Car Loan for Daughter earning 10k who will lend

CH27

Has she checked out how much the tax, insurance & MOT will cost her?

santashelper_2

CH27 wrote: »

Has she checked out how much the tax, insurance & MOT will cost her?

Yes its cheaper than what she has at the moment she has an old banger that shes had for 1 yr and she now wants to upgrade to a car with power assisted steering as this will be her only possession she wants to get a nice car that is energy efficient and cheap to run so has done loads of research and is trying to look at a responsible way of achieving this, she has no credit cards and only buys things when she needs them, she was never spoilt as a child and has a great sense of responsibility whilst learning business studies she had a bank assistant as a mentor working with her so learnt how to go about things. She works very hard sometimes 9 till 8pm and would like to have her own business in the near future so would like a reliable car to get her about.

santashelper_2

sharpy2010 wrote: »

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

She wants a loan with less apr than a car finance company

CLAPTON

santashelper wrote: »

Yes its cheaper than what she has at the moment she has an old banger that shes had for 1 yr and she now wants to upgrade to a car with power assisted steering as this will be her only possession she wants to get a nice car that is energy efficient and cheap to run so has done loads of research and is trying to look at a responsible way of achieving this, she has no credit cards and only buys things when she needs them, she was never spoilt as a child and has a great sense of responsibility whilst learning business studies she had a bank assistant as a mentor working with her so learnt how to go about things. She works very hard sometimes 9 till 8pm and would like to have her own business in the near future so would like a reliable car to get her about.

how much has she saved up?

presumably if she is currently running a car then 60pm is not her only expenses (insurance, car tax, mot, petrol, servicing)

surely if she is thinking of starting her own business, she doesn't need a 4 year loan run her neck

CH27

santashelper wrote: »

Yes its cheaper than what she has at the moment she has an old banger that shes had for 1 yr and she now wants to upgrade to a car with power assisted steering as this will be her only possession she wants to get a nice car that is energy efficient and cheap to run so has done loads of research and is trying to look at a responsible way of achieving this, she has no credit cards and only buys things when she needs them, she was never spoilt as a child and has a great sense of responsibility whilst learning business studies she had a bank assistant as a mentor working with her so learnt how to go about things. She works very hard sometimes 9 till 8pm and would like to have her own business in the near future so would like a reliable car to get her about.

So has she started saving the amount her loan would cost to prove it's doable?

edit cross posted with Clapton.

vax2002

Hoping she will stay in work for the next 4 years is a very big ask indeed, never mind the loan, as just about anybody producing anything has lost jobs from building trade to factories, the service industries will be crashing in the next few months, it's like a house of card's, this in turn releases higher experienced staff in to the job market willing to work for less money, people with mortgages and families, who have no choice, this puts pressure on existing jobs.
Just how secure hi her employment and is it 100% Guaranteed for the next 4 years ? the money lenders dont think so and I would have thought they would know.
You just dont need to work on the assumption your daughter may loose her job, but those who could bail her out as well.
This recession thing even the most hardened pundits are warning it has only just begun.

Brydson86

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 .

Absolutely sound advice, once again, from Clapton. (See my car finance thread).

Started off with a W reg corsa, now 24 and have ended up in the mess that is car finance. Get a runabout and take good care of it, if only I could get back to those days.

Common_Sense_2

Peelerfart wrote: »

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

or the "i'm unemployed but need a loan" or even the "need a loan to pay for wedding"

KingElvis

If a "few" places have said no, then there's your biggest clue.

Why on earth anyone of 19 just starting out in life would want to lumber themselves with a huge car finance debt is beyond me......go out, live life, meet friends and discover the world before you get bogged down on the Debt Free Wannbe board.

My advice, avoid this like the plauge.

andygb

robin_banks wrote: »

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

I agree, even when I was earning good money in the city, we used a £2K Mondeo as transport (we still have it six years and 100K miles later).
Why can't people live within their means?