£3,000 Loan over 2 years (19 Years Old)

heartbreak_star

Ahh, the Audi A3. Submissive Special...*chuckle*. Sorry, I can't see one of them without thinking of Fifty Shades of Grey, bloody awful book that it is.

Seriously though OP, have you factored in running costs, repairs etc? It's a slippery slope - I slid down it and wish nobody else would.

HBS x

Mr_F_Dorsetty

Suarez wrote: »

Have you looked at insurance, tax and parts costs?

A friend of mine has a 23yr old son who has just passed his full motorcycle test. I rode for years so my friend asked me what I thought as he wanted to help his son out by buying him a motorbike maybe, though he was a bit worried as his son is so inexperienced.

So I said, tell him that you'll buy any bike he wants, but he has to insure it.

The son apparently had visions of huge sports bikes, R1's, Gixer's and so forth... then he got his first insurance quote

Most bikes they wouldn't even quote on for a guy his age and when they did quote on anything 'fancy,' it was nose bleed time!

So now he has a very nice but sensible Suzuki Bandit 600cc - there's always more than one way to skin a cat, as they say :cool:

19lottie82

hi OP, ok firstly, if you have your heart set on an A3, fair enough, BUT........ as others have advised, please make sure you are aware of tax, insurance and maintenance costs, as these can be quite meaty. I would also echo the views of others that starting out with debt at a young age is a slippery slope for 90% of people. I hope you're in the other 10%, but hey ho.


Anyway, back to your original question. Are you on the electoral register at home? This is a must if you want to be approved for a loan.

Secondly, 2 months isn't very long to be in a full time job before you start applying for loans. Wait for another 4, then try your own bank, but beware, i'm pretty confident their rate won't be anywhere as attractive as sainsburies.

Clive_Woody

Do you have much in the way of a credit history that a lender could base their decision on whether they consider you a reasonable/low risk to give their money too?

Do you have a phone contract paid on time with no late or missed payments?
Are you on the electoral role?
Have you ever had a credit card? If not getting one and paying it off in full each month can show that you can handle credit responsibly.
Have you checked your credit file just in case there is something negative on there that shouldn't be?

kindofagilr

heartbreak_star wrote: »

Ahh, the Audi A3. Submissive Special...*chuckle*. Sorry, I can't see one of them without thinking of Fifty Shades of Grey, bloody awful book that it is.

Seriously though OP, have you factored in running costs, repairs etc? It's a slippery slope - I slid down it and wish nobody else would.

HBS x

LOL same here although I love the book

[Deleted User]

roonaldo wrote: »

An alternative could be a credit card, Santander and Tesco do a 0% for 18 months.

That comes out at £167pm, to clear it in the 0% period.

Either pay it off in the 18 months or transfer the balance to a new card.

I would aim to clear it in 18 months (or at least have the funds saved to clear it), rather than rely on a BT to another 0% card.

It only needs you to be refused, to drop yourself right into the brown stuff.

SamAudiA3

Tax, insurance and maintenance is fine. Tax is manageable, Insurance is fine as i'm nearly on my third year of driving, so looking around £1,400 (I've already done the quote) I'm already paying £1200 at the moment. Maintenance, i have family that own a garage, i've always had my work done there at cost of parts.

I've always been on pay as you go, so have no credit score at all really. Its only a small loan, i've been told its healthy to have a small loan as this boosts my credit rating for when i get a mortgage. I don't really see the big risk to the loan company, as the way i see it, if the sh*t hits the fan, i'll have to sell the car, to pay back the loan company.

Again, i appreciate all your help on this. I'm fairly sensible, and would make sure i'm always up to date with my payments. I'm not one to imagine the unrealistic.

Any more advice would be much appreciated. :beer:

[Deleted User]

SamAudiA3 wrote: »

I don't really see the big risk to the loan company, as the way I see it, if the sh*t hits the fan, I'll have to sell the car, to pay back the loan company.

You wouldn't HAVE to sell the car (although you could obviously choose to sell it), and they couldn't make you.

Even if you did sell the car, you wouldn't get enough for it (in the early stages), to settle the loan.

stardoman

SamAudiA3 wrote: »

Tax, insurance and maintenance is fine. Tax is manageable, Insurance is fine as i'm nearly on my third year of driving, so looking around £1,400 (I've already done the quote) I'm already paying £1200 at the moment. Maintenance, i have family that own a garage, i've always had my work done there at cost of parts.

I've always been on pay as you go, so have no credit score at all really. Its only a small loan, i've been told its healthy to have a small loan as this boosts my credit rating for when i get a mortgage. I don't really see the big risk to the loan company, as the way i see it, if the sh*t hits the fan, i'll have to sell the car, to pay back the loan company.

Again, i appreciate all your help on this. I'm fairly sensible, and would make sure i'm always up to date with my payments. I'm not one to imagine the unrealistic.

Any more advice would be much appreciated. :beer:

Yes, but you aren't lending yourself the money. The organisation leading the money wants to make sure they'll get it back. They couldn't force you to sell the car so they will think that if something goes wrong they will have problems getting their money.

It is frustrating though. I remember being offered my first job, but it was 20 miles away and not on a bus or train route. So I needed a small loan. I actually had the money to buy an old banger, but I was £167 short which was the money needed for the insurance. The bank would not lend me the money or give me an overdraft until I had been in employment for 6 months. But I couldn't take the job without the car.....

I really wanted to be independent but had to go cap in hand to my dad, who kindly lent me the money. I paid him back over the next 3 months and wow it felt great to know I owned it lock, stock and barrel.

Think you might find 6 months is the magic time when some credit doors become open for you.

SamAudiA3

I'm really simple minded when it comes to these things, but the best way i think would be to get a credit card, spend £3000 on a A3, then pay it back £167 per month, and pay it off within 18 months interest free (better than getting a loan)