Loan for 19yr old Student

southernscouser

Just something else for you to consider mate. I don't like to see people getting into unneccesary debt which I think yours is. But I am biased.

My car is 5 years old. Has been serviced every year etc, well looked after.

It costs me £2,000 a year to run. This includes petrol for about 150-200 miles a week.

It's only 5 years old but things go wrong. And they can be expensive.

Not including petrol can you afford £100 month to keep the car ticking over on top of any monthly payments for any loan?

knowledgeman

If you were taking a loan of that much Id consider doing a PCP agreement on a brand new car

You would pay 4.5k over so long and then at the end either buy the car or return it

The benefit being you get a brand new card under warrant

for example we pay £200 a month for a brand new 207, at the end of 3 years it can be returned to the dealer or purchased outright for 3.4k

Additionally it is under warranty so our only costs are insurance, tax and services,


This way instead of getting an old car for 4.5k you get a brand new one you can send back in 3 years, additionally you will prob find their is some equity in the car to put down on a new one if you still need one