Car Loan for Daughter earning 10k who will lend

Badger_Lady

Considering you can get a stylish, air-conditioned, cruise-controlled, remote-locked beauty for £2,000 (and that's from a dealer - you can do much better privately): http://www.autotrader.co.uk/classified/advert/201127396211411/sort/pricedesc/usedcars/price-from/500/price-to/2000/page/42/postcode/w1w5aj/radius/1501?logcode=p

... maybe she can reconsider on budget?

I have to side with everyone else here - I never, ever had a car loan or any other loan until this year (at age 28) when I bought a new campervan whilst waiting for the write-off payment from my insurers. I've had a whole range of fab (and less fab) cars since I was 17, but I've always had to save up and buy them outright.

There's absolutely no need for her to string herself up with debt at her age. She's not earning much at all yet and can't guarantee to keep earning it for any length of time. There are much better ways of saving for her future than by paying interest on an item that will lose its value quickly and consistently. She's talking about throwing away nearly half her annual salary!

cord123

http://www.autotrader.co.uk/classified/advert/201137415443986/sort/priceasc/usedcars/maximum-mileage/up_to_60000_miles/model/micra/make/nissan/postcode/ss129gq/page/3/radius/40?logcode=p

great car for a girl - cheap to run and a think it is cute....

I would say get a cheaper car, then save up what you would be spending on a car and then she can get a better one or find that she wants to put the money to something else.

The worst thing I ever did is get a loan for a car... she will be 23 - 24 when it is finishing... she may have met someone, have children etc and need a bigger/different car... why be in a situation where she is paying for a car that is now unsuitable... wish I lived within my means when I was younger.....please discourage her from having a loan. Her friends may have a better car than her but she will no doubt have more money saved them!

Brydson86

cord123 wrote: »

The worst thing I ever did is get a loan for a car... she will be 23 - 24 when it is finishing... she may have met someone, have children etc and need a bigger/different car... why be in a situation where she is paying for a car that is now unsuitable... wish I lived within my means when I was younger.....please discourage her from having a loan. Her friends may have a better car than her but she will no doubt have more money saved them!

Cant agree more. Live within your means and dont try to be fancy. I am now 24, 25 next month, and everything is kicking me up the !!!! just now. Car is killing me and cant get a new one due to poor credit. Buy a run around, end of.

LovelyLeeds

Common_Sense_2 wrote: »

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

Let's also not forget the 32AA to 32GG loans...

KingElvis

LovelyLeeds wrote: »

Let's also not forget the 32AA to 32GG loans...

Those loans are perfectly justified in my opinion, I even lend to poor credit customers on these exceptional occasions but only after a very through examination of their assets

Mallotum_X

Keep the old banger and save.

I started out with a ten year old vauxhall nova, and only had that when i was 22. Save up and then the next car can be bought for cash, if she really does have all that spare cash floating around she could buy a 5k car for cash in a year.... or maybe she has more outgoings than the 60 a month.

LovelyLeeds

KingElvis wrote: »

Those loans are perfectly justified in my opinion, I even lend to poor credit customers on these exceptional occasions but only after a very through examination of their assets

:rotfl::T:rotfl:
Oooooh beehaaaave...