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Student chances of getting car finance

edited 30 November -1 at 1:00AM in Motoring
31 replies 10.8K views
lgfbrownlgfbrown Forumite
24 posts
edited 30 November -1 at 1:00AM in Motoring
Hi,
im a student who later this year is looking to buy (probably a used) car but have heard it is unlikely for me to get car finance as I'm a student not working.

I have £1000 and my mum can put up at most another £3000 towards the car. Paying off the first year of car insurance could be a possibility as well.

Just wondering of my chances of getting some sort of car finance deal, as my student loan most definitely can cover my monthly expenses (ffuel, tax, car etc) but the lack of money coming in every 4 weeks rather than 3-4 months seems to be an issue.

Any advice?
thanks
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Replies

  • HerzlosHerzlos Forumite
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    Why not get a car with the money you have? £4k will get you pretty decent first car. Even £2k will get you a pretty decent car, with £2k left over for insurance.
  • onomatopoeia99onomatopoeia99 Forumite
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    Given your lack of income apart from other borrowing (using one loan to repay another doesn't seem the most moneysaving thing to do), I would ask why you want to spend that much on a car?

    Alternative idea is you could do what I did as a student and buy a £500 banger and run that through university (Morris Marina in my case, it was 1988). Learned plenty of DIY mechanicing with the aid of a Haynes manual as a consequence.
    Home is where my books are.

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  • Love this and your other post:

    http://forums.moneysavingexpert.com/showthread.php?t=5235343&highlight=

    I would leave your Mum's money alone and earn you own.

    Good luck with whatever you decide.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • motorguymotorguy Forumite
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    lgfbrown wrote: »
    Hi,
    im a student who later this year is looking to buy (probably a used) car but have heard it is unlikely for me to get car finance as I'm a student not working.

    I have £1000 and my mum can put up at most another £3000 towards the car. Paying off the first year of car insurance could be a possibility as well.

    Just wondering of my chances of getting some sort of car finance deal, as my student loan most definitely can cover my monthly expenses (ffuel, tax, car etc) but the lack of money coming in every 4 weeks rather than 3-4 months seems to be an issue.

    Any advice?
    thanks

    As has been said, even £2000 would buy a decent car.

    Dont laden yourself with debt.
  • Won't you have enough debt already without borrowing more, and spending your mothers nest egg too.
  • Why not get a part time job at McDs or similar.

    Then you will have income and the ability to run the car aswell.
  • arcon5arcon5 Forumite
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    And these are our next generation of lawyers, accountants, engineers, politicians etc - God help us all.

    Live within your means like the rest of us.
  • xHannahxxHannahx Forumite
    614 posts
    The last two car finances i have taken have criteria that you need to be working full time to be eligible, pretty much ruling out a full time student from being eligible.
  • buglawtonbuglawton Forumite
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    When a student I paid 50% from savings and had no problem obtaining a bank loan for the remaining 50% for a new motorcycle. I was on a sandwich course so earnings were only short term. The bike paid for itself later as it allowed me to take a shift job in a semi rural area during a gap year. I think the banks today are too risk averse to consider offering such a loan, or perhaps they assume the Bank of Mum and Dad are supposed to intervene nowadays.
  • mcpitmanmcpitman Forumite
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    lgfbrown wrote: »
    Hi,
    im a student who later this year is looking to buy (probably a used) car but have heard it is unlikely for me to get car finance as I'm a student not working.

    I have £1000 and my mum can put up at most another £3000 towards the car. Paying off the first year of car insurance could be a possibility as well.

    Just wondering of my chances of getting some sort of car finance deal, as my student loan most definitely can cover my monthly expenses (ffuel, tax, car etc) but the lack of money coming in every 4 weeks rather than 3-4 months seems to be an issue.

    Any advice?
    thanks

    Buy a cheap car, insure it with your bonus, then get a part time job and the cost of running the car will be taken care of.

    Why not ask your Mum to keep the money for you and let you have it when you are looking for your first house, £3k is a good start to a healthy deposit for an asset that will (in the main) appreciate in value and set you up for life.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
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