Loan 18 year old

Grimz

Now I'm looking to sell my current motorcycle for £1600 add that to my savings of £2000 and i will just about have enough for my new motorcycle and insurance deposit and month 1 payment.

Now I'm wondering, would it be possible for me to get a bank loan? I just turned 18 and all my insurance fees etc go through my mums account. Basically I give my mum cash and she pays for my insurance as she is my guarantor as result my credit score = nada.

So will i be able to get a loan for say £300 - £400 which will go towards bike security improvements and also new armored motorcycle boots, gloves and trousers


About me..

18 year old male and I bank with lloyds tsb.
I'm a student who has been working since the age of 16 and I've been with my current employers for 1year/ 3 months.
Last and not least I love fast motorcycles .

Grimz

Would it be better and cheaper for me to use a credit card if i want to pay back what i owe after 2-3 months.

gb12345

Grimz wrote: »

Now I'm looking to sell my current motorcycle for £1600 add that to my savings of £2000 and i will just about have enough for my new motorcycle and insurance deposit and month 1 payment.

Now I'm wondering, would it be possible for me to get a bank loan? I just turned 18 and all my insurance fees etc go through my mums account. Basically I give my mum cash and she pays for my insurance as she is my guarantor as result my credit score = nada.

So will i be able to get a loan for say £300 - £400 which will go towards bike security improvements and also new armored motorcycle boots, gloves and trousers


About me..

18 year old male and I bank with lloyds tsb.
I'm a student who has been working since the age of 16 and I've been with my current employers for 1year/ 3 months.
Last and not least I love fast motorcycles .

You have no credit history, so to be honest you are going to have difficulties as you will fail most lender's automated checks.

Your best bet would be to speak to Lloyds as they will at least have some evidence of your banking history.

Grimz

gb12345 wrote: »

You have no credit history, so to be honest you are going to have difficulties as you will fail most lender's automated checks.

Your best bet would be to speak to Lloyds as they will at least have some evidence of your banking history.

Thanks for reply. How can I improve my credit score.
Should I pay for everything with my credit card, go over my overdraft then pay back immediately or get some small loans then pay back immediately as well :think: :S

Apples2

Don't touch you overdraft at all let alone exceed it.

Use your credit card often and make sure you repay it all at the end of the month.

Is your mobile contact in your name? That would help.

Never miss a payment..... Ever

DCFC79

Just let the credit score get better over time, its easy to do. I ran my account very well, never went OD, got my first mobile phone contract at around 22 years old.

Grimz

Apples2 wrote: »

Don't touch you overdraft at all let alone exceed it.

Use your credit card often and make sure you repay it all at the end of the month.

Is your mobile contact in your name? That would help.

Never miss a payment..... Ever

That's another one of my bills which goes through my mums account, I think it times for me to try and take my mums account off and replace it with mine.

DCFC79

Grimz wrote: »

That's another one of my bills which goes through my mums account, I think it times for me to try and take my mums account off and replace it with mine.

Yes it is, get yourself on the Electoral roll for where you live as its needed for the phone contract.

gb12345

Grimz wrote: »

Thanks for reply. How can I improve my credit score.
Should I pay for everything with my credit card, go over my overdraft then pay back immediately or get some small loans then pay back immediately as well :think: :S

OK, so you will have some credit history if you've got a card. How do you use it? Do you clear the balance every month?

Definitely do not go over your overdraft limit - that will count against you. Even regularly going into your overdraft will be seen as an indication that you aren't controlling your spending.

As others have said - got your mobile contract in your name, use and clear your credit card and you will gradually build up a history.

Also make sure you are on the register of electors

opinions4u

For the sake of £400? Save it.

Grimz

gb12345 wrote: »

OK, so you will have some credit history if you've got a card. How do you use it? Do you clear the balance every month?

Definitely do not go over your overdraft limit - that will count against you. Even regularly going into your overdraft will be seen as an indication that you aren't controlling your spending.

As others have said - got your mobile contract in your name, use and clear your credit card and you will gradually build up a history.

Also make sure you are on the register of electors

i only use debit card