goal which is standing on your own two feet.

6 grand on 15k living at home shouldn't take long to save. I would be surprised if you couldn't do that in a year living under your parents' roof. After you've grafted for it you might well still want the car, or recognize how much work that money took and whether it's worth kissing it goodbye forever for a set of wheels you'll sell for sweet f all in a few years.

Mxttz0r

To DMG:

Need is a strong word - in a word no, I do not NEED a £6000 car but I do desire one and it is well within my means to afford one. Driving has been a strong passion for me ever since I started lessons and I believe I would benefit substantially from it.

Many thanks though

lawrie28

How much is the insurance???????????

Derivative

Mxttz0r wrote: »

it is well within my means to afford one.

If you require a loan for something, you cannot afford it. And believe me, it is much more satisfying buying a car for £6k of your own money, rather than having a £300pm chain around your neck.

Mxttz0r

Edgey: I would be clamouring to get out but I have a very good home life and due to the fact that my father is disabled and my mother works very unsociable hours - it falls upon me to look after him during the week aswell as my younger sister.

Also - I do need a car to get to work as my mother uses the family car during the week to take my sister to school which conflicts with my work schedule

Many thanks

Mxttz0r

Lawrie28: Insurance works out at £75pm

Mxttz0r

Edgey: When I said it was in my means to afford one - I meant the monthly payments on a finance deal