19 Year old - Car finance

Experian_company_representative

One additional point, if you do decide to buy a car on credit, make sure you shop around - for the credit. Treat the credit as a product just like the car and make sure you get the best deal available. Any finance obtained through a dealer is, in my experience, likely to cost you more than a loan you could arrange privately. I made exactly the same mistake at your age and ended up paying about 25% APR when I could probably have sourced credit elsewhere for about 15%. I later learned that the dealer got a £500 comission from the finance company for arranging the HP.

James Jones

Sally22_2

I bought a (brand new) car for 10k on finance with a 1500 cash deposit and had 3 credit cards with balances of around 5-6k at the time and I earnt 19k so I would have thought you will be accepted. This was 2 years ago.

Car finance IMO is ok as you have the car to show for it. DONT DONT DONT rely on a Credit Card, worse thing I ever did 4-5 years ago now. Itching to get out of home but made the wrong decisions. My debt will be paid off in October this year FINALLY but still have to wait another year until I have saved up enough to move out. So I can see where the other posters are coming from. I do love my car but I do sometimes wish I had got a cheaper, just as nice, car for my 1500 cash. Would be so much better off now!!

Good luck, whatever you do.

sharpy2010

Personally I cant see why people don't give the OP the advice he is looking for. Maybe you don't agree that he should get the car. Fine. But he has obviously made his decision, so why can't we give advice on the cheapest way for him to do what he wants to do, rather than just life advice he doesn't want or need?

drbesty

Mxttz0r wrote: »

Lawrie28: Insurance works out at £75pm

That doesnt sound right to me, my 19 year old brother has just insured a 1.2 litre Clio, it cost just under £2500 fully comp, this was by far the cheapest quote. Unless you have your mother named as main driver which is fronting and is of course illegal

Derivative

sharpy2010 wrote: »

Personally I cant see why people don't give the OP the advice he is looking for. Maybe you don't agree that he should get the car. Fine. But he has obviously made his decision, so why can't we give advice on the cheapest way for him to do what he wants to do, rather than just life advice he doesn't want or need?

The name of the site is MoneySavingExpert. It's not !!!!MoneyUpTheWall or DontSaveAnythingEndUpOnJSA.

pjcox2005

EdgEy wrote: »

The name of the site is MoneySavingExpert. It's not !!!!MoneyUpTheWall or DontSaveAnythingEndUpOnJSA.

From the range of products and offers discussed on the site, it isn't don't spend a penny apart from on shelter, bread and water and then die with plenty in the bank.

People can spend, have manageable debt/expense and still live life well. Obviously you don't want this long term nor do you want to burden yourself too much, but for big items some find the ability to borrow useful.

LittleMissAspie

screamer wrote: »

Don't ask for an opinion if the only opinion you're interested in is your own!

He didn't ask for opinions on whether he should get the loan, he asked for opinions on how likely it is he would be accepted for it. People are answering a question he didn't ask.

Derivative

pjcox2005 wrote: »

...

Not all debt is bad, that's true. But getting into 7k of debt at your first hint of an income over a shiny toy is not a responsible use of debt.

If you think not buying a new car on a 2 year repayment plan equates to being a miser then that's your opinion. We are just trying to give advice on how to avoid mistakes, it's not as if I've never made a bad financial decision - but I had noone to tell me otherwise at the time.

I don't think it's unreasonable to come on a Money Saving board and be given advice on how to save money. You may as well ask where you can find the cheapest lighter to burn £1000 with.

Malky

Don't forget that this is also a public forum and, therefore, each and every person who posts will give their own opinion.
It's up to the OP to decide which posts are useful and which are not.

KiKi

screamer wrote: »

Get the car if you really want it, it's no skin off our noses, but don't throw it back in our faces if we give you extremely good advice and YOU don't like it! Don't ask for an opinion if the only opinion you're interested in is your own!

I agree with your post in principle in terms of applying it to this forum.

But nowhere has the OP thrown anything back in anyone's face. In fact, he said he appreciates people's concern and their input. He even said he'll look at saving.

No need to get so annoyed and exclamation mark-y at him for something he hasn't actually done.

KiKi