How can I get a loan?

bluek12

Hi, I'm 19 years old still living at home with my parents, however, I need a car in order to be able to travel to and from work. I have only just passed my test therefore was trying to get a loan in the region of £4000 over two years in order to get myself a car for around £2000 and use the rest of the money towards insurance.

I will be on a salary of £15,000 however, I don't start this job until September. Does anyone have ideas as to how i'd get a loan with a decent apr, and any tips of cheap car insurers would also be helpful.

Many thanks!

podd86

Do the pass plus, reduced my insurance by 600quid when I did it few years back

Vikipollard

Adding a parent as a named driver can sometimes help (not fronting though).

I wouldnt saddle yourself with a debt for this year's insurance which you will still be paying when next year's renewal comes up though. With the best of intentions, cars cost much more to run than any of us initially believe so what you believe you can put by for next year's insurance might not be as much as you think now.

Check all the comparison websites (meerkat, gocompare, confused.com etc) then add aviva and direct line. You presumably have a type of car in mind, so they can give you an indication of cost. Also, some discount the price if you have a box fitted in your car which monitors your driving (how you drive, when you drive etc) which, if you arent out in the evenings/early hours driving like a chav, can lower your premium as well.

In terms of the loan, I guess you could try your own bank if you have some proof of the income you will have (contract etc). I'm clearly no expert, so it's only a suggestion.

CLAPTON

with no income I would suggest you will not get a loan

bluek12

CLAPTON wrote: »

with no income I would suggest you will not get a loan

I do have a salary at the minute however it isn't fixed i.e. I've been earn £1000+ lately but there is potential that I could earn mere £100's.

poppasmurf_bewdley

It's not easy, but you can sometimes get a car for free.

Try the Freecycle website in your area and neighbouring areas, and see if anyone is giving one away. You can even ask if anyone has one available

It won't be the dogs bo**ocks but it may do for what you need.

Another way is see if anyone in your family has one going spare. My daughter is still running around in the 2000 W Astra I gave her two years ago as it was only worth about £800/£1000 in part ex and was in remarkable condition as I had owned it from nearly new.

CLAPTON

bluek12 wrote: »

I do have a salary at the minute however it isn't fixed i.e. I've been earn £1000+ lately but there is potential that I could earn mere £100's.

do you really need a car; what are the alternatives?

but is you have an decent income then you may be able to get a loan; maybe try your own bank who can see your salary going in each month

DCFC79

Unfortunately none of us on here can tell you if you can get a loan as we dont freelance as lenders, if we did though our lending criteria would be very strict. You need to apply for 1 and see what happens or speak to your own bank.

bluek12

CLAPTON wrote: »

do you really need a car; what are the alternatives?

but is you have an decent income then you may be able to get a loan; maybe try your own bank who can see your salary going in each month

Yeah, otherwise travelling 16 miles by bus would take me too long as id have to get three each lasting 45 minutes+. Thanks for your advice.

ILW

bluek12 wrote: »

Yeah, otherwise travelling 16 miles by bus would take me too long as id have to get three each lasting 45 minutes+. Thanks for your advice.

Moped or scooter would cover them sort if distances quite happily.

Cheap to run and insure as well.

Caz3121

have you actually looked at insurance quotes? you may find that £4k will only cover insurance
Running a car for a young person may be seen as essential but is very expensive, expect to pay £400+ per month for running costs and insurance then you will have the cost of the car and maintenance on top of that