Loan for 18year old

catalonia13

Hello,
I'd welcome some advice please, I have looked around the site but there's so much info its a bit overwhelming!

My 18year old daughter wants to take out a loan to buy a car, she is working, good credit rating and can comfortable afford it, problem is, she only wants £2000 (over 2 or 3 years) and so far all the low interest rates seem to double for small loans!
Thanks,
Linda

joughtib

I've just had a look on Moneysupermarket, and Zopa, and Northern Rock, both offer 2K at 6.3 and 6.4% respectively. I've just searched on £2000, with the "living with parents" option selected.

The interest element on both is around 130 pounds over the two years.

catalonia13

joughtib wrote:

I've just had a look on Moneysupermarket, and Zopa, and Northern Rock, both offer 2K at 6.3 and 6.4% respectively.

Many thanks Joughtib, I'll have a look there too, we tried Northern Rock but they have a mim age of 21.
rgds,
Linda

joughtib

I had a similar problem when I was 20, i'd agreed a loan in principal with Yorkshire Bank's online loan service, but went to branch and they turned me down. My dad ended up taking the loan, and me having a standing order to him each month, therefore making the payments, and me having a shiny car to pose in!

Good luck with it, and let me know how you both get on.

aj3001

I got finance via the company and I am 18, with what must be a very good credit rating and was accepted no problems, that was for £11k

catalonia13

joughtib wrote:

I had a similar problem when I was 20....., Good luck with it, and let me know how you both get on.

Thanks, Leeds and the MBNA both say 18years so we'll start with them, will let you know,
regards,
Linda
PS interesting to note, the interest on £2500 over 3 years is around £300 BUT the payment protections adds on another £400!

catalonia13

joughtib wrote:

My dad ended up taking the loan, and me having a standing order to him each month, therefore making the payments, and me having a shiny car to pose in!

LOL, my credit rating is not as good as my daughters so I also go 'the Dad' route, and I'm 46!!
L