Car finance for 18 year old with guarantor?

Ryy90

Hey all, I'm a 18 years old. I have a job, which in which I'm earning around £140 pounds per week. I'm looking into car finance, but unsure if I would be accepted for it? The finance on the car is 0% and is paid off over 60 months, at around £120 per month. I've been trawling the forums and noticed guarantors coming up a lot, would this help my chances of being approved for the finance? I have no other outgoings other than petrol etc.
I do have a credit card, which at current is used for small purchases and has always been paid off on time. (to build up some credit score)
I just wondered what your opinions would be on me really being accepted is?

Thanks.

P.s: I have a £5,000 deposit to put down too! And my father has agreed to be the guarantor if he had to!

Many Thanks.

sharpy2010

£5,000 is more than enough for a car at your age to be honest, you'll get something really nice for that :-)

Ok, it won't be a Ferrari, but you don't need to saddle yourself with massive debt at your age

chloo

hello!

i have got myself a brand new mini convertable for £254 a month my wages is £120 per week and i put a £4000 deposit down so you should be okay

vax2002

They are asking for a guarantor because they know more about your employment status than you do.
If you loose your Job and default , your dad will get his bank account raided, sometimes for the full amount in one go !
My advice on such a low wage, buy a car with the £5k you can own and insure for 12 months all in.
I am sorry if this is not want you want to hear, but you are presenting "text book" debt problems that fills boards like these.
60 months is 5 years, nobody knows who will have a job in 12 months, never mind 60.
Dont be a fool !
And dont lumber your dad with the prospect of a massive debt to pay.

Ryy90

Yeah I do see what you mean, however I'm looking at this from other points of view too. My current car is worth around that, and riddled with faults costing in excess of £1500! The cars I'm interested in come with Lifetime warranties and I could keep the car for many years!

Ryy90

chloo wrote: »

hello!

i have got myself a brand new mini convertable for £254 a month my wages is £120 per week and i put a £4000 deposit down so you should be okay

Are you around the same age? Just interested in seeing what my outcome would be when I approach the garage!

skintandscared_2

Serious response .. how much do you love your father? Do you want him to be in your life for the rest of his? If the answer is "lots" and "yes" PLEASE never, ever, ever go down the guarantor route. You have no idea what the future holds and, at your age, 5 years is a long time and a lot can happen!! What if you lose your job? Or move out/meet a girl/become a father/etc, etc. Do you really want to have to explain to your father why he suddenly has to pay for your car (which realistically could have been pranged/written off by then...)?

I am sure you could buy a very nice car for less than £5k. The car I bought when I was 18 cost £250 Find something that the insurance premiums for an 18 year old male aren't equivalent to the national debt of a third world country, eh? Honestly, saddling yourself (and potentially your poor dad) with that sort of debt at your age is just madness.

vax2002

You have studied negative equity downfalls as well ?
If not here is how it works.
You drive all ok for 11 or so months and out of the blue some idiot smashes your car up, or worse still you have an accident.
The car is on finance for say £7,200, the insurance value it at £3,800
They pay you the market value minus your excess and you are stuck with no car and near on £4000 of debt.

Ryy90

skintandscared wrote: »

Serious response .. how much do you love your father? Do you want him to be in your life for the rest of his? If the answer is "lots" and "yes" PLEASE never, ever, ever go down the guarantor route. You have no idea what the future holds and, at your age, 5 years is a long time and a lot can happen!! What if you lose your job? Or move out/meet a girl/become a father/etc, etc. Do you really want to have to explain to your father why he suddenly has to pay for your car (which realistically could have been pranged/written off by then...)?

I am sure you could buy a very nice car for less than £5k. The car I bought when I was 18 cost £250 Find something that the insurance premiums for an 18 year old male aren't equivalent to the national debt of a third world country, eh? Honestly, saddling yourself (and potentially your poor dad) with that sort of debt at your age is just madness.

At current I work with my Father in his business, whilst also training, so I can have a somewhat sure idea of my future! Also they haven't asked for a guarantor, I'm just interested to see what that involves if they did ask! My main question is, would I get approved for the finance on the vehicle I'm looking for!

vax2002

Do you know what Ryan, I would give anything to be that green again, life was so worry free, everything was rosey, then one day, reality came knocking.

skintandscared_2

Ryy90 wrote: »

At current I work with my Father in his business, whilst also training, so I can have a somewhat sure idea of my future! Also they haven't asked for a guarantor, I'm just interested to see what that involves if they did ask! My main question is, would I get approved for the finance on the vehicle I'm looking for!

That's okay then, because family businesses never fail, do they! I'm sure it won't, and you have a "job for life", but nevertheless please don't even consider the guarantor route.

I'm afraid nobody on here can answer your question. You will find out whether or not you'll be approved if you apply!