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

BillJones

SamAudiA3 wrote: »

I have a Honda Civic at the moment, so was hoping to upgrade, and kind of have my heart set on the Audi! The A3 is very reasonable, and i can pick one up for around the £3000 mark. (I will also have around £1000 when i sell my car, which i saved up for)

It's understandable. I had an RS4 until recently, and wish I'd never sold it, but you may need to wait a few more months before mainstream lenders are happy to offer you their services.

Mallotum_X

Personally I'd suggest sticking with the car you currently have and build up some credit history.

Make sure you are on a contract mobile - doesn't have to be expensive - even just a contract tariff on your existing handset.

Get a credit card and use it, but pay it off each month. Dont worry about the interest rate as by paying it off you wont pay any, but do pay it off each month (and dont take cash out on it - expensive mistake). Dont get lots of cards, just 1 or 2 and dont worry about having low limits. Use it for petrol or other bits and clear it.

Check you are on the electoral role.

Save up as much as you can - demonstrates to your bank if it comes to it that you can afford the repayments - make sure you are saving more than the loan repayments would be.

Don't make lots of applications, just accept its gonna take a few months and wait until you have been in the job 6 months.

Avoid the likes of Wonga and other payday loans for any reason - messes up your credit rating.

In 4-6 months you will have more available towards your car - either being able to afford something better than now or get a lower loan.

I know you just want advice on the loan side, but really do have a think over a car loan whilst waiting, but whatever you do dont overstretch, and if/when you have the loan do try and keep saving, with any luck you can buy the next car for cash upfront.

SamAudiA3

BillJones wrote: »

It's understandable. I had an RS4 until recently, and wish I'd never sold it, but you may need to wait a few more months before mainstream lenders are happy to offer you their services.

Very nice! You can't beat VAG, i was looking at the Golf TDI 2.0, but you can't seem to get one with sensible milage, thats when i started looking at the A3 Sport 2.0 FSI.

What have you now?

Mr_F_Dorsetty

SamAudiA3 wrote: »

This is exactly the non-constructive advice i specifically asked not to be posted. Everyone else was great, and has given me an understanding of the question i asked.

"before you realise you don't know everything" - as i said, i know very little about this subject. (which i've stated more than once)

Its so petty, that theres some 'jack the lad, car dealer' that just wants to start an argument. You are right i know nothing about the big wide world, hence why i'm on a forum asking questions to get more of an insight into what i'm going to be facing.

Thanks for nothing Dell Boy.

LOL... Oh dear me son, you really do really have a problem. I'd get that chip off your shoulder, you might see some light or the train coming.

Would you lend you the money to you? NO of course not.

Everyone has told you the same thing, me included, you're not going to get the money and even if you could, think on - plain silly to put that debt over your head at your age (at any age imo) for no good reason. A car btw is NOT a good reason.

People in your family in the business? But you want to be a punter? ... Why does that not sit right? What, don't they talk to you or something? Or maybe you are the irritating cousins boy who keeps darkening their door?

My advice is perfectly constructive, you just don't want to hear it - that's a very different thing

MrChandlerBing

SamAudiA3 wrote: »

I have a Honda Civic at the moment, so was hoping to upgrade, and kind of have my heart set on the Audi! The A3 is very reasonable, and i can pick one up for around the £3000 mark. (I will also have around £1000 when i sell my car, which i saved up for)

What sort of Audi A3 can you pick up for 3k?

It sounds like it will be a boat load of trouble

Caz3121

SamAudiA3 wrote: »

thats when i started looking at the A3 Sport 2.0 FSI.

MrChandlerBing wrote: »

What sort of Audi A3 can you pick up for 3k?

Looking at the required model...would be one about 10 years old!

Mr_F_Dorsetty

Caz3121 wrote: »

Looking at the required model...would be one about 10 years old!

Confucianism teaches us that:

"No mind in control of itself buys into a 2nd hand Audi with a Tiptronic box"

Lioness_Twinkletoes

Another thought Sam - join a credit union. Save for a couple of months, then they are more likely to lend. Even better if they do direct payments, straight from your wages (many HA and LA jobs offer this).

I've had a loan from my local CU, I did my own credit check and was able to borrow up to £5k (although I earn more than you). The loan is not registered on my credit file and the APR is reasonable.

BillJones

SamAudiA3 wrote: »

Very nice! You can't beat VAG, i was looking at the Golf TDI 2.0, but you can't seem to get one with sensible milage, thats when i started looking at the A3 Sport 2.0 FSI.

What have you now?

I switched to a 911 GTS, but never quite clicked with it, so now have a C63.

I do miss the RS4, but having owned mine from new, I couldn't bring myself to replace it with someone else's used one.

getmore4less

How much have you saved from your first 2 months earnings?

Have you done a SOA?

I would work out what it will cost with plenty of money for maintenance insurance MOT etc.

Say £3k purchase, £1400 insurance, £300py basic maintenance tax ? lets say £5k over 2 years at 10% £230pm lets aim for £250 to give you some emergency money building up.

If you are running a car you can factor in the costs of that off the £250

Make sure you are putting that aside each month while you think and start looking for a decent car.

If you get it right it will cost less and you will have a small pot of money in two years(if you don't spend it elsewhere).

This sets you up proving to yourself you can afford that money going out on depreciating asset, if you can live on what's left long term you are OK. If not and have the loan it is too late.

You could also factor in how much you need to save to buy 1/2 the next car to get out of the borrow cycle 2 cars later you buy the third for cash.

Cars are the biggest drain on income you will ever have, that drain removes other choices, smaller deposit for a house, cheaper holidays, the list goes on.

35 years of spending money on cars.