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Which Loan?

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Cameron1590_2
Cameron1590_2 Posts: 193 Forumite
Part of the Furniture 100 Posts Combo Breaker
Hi All,

Looking to borrow £2500-£3000 over 24//26months to purchase a new motorbike.

I am 18, what type of credit is best?

Obviously Im after the cheapest type of loan, but I am pulling my hair out with looking!

Thanks

Comments

  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 8 March 2013 at 7:47PM
    Hi All,

    Looking to borrow £2500-£3000 over 24//26months to purchase a new motorbike.

    I am 18, what type of credit is best?

    Obviously Im after the cheapest type of loan, but I am pulling my hair out with looking!

    Thanks

    Depends on many factors like your salary, any CCJ's, any debts plus other things ? First place to start is your bank who know your account.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    At 18 you won't have much if a credit file at all which will work against you.
    Have you registered to vote?
    Is your mobile account in your name?

    Best to stick to your own bank as they have most information on you from what little there is.

    Do not get tempted to start randomly filling in forms on the internet. There are lots of scams waiting for you, don't get caught out.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Well hp providers like you to be 21, like most banks these days
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Save £150 a month for two years.

    Then see if you still want a bike when you're 20.
  • The loan where you don't take out a loan but save up.
    "All truths are easy to understand once they are discovered, the point is to discover them."


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