Car finance for 18 year old with guarantor?

Psychofly

I'm no financial expert but please please please don't go and get a loan on top of the £5k you have. You can get a very nice car for £5k, I've got a 2003 Hyundai Coupe that I love and paid less than £5k for. Starting to get loans at your age just so you can get a nicer car that you don't really need is crazy. Fair enough you probably think I'm an old man being over cautious but I'm not. I'm 32. I've had cars since I was 18 and got caught in the trap of overstretching on a loan for a car over 5 years, then 3 years in the car needed loads of work done and I thought I was being smart by taking out another loan to cover the remaining finance and get another car which again was over 5 years. 3 years later and guess what ? That's right, car needed loads of work done so I did it again. You'd think I'd learn but I didn't. I wish I'd had £5k to buy my Coupe outright but I didn't, and guess what ? Had finance left on the last car which I had to clear as well as buy the Coupe for about £4000. Now I'm 1 year into a 3 year loan with a car worth about £2k if I'm lucky and still have about £5.5k left of the loan to pay off. I want to get married but I can't afford it till I clear the loan and can start saving properly. I want to have kids but again - same situation. I'm paying off the remainder of the loan as quick as I can now and I wish I'd listened to the advice I'd been given when I was 18 and didn't get myself into a stupid pointless cascade of loans.
Although having read your posts I get the feeling you've already made up your mind and won't listen to anybody's advice here. I suspect we'll be seeing you as a regular visitor to these forums in future. Please remember that whatever you budget for your cars running costs is NEVER enough. A warranty is all very well but they never cover wear and tear and over 5 years, driving like everyone does at 18, there's a lot of wear and tear. Then you have road tax and MOTs (for at least 2 years assuming you buy new). Which brings me to another train of thought, if you want to buy new, why ? £5k could get you a really nice low mileage car that's not very old and in good condition. You'd have a cooler car for less money. That's always a bonus. Spend your £5k on a car. If your desparate for credit pay your insurance monthly and in 2 or 3 years when you're bored and want a new car to play with you'll be glad you don't still have 2 or 3 years worth of loan to pay off.
In short my advice is - don't do it. Take advice from someone who's been there and done it and now regrets it.

blacksta

Another waste - When i was you age my first car was £800 pounds with an insurance of almost £1200. What has this world turned into. WIth the so called culture " I got to have it now " .

10 years later bought 3 yr old car for 5k and insurance of £564.

People should learn to pace themselves ,

tell_it_how_it_is

You say you have £5k deposit, and that your "current car is worth around that", so why not sell your existing car, and use that to top up and buy a small decent car outright?

As many have said, and the same with me, they started with a small car they could afford, and worked their way up. It feels like it at 18, but there's honestly nothing big and clever about having a sexy car which is costing you thousands on top of what you paid for it.

And that's even before you consider the insurance for a young driver in a better car.

chesky369

Why bother with getting your dad to be your guarantor - why don't you both go the whole hog and get him to buy it for you as a company car and charge it to business expenses, since you both work for him and probably still live at home.

angelbob

malkyh wrote: »

Nowhere did the OP say that his dad gave him the £5k deposit.

he's 18 earns £140 a week, emmmm you do the math.

shop-to-drop

Have you priced up insurance yet?

poppasmurf_bewdley

Ryy90 wrote: »

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!

But you won't, will you. The problem is that after about two or three years, when the car is no longer so glossy and bright, you'll get an itchy bum again and be wanting to change the car for something else and better.

Then you'll be adding to your debt and find it virtually impossible to ever get free.

Most people on this forum have been where you are now and are only trying to prevent you falling into the trap that they themselves (and me) have fallen into. Learn from our experiences.

Peelerfart

And another Corsaboy is born,dont forget to get the yellow one!


Can you get a tecnho pack on a Vauxhall?

KingElvis

12k for a Corsa? you must be kidding? they're little tin can cars aren't they?

Do get a gold plated one for 12k? blimey

Peelerfart

KingElvis wrote: »

12k for a Corsa? you must be kidding? they're little tin can cars aren't they?

Do get a gold plated one for 12k? blimey

Nope you don't even get 5 doors just put the words VXR on the end.

They do makeyour pen15 bigger though apparantly