Car finance for 18 year old with guarantor?

KingElvis

Corsa cars are funny, I thought they'd all long since rusted away to banger heaven.

Didn't know you could still buy them new.

poppasmurf_bewdley

KingElvis wrote: »

Corsa cars are funny, I thought they'd all long since rusted away to banger heaven.

That's funny - I thought the same thing about 'the King' Elvis.....

KingElvis

poppasmurf_bewdley wrote: »

That's funny - I thought the same thing about 'the King' Elvis.....

No way Mr Smurf....The King Lives

poppasmurf_bewdley

KingElvis wrote: »

No way Mr Smurf....The King Lives

And I'm delighted to hear it. Now how about signing all those albums I have in the attic? That should make me a bob or two! :beer:

somethingcorporate

Oh why didn't you say it was a Corsa (that makes all the difference).

They are an amazing car, I think you should spend £20k on one.

/sarcasm

You know you can get a decent few years old BWM for half the cost of the Chav-mobile Corsa?

eschaton

Don't get car ideas above your station. Are you trying to show off to someone with a £12k car at 18 years old?

Where did the £5k come from? You don't earn enough to save that surely?

And a 5 year loan at your age? Madness.

I'm talking from experience here..... I got a brand new car car nearly 18 years ago when I was a year older than you.

The difference was that I was earning about £9k a year back then.

I paid £6200 for the car, borrowed £4160 over 3 years, not 5 at £128 a month thinking brand new car, keep that for 3 years easy.

Reality was that by less than 6 years I was on my 5th brand new car at a combined purchase cost of over £45k because I got bored with the same car You will get bored of your new car.

The first 3 new cars came with 1 years free insurance so it wasn't all bad.

At least by the time I got to the 5th car I paid cash and not finance because I wanted to buy a house which I got 3 months later.

And mostly with 0% finance, the cost is in the car anyway. This isn't always the case as I borrowed £14.2k less than 2 years ago for a car costing £25.5k and the 0% finance over 4 years was manufacturer funded so purchase cost was the same with or without. I then sold the car 15 months later and had to pay the finance back, losing the remaining 33 months 0% benefit.

Just think carefully before buying a car to show off in on your wages.

dibuzz

poppasmurf_bewdley wrote: »

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.

As the mother of a 21 yr old who has done exactly that I fully agree. He had a beautiful BMW sports estate (M sport maybe?) but got a bit bored with it and decided his 10k finance was too much so sold it, cleared his finance and bought an old banger.
I think once he had his dream car there was something missing, nothing to work towards.

27col

Ryy90 wrote: »

I wasn't expecting a set in stone answer, perhaps just what other people have experienced? I know that all circumstances can differ!

It doesn't matter what other loans people have managed to get. Their experience will have no bearing whatever on any offer that you receive. You will only find out by applying. As others have said, taking on that much debt, (bearing in mind both your age and wage) is madness.
It might be more to the point if you found out what the insurance is likely to be, before you make any more grandiose plans. Finally, keep your father out of whatever plans you do finally come up with.

DCFC79

You could use the 5k to buy a car for 2 k or less and use whats left for the insurance. No need to get a guarantor involved.

Wood.Justin

If you want my advice, I would listen to these guys. I was (like others) in the same boat myself. I wanted a nice flashy car at a young age, luckily I was earning the money to finance this myself. However after a few years my circumstances changed dramatically and I was glad to see the back of the thing. I now have a car that is worth about £1500 and has not *touch wood* had a thing go wrong with it.

If I could go back and do it again, I wouldn't have bothered with any form of credit.

Good luck.