Will Credit Union give me a loan?

SBCUK

Hi there, i need a loan from to buy a car, as well as pay for the insurance for my car.

I'm 18 years old, and i'm currently in college, no job at the moment.

I was just wondering if anyone has dealt with Credit Union before and what would be the chances of getting a loan for 2k, if i deposit 6 - 8 hundred pounds with them?

thanks

michael1983l

I think you would seriously struggle with no income.

SBCUK

Hmm, well i do get EMA, that equals to £80 per month and i can afford the monthly repayments, say anywhere upto £100 a month.

Saints2011

I would say you've got no hope.

Can't you save that £100.00 a month?

You could buy a car for say £800 or less and pay for the insurance monthly.
Job done! After you've got the mot, tax, petrol etc

Do you really need a car with no real income? You haven't got to get to work? Can you get a part time job ?

CHR15

SBCUK wrote: »

Hmm, well i do get EMA, that equals to £80 per month and i can afford the monthly repayments, say anywhere upto £100 a month.

That's always the burning question for these posts.

If you have £100 a month spare, where has it been going?

Thousands of people believe loan payments are "easily affordable" but you have to think seriously about it. You will need much more than that spare just to run a car, let alone buy one.

SBCUK

Saints2011 wrote: »

I would say you've got no hope.

Can't you save that £100.00 a month?

You could buy a car for say £800 or less and pay for the insurance monthly.
Job done! After you've got the mot, tax, petrol etc

Do you really need a car with no real income? You haven't got to get to work? Can you get a part time job ?

Looking to get a car in the next 1 - 3 months if i'm honest.

The car i'm looking to get is a fiat grande, but i don't think i will be able to pick one up for 1.5 - 2k. :rotfl:

Well, i was looking for a car that have 6 - 12 months mot/tax just the petrol to worry about.

I've been looking a ton of places for part time jobs but had no luck. They are building a MASSIVE Tesco store where i live in Birmingham they were meant to put jobs online in December as the shopping complex meant to be opening in spring but they haven't done so yet, been checking online daily.

Just thinking what kind of car i can get for 800 - £1000. It's got to be something i will be comfortable in. :rotfl:

CHR15 wrote: »

That's always the burning question for these posts.

If you have £100 a month spare, where has it been going?

Thousands of people believe loan payments are "easily affordable" but you have to think seriously about it. You will need much more than that spare just to run a car, let alone buy one.

Well, i do live at home! :mad: Gotta help my mumma with some food shopping, then i pay for bus fair, around 30 a month, i get left with 30 a month. She did say if i got the loan, i wouldn't have to give her anything.

michael1983l

SBCUK wrote: »

Looking to get a car in the next 1 - 3 months if i'm honest.

The car i'm looking to get is a fiat grande, but i don't think i will be able to pick one up for 1.5 - 2k. :rotfl:

Well, i was looking for a car that have 6 - 12 months mot/tax just the petrol to worry about.

I've been looking a ton of places for part time jobs but had no luck. They are building a MASSIVE Tesco store where i live in Birmingham they were meant to put jobs online in December as the shopping complex meant to be opening in spring but they haven't done so yet, been checking online daily.

Just thinking what kind of car i can get for 800 - £1000. It's got to be something i will be comfortable in. :rotfl:



Well, i do live at home! :mad: Gotta help my mumma with some food shopping, then i pay for bus fair, around 30 a month, i get left with 30 a month. She did say if i got the loan, i wouldn't have to give her anything.

I got a Voltswagon Golf Diesel from an auction for £900 last year, what is wrong with that?

Seriously, coming from a man that has made many mistakes regarding debts and debts specifically asociated against cars. Then I would say if you can avoid taking a loan then do it, I wish I did. You have no realistic income and it is very expensive to run a car in this country.

Off the little what you have said I would say you cannot afford a car and a loan, I think you'd barely afford to run the car even if someone gave you one for free.

I know what it is like to be young and to want your first car and especially what specific car you will want to buy. It is all very tempting to buy something you cannot afford because it is your independance and it is your own place and home in a kind of way, it allows you to make giant leaps towards being self sufficient and becoming a bonefide adult. However don't do what I did and only think about that, also think about how much this will really cost you and what you will do when it breaks down or fails its MOT.

My advice is use your money to enjoy yourself before you have to start your own family. Keep you balance sheet in profit and do all you can to make sure you are debt free for when you are ready to get your own place. Trust me it will make the rest of your life a lot easier.

Please do not take this post as anything but trying to explain where I went wrong when I was your age, I just hate to see people make the same mistakes I made in which has seriously held me back ever since.

Saints2011

SBCUK wrote: »

Looking to get a car in the next 1 - 3 months if i'm honest.

The car i'm looking to get is a fiat grande, but i don't think i will be able to pick one up for 1.5 - 2k. :rotfl:

Well, i was looking for a car that have 6 - 12 months mot/tax just the petrol to worry about.

Probably best to stay away from Fiat, Peugeot etc I personally am not over keen, I’ve had a Peugeot 306 and it was a nightmare for parts etc. Pop over to the Motoring section and I’m sure some people can suggest some good first cars for both petrol / insurance & maintenance.

By all means when you’ve got some driving experience go and get a Fiat Grande but you can guarantee that you would scratch it the first time your on the road and be gutted.

You need to take into account repair / service costs as well, unfortunately cars can be a money pit.

SBCUK wrote: »

I've been looking a ton of places for part time jobs but had no luck. They are building a MASSIVE Tesco store where i live in Birmingham they were meant to put jobs online in December as the shopping complex meant to be opening in spring but they haven't done so yet, been checking online daily..

Its the times just keep looking

SBCUK wrote: »

Just thinking what kind of car i can get for 800 - £1000. It's got to be something i will be comfortable in. :rotfl: ..

You would be amazed look on autotrader / pistonheads

opinions4u

You have no means to support a car or loan payments.

When you have a proper income things may be different.

But borrowing to keep a car on the road strikes me as totally bonkers and totally unsustainable.

At the moment you appear to want a £2k loan for car and insurance based on a £100 a month income. So how will you pay for next year's insurance?

Get a job. Save the money. Then pay for car / running costs out of those savings.

iolanthe07

If you search the Motoring section of this site, you will find that males aged 18 are commonly having to pay upwards of £3,000 (60 quid a week) a year insurance for even a 1.0 litre car. Are you sure you can afford this.

dealer_wins

opinions4u wrote: »

So how will you pay for next year's insurance?

Thinking a year in advance just does not compute anymore. Modern people are only programmed to think a max of 1 month in advance, with most struggling to see beyond the weekend :rotfl::rotfl: