Loan for a 22 year old with no credit history

uncreative

or in the case of a new range rover, £2,000 as it includes cameras and blind spot monitors as well......:eek:

jellie

NikNox wrote: »

I'm not sure he wants to be tied down to finance either, because he gets bored quickly with cars (I know, but he is a bit of a petrol head).

Whether he gets car finance or a personal loan, he's going to be tied down.

He's looking to get a £5k loan for something he knows he's going to get bored of before the loan is paid back? Not good.

DCFC79

NikNox wrote: »

No savings to speak of - he's literally got a decent payrise last week. Young baby, buying things for when they move out (hopefully soon) takes its toll on a young mans wages. But, he's much better off as of last week.

Has he worked out once his outgoings are paid how much he has left for say paying a loan off ?

And he should work out what he would have left once bills etc are paid so like insurance, gas bill etc.

chanz4

CLAPTON wrote: »

do you have any example of this ?

I'm no expert but I would expect more up to date car parts to eb dearer as they tend to be more complicated

so once you could change a broken wing mirror by buying the glass for a few quid, now you replace the whole unit with its motors and heated glass for £750

yes went from a 2009 seat leon 1.9 tdi, to a 2015 seat leon and it was over a £100 less

uncreative

this is true because the car has reverse sensors, bluetooth, satnav, pre-sense detection so the statistics are less likely to have an accident or a car park bump.

jellie

chanz4 wrote: »

yes went from a 2009 seat leon 1.9 tdi, to a 2015 seat leon and it was over a £100 less

My experience was the opposite - my new car costs more to insure than the older one (same make/model). I presumed this was because the new one would cost more to replace in the event of a total loss.

CKhalvashi

Insurance on my work car (Jaguar XE) is cheaper than on the Focus, despite being more powerful and presumable a lot more expensive for parts.

I'd say, however, that a Focus ST is a high insurance risk and an XE isn't as high.

The work car is insured for 40000 miles/year, the Focus for 20000, if that makes a lot of difference too.

somethingcorporate

Buy a banger and save up.

There's a brilliant example on this thread of over-paying by taking an expensive loan.

I've never paid more than £2k for a car and the two we have had in the last 8 years we have covered 50k+ miles with little more than a battery replacement and brakes every now and again. If he's got a young family the last thing he wants to do is start taking out expensive long-term finance for something as frivelous as an expensive car.

MEM62

NikNox wrote: »

It's really difficult, because he can afford to pay it back!

No he can't. If he cannot afford to save he cannot afford loan repayments.