Small loan at 18

hcb42

halifax do loans at £1K, although APR is about 23%

They will probably loan it to you though, if you are existing customer

RyanArena

@hcb42
I've looked into Halifax, and just done a application online - they accepted 'in principal' but I need to go in-store and answer further questions. The repayments were £96 per month over 12 months which honestly sounds pretty affordable.
This acceptation, along with your comment, fills me with potentially false hope of being on the road next month :-)
Maybe I'll start a gang? I'll be the 'leader of the pack' *vroom vroom*.

custardy

2 hours fo 20 miles?
not that fit then
wear clothes to bike and change at work
have a wash down in whatever facilities are available
how many weeks bus fare would it take to pay for a bike?
gotta have your eye on the prize

RyanArena

@custardy
Ha ha, watch your mouth! We have showers but honestly I'd have to get to work like 30 minutes early anyway if I wanted to get a shower and get dressed at work! Which would leave me setting off at 6am anyway! My busfare is currently £70.00 per month so it would be about 5 months before I start seeing any kind of ROI.
Another reason I'd rather a motorbike is for weekends and going to see my girlfriend & the like, I'd be sweaty all the time if I travelled everywhere on a push knacker.

JasX

If you MUST have a loan by far the best option ->

Ask you parents or another close relative for a £1000 loan that you'll pay them back with interest within 3 months?

Apples2

@RyanArena (well why not join in?)


No, you don't have to repay a credit card in full each month although it is great if you can.

You could get a 0% Credit card which, although may carry a fee for drawing the funds down, won't cost you anything for the period of the 0% interest period.

Tesco have one with 0% for 15 Months

repayments are a minimum of 1% outstanding plus £25 so if you pay £70 a Month off this card (after withdrawing the whole £1,000) you will be home free by the end of the 0% period and pay no interest.

Getting accepted for it of course, is a different matter.

If you do get a credit card, NEVER EVER use it for additional expenses, a few quid here, a tankful of fuel there. It quickly goes out of control.

Always pay a few quid more than minimum each month.

Far from being detrimental to your credit rating, it will help you build one, and a good one at that if you manage it properly.

hcb42

RyanArena wrote: »

@hcb42
I've looked into Halifax, and just done a application online - they accepted 'in principal' but I need to go in-store and answer further questions. The repayments were £96 per month over 12 months which honestly sounds pretty affordable.
This acceptation, along with your comment, fills me with potentially false hope of being on the road next month :-)
Maybe I'll start a gang? I'll be the 'leader of the pack' *vroom vroom*.

good news.

You are paying £152 for the interest, which isnt so bad, yes the credit card could be better if you can get a 0% one and be just as disciplined, but this seems an affordable way to do it otherwise.

RyanArena

@JasX
Ha ha, believe me, I have barked up that tree more times than I care to remember. My parents both basically say (quite rightly) if I were to get a loan with them, I'd treat it really informally, and constantly postpone payments with excuses. Also, for myself, It's about time I started building up credit rating for when the time comes to enter the big bad world alone.

@Apples2 (aha, I’m a trendsetter you see)
Credit card seems like the best idea, if I can get approved for one. I would most likely put my mum in control of the card, pay for the bike on it, pay for the insurance with it, then cut it to pieces.
0% interest for 15 months would give me loads of time to pay it off!

I will look into Tesco’s offering as soon as I’m home from work (the site is blocked for some reason).

Many thanks for your input! I may have to employ you full time to dispense financial wisdom throughout my reckless teenage years!

@hcb42
Yes absolutely, if they reject my credit card application (highly likely since I have no credit rating at all) then this is definitely plan b. Thanks for all your help!

CH27

Have you looked into insurance costs?
Can you afford the loan repayments, petrol & insurance?

archer7

I see it as doubtful that you would get a credit card for £1000 with no previous credit whatsoever, and the Tesco card is rather picky - a 0% card probably isn't going to happen.