Student chances of getting car finance

Foxy-Stoat_3

https://forums.moneysavingexpert.com/discussion/5235343

Better yet, take all of your Mum's 13 large and put it all on red evens, report back with the result.

Finger crossed.

LandyAndy

Herzlos wrote: »

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.

It certainly will.


Two years ago I bought my, then 18 year old, elder son a Peugeot 307 1.6. Car £2800, Insurance £950, VED £200, Tank of fuel £50. Total outlay £4000. It has run without fault for two years and 12,000 miles.


I'll be buying my younger son a car in the next few weeks and I'm anticipating the same budget for that.


You really don't need to finance a car as a student.

19lottie82

Being a student will not hinder your chances of getting finance, but not working will. A finance company will not lend you money if you have no income (apart from a small student loan, which is needed for living expenses, I expect?), it's a no brainer.

As already advised, why do you need so much for a car, just buy a cheaper one?

arcon5

Whatever happened to all these interest free overdrafts they give to students anyway

burlington6

arcon5 wrote: »

Whatever happened to all these interest free overdrafts they give to students anyway

I could hazard a guess to where they're spent

Strider590

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

I'd say your sources are wrong, lenders LOVE lending money to students, get them into debt nice and early and for life.

Herzlos

not for things with fixed monthly payments as they have no way to maintain them.

Overdrafts, deferred loans and credit cards are more likely because they can avoid paying them back until they start working

buglawton

LandyAndy wrote: »

It certainly will.

Two years ago I bought my, then 18 year old, elder son a Peugeot 307 1.6. Car £2800, Insurance £950, VED £200, Tank of fuel £50. Total outlay £4000. It has run without fault for two years and 12,000 miles.

I'll be buying my younger son a car in the next few weeks and I'm anticipating the same budget for that.

You really don't need to finance a car as a student.

Because Bank of Mom and Pop buy cars for them outright?

arcon5

Strider590 wrote: »

I'd say your sources are wrong, lenders LOVE lending money to students, get them into debt nice and early and for life.

Overdrafts perhaps. Not things like car loans, mortgages etc.

Monthly repayments are what they fear. Whereas an overdraft is completely different in that it doesn't necessarily require a repayment as long as interest is being covered

Herzlos

buglawton wrote: »

Because Bank of Mom and Pop buy cars for them outright?

Or because you can buy and run a cheap car for the cost of a deposit on most financed cars.