Car on finance

jaydeeuk1

greensalad wrote: »

Buying a 9k car seems ridiculous on a 15k wage. I was earning 22k and bought a £600 car and even that seemed a bit steep.

But then I imagine you'd have had priorities in spending in other areas, whether its a mortgage, debts, entertainment etc or you were banking £800-£1000 a month in savings.

captainawsome

To answer the OPs question, yes you likely will be accepted. But it's what rate of interest youl pay that should be the question.

By the way I've been there, done that, got the t shirt of buying a new car young (18, as it happens). All the above is correct! Trust me. My mistake was sold 6 months later at a total expense of £6k. I now own my car outright and have no intention of ever taking on a massive car dept again. Few grand will get you a "better" older car

motorguy

BrookesAndrew wrote: »

Hi there,

I want to get a car on finance. I am 19 years old, earn 15k a year. I have two phone contracts, a credit card which I never missed a payment on. I would say my credit files are looking pretty good. Never missed a payment on anything.

What are my chances on getting accepted? I don't want an amazing car. I would just like to know what time of car I can get. There is a 9k Peugeot that looks quite good but am I likely to get accepted?

Any advice would be brilliant.

Thank you,
Andrew

That £9,000 will be worth around £6,000 next year.

At the moment you're bringing home approx £1,100 a month.

So just to pay for the depreciation you will be working ALL of December, ALL of January, and ALL of February.

Please dont do it. Buy something with cash even if its a cheapie.

A shiny new car is only shiny and new for 1 day. Very quickly it will become a noose around your neck.

forgotmyname

{s... Albatross

Lungboy

jaydeeuk1 wrote: »

Also never seen the phrase 'peugeot' and 'looks good' together but there we go.

205 1.9 GTI would beg to differ.

BrookesAndrew

Thanks for all the posts back. I get around £1060 every month but I pay £350 rent because I pay half of everything with my Mum. I see what everybody is saying and it makes perfect sense to just save the money up and buy a cheap car. I am insured on my girlfriends car at the moment and that only cost me £175 for 7 months. I was thinking of just staying insured on her car because I don't really need a car at the moment. I only live 1 mile away from work and I have a nice racing bike so I just cycle to work.

To get a car I would have to take out a loan which would put me in debt. I am not going to do the finance so thank you to everybody who helped me make my mind up with that one.

A nice car right now does sound good. If I am being honest with my self, I don't really need a car. I can cycle to work and I can just drive my girlfriends car if I need to get anywhere or she can give me a lift.

To answer somebodys question, yeah I did pass my test. Passed is on Thursday 20th November, got 7 minors. Thought I failed so I just relaxed into it. I was very happy when they said I had passed.

heartbreak_star

Well done on the pass and also for remaining sensible

HBS x

JustinR1979

You have little spare cash, don't need a car, live a mile from work, and wanted a car on finance?
Be cheaper to get taxis I expect

BrookesAndrew

JustinR1979 wrote: »

You have little spare cash, don't need a car, live a mile from work, and wanted a car on finance?
Be cheaper to get taxis I expect

We always want what we don't need!

JustinR1979

BrookesAndrew wrote: »

We always want what we don't need!

Times have changed
Wasn't long ago I was 19, had to save up and buy a car for £1-2k.
All the youngsters seem to have new cars these days.
Never crossed my mind to have a new(ish) car.
Have always had cars that have lost most their money, depreciation could be £100 a week the first year, have to work a few hours to cover that alone.
Would be interesting to add up what all your costs over a year would be with this loan/car, and work out how much per mile that equates to.
I am tight though