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Looking for a small loan of around £1500 for transport.
Tiny bit of background about me and the situation..
I am 23 years old with an average credit score (I have had issues in the past, but these are all sorted now) I have a full time job working 39 hours a week and earning £250 a week after tax. I work as a carpenter in the South West (mainly Cornwall) and it is becoming a real pain to ask my boss to pick me up from Saltash every morning, as the work is normally in the depths of Cornwall and it's unreasonable to pick me up. I have my CBT and Provisional license, so a 125 motorbike makes perfect sense to me.
There are schemes in the area, Devon Wheels to work will give me a 125 but this costs £180 a month, this to me is too much.
I would like to know what my options are, either bike finance or a bank loan.
I am 23 years old with an average credit score (I have had issues in the past, but these are all sorted now) I have a full time job working 39 hours a week and earning £250 a week after tax. I work as a carpenter in the South West (mainly Cornwall) and it is becoming a real pain to ask my boss to pick me up from Saltash every morning, as the work is normally in the depths of Cornwall and it's unreasonable to pick me up. I have my CBT and Provisional license, so a 125 motorbike makes perfect sense to me.
There are schemes in the area, Devon Wheels to work will give me a 125 but this costs £180 a month, this to me is too much.
I would like to know what my options are, either bike finance or a bank loan.
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Comments
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What credit products do you have at the moment? Any current debts?
How much can you afford a month to repay the debt?
Personal loans for this amount tend to have fairly high APRs, but if you have a limited credit history or past problems on your credit file then I'd probably consider approaching your own bank to see if a loan is an option.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
I have only one outstanding debt and that is for £30 to Barclays (Due to be cleared the end of this month), that is my only debt and the only debt I've had so my credit score should be quite good?
I've just filled out a Natwest (my bank) loan calculator but they said I would be quite unlikely to get the loan?
I will be willing to repay around £250/£300 a month.0 -
If you can afford to repay £300 per month, what have you been doing with this amount over the past five months?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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I thought you said £180 was too much?0
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I thought you said £180 was too much?
Indeed this does not compute! If you can afford £300 a month then why is £180 a month too much? I would go ahead with the Devon Wheels to work scheme and then put the other £120 into savings so that you can save up and buy your own bike in around a year.0 -
If you can afford £300 per month then save this amount. In four months time you will have sufficient money to buy a 125. Continue to save that amount and you will be able to upgrade it or purchase a car at some point in the future.0
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... a 125 motorbike makes perfect sense to me.
...in the middle of September.
In another two months though you'll be shopping for waterproofs/fleeces/winter boots/balaclavas/heated grips/higher screen etc. etc.
Trust me, biking through an English winter is not fun. It can certainly be done but think of the cold, rain, fog, ice all conspiring to (at best) make you miserable or (at worst) have you sliding down the road. Add to that the daily pantomime of avoiding drivers who subscribe to the theory that you only really need to demist a letterbox sized area of the windscreen...0 -
If you are disciplined, then the best way to achieve this is with a 0% on spending credit card. Decide how many months you want to repay it over, divide the purchase price by this, and then pay that amount every month and pay zero interest.
You can check some out here
http://www.moneysupermarket.com/credit-cards/purchases/?goal=CC_PURCHASE&goal=CC_PURCHASE0 -
I have only one outstanding debt and that is for £30 to Barclays (Due to be cleared the end of this month), that is my only debt and the only debt I've had so my credit score should be quite good?
I've just filled out a Natwest (my bank) loan calculator but they said I would be quite unlikely to get the loan?
I will be willing to repay around £250/£300 a month.
http://www.honda.co.uk/motorcycles/offers/ps125/
£80 per month gets you a brand new 125cc Pes0
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