First Car Purchase

aDylan

Edited out for privacy.

Foxy-Stoat_3

I would buy a car half that value personally with a personal loan

How much have you managed to save living at home with minimumal outgoings?

Whats your salary?

Do not buy an overpriced car with overpriced finance.

aDylan

Edited for privacy.

Tixy

Personal loans can sometimes be cheaper than car finance, but not always. Secured finance can be easier to get accepted for. But both obviously are going to consider affordability. Given your limited credit history and earnings chances are you won't get accepted for the lenders representative rates so when considering what you can afford do be aware of that.

If you have savings then are you not going to use those towards either the purchase, or to pay the insurance in full.

That net salary figure would suggest your salary being around £16700 a year - is that about right? (that sounds a quite a bit more than minimum wage - depending on the hours you do).

From the point of view of your chance of acceptance you are more likely to be accepted for a lower amount than £10k if that is your salary.

From a financial point of view - your outgoings may well not stay as low as they are now for the duration of the loan, so think carefully about overstretching yourself financially on a loan for a depreciating asset with no deposit.

BrassicWoman

can you save monthly loan payment + 1/12 road tax, insurance, mot servicing + petrol for three months to check affordability before you buy? and give you an idea of new reigned in lifestyle...

Jon_B_2

Are you planning to live with your parents for the next few years?

aDylan

Edited for privacy.

19lottie82

PassPlus is helpful to develop your driving skills, but I wouldn't rely on it to bring down your insurance costs, it didn't make a jot of difference with mine.

DCFC79

Forget about your credit score as lenders don't see it.

aDylan

Edited for privacy.

BrassicWoman

That's changed my perspective a bit, If you'll be driving mum around then spend the extra...