20 year old and car finance?!

Serb

Hi all

This is my first post on MSE.. so appologies if its in the wrong place.


Currently taken a year out from university to complete a years placement
(pays around 14kish and living at home rent free... get in!)
However, the job is quite a few miles away, and the buses are unreliable around here....

Currently getting lifts in and out of work with my rents when they can, however its becoming increasingly hard to find a way in when they have other work commitments. So i need a car of me own!

Unfortunately my parents cant help out with getting a car, as money is tight at the moment...
I have a stable job now however little money to buy a car right now.

Only want a cheap car 1000 at the most to get me there and back, and then perhaps when ive banked up a bit more money and paid off my 600 quid overdraft i can think about getting something a tiny bit more flash!

ANyyyway the crux of the matter is, is it possible for a 20 year old student to get finance on a car from a garage? If so how much am i looking to be paying - ball park figures obviously!
I need to find the best finance possible as I can easily taking into account my other costs pay off the price of the car within 3 months... most possibly even within a month.

So can I source credit at 20? and if so whats the best plan for a 1k spend wanting to be repayed within 1-3 months?

Many thanks

Serb

s_b

carry on cadging
save the grand up the proper way
consider selling betterwear on a night to supplement income

adamc260

You'll struggle to get finance for £1000... and if you do the rate will be extremely high.

Have you considered a 0% credit card, or even just a credit card with an okish rate to buy it on.

Only buy it though if you can afford to make the payments.

Serb

adamc260 wrote: »

You'll struggle to get finance for £1000... and if you do the rate will be extremely high.

Have you considered a 0% credit card, or even just a credit card with an okish rate to buy it on.

Only buy it though if you can afford to make the payments.

yeah my plan was to get a credit card.. most of the 0% finances require you to be over 21 unfortunately!

With a credit card, If i wanted to pay the whole balance off within one month would that incurr aditional charges?

adamc260

Serb wrote: »

yeah my plan was to get a credit card.. most of the 0% finances require you to be over 21 unfortunately!

With a credit card, If i wanted to pay the whole balance off within one month would that incurr aditional charges?

Nope, the banks dont like it because they lose interest but they dont charge you anything for doing it If anything, just shows you can manage your money well by clearing it. Thats the good flexibility with a credit card, you can pay anything from the minimum payment to the entire balance within 1 month.

Serb

adamc260 wrote: »

Nope, the banks dont like it because they lose interest but they dont charge you anything for doing it If anything, just shows you can manage your money well by clearing it. Thats the good flexibility with a credit card, you can pay anything from the minimum payment to the entire balance within 1 month.

aha thanks for the info

Where would be best to get a good value card? Im worried being a student and all I wont have a big enough credit rating to get most cards..

adamc260

Without plugging any sites (some people get funny about that on here)

Google 'Credit Card' and at the top will be comparison websites that will show loads of them

Barclaycard let you do a check system to see if you will be accepted for any of their cards before you make an application (and therefore leave a foodprint on your credit file)