Car Loan for Daughter earning 10k who will lend

santashelper_2

My daughter is looking to get a car loan for 5k for 4 yrs she lives at home pays 60 month rent no other outgoings wants to get a car loan she is 19 have tried a few places but they say because she is under 21 they cant do it.

She wants to try and get a better rate than the finance company so would prefer a loan so she does not get into any debt does anyone help people in this situation she is trying to be responsible with her first loan and not get herself into debt by getting the best interest rate she can

BoGoF

She will seriously struggle to get that with no previous credit history, you may need to go as guarantor. Should have started a credit history a couple of years ago with a credit card, any card.

Miss_J

Sounds like most loan companies would not loan to someone of her age. Could you not take a loan on her behalf and add it to her board money, you'd probably get a lower rate that she would too.

jc808

You think your daughter would have got an answer after three threads...

Unless this isnt a sly fourth thread, if thats the case, ignore my post

sharpy2010

santashelper wrote: »

would prefer a loan so she does not get into any debt

But a loan is debt...:question::question:

robin_banks

Miss_J wrote: »

Sounds like most loan companies would not loan to someone of her age. Could you not take a loan on her behalf and add it to her board money, you'd probably get a lower rate that she would too.

Sounds highly dubious to me.

CLAPTON

she earns 10,000 a year so about 760 pm ; her only outgoing is 60 so she is left with 700 pm to do what she likes with

a decent runabout would cost 1,000 to 1,500 which she could save up for in 3 months

completely madness to burden herself at 19 with a loan for 4 years .

robin_banks

CLAPTON wrote: »

she earns 10,000 a year so about 760 pm ; her only outgoing is 60 so she is left with 700 pm to do what she likes with

a decent runabout would cost 1,000 to 1,500 which she could save up for in 3 months

completely madness to burden herself at 19 with a loan for 4 years .

The amount of need a car can't get credit threads astound me.

[Deleted User]

Hi,

think she might be wanting a 'girl racer' so gonna cost for insurance as well.

Peelerfart

robin_banks wrote: »

The amount of need a car can't get credit threads astound me.

Agreed,but at least they're better than "need a holiday" threads.

Voyager2002

If she can't afford to pay for the car, she won't be able to afford insurance.

Let's face it, nobody really needs a car. If she can't afford one, she should learn to cycle instead.