Financing car - 19 years old

Pay_me

andyfromotley wrote: »

Whys that then?

This forum would be a very dull place if threads didnt evolve, spread and spiral in all sorts of directions. As long as its done in a friendly manner its one of the charms of this forum and imo a large part of what makes it one of the most popular forums in the uk.:money:

I am not disagreeing with that, I just think in some cases some forum users ask non-relevant questions and basically snoop or move the thread in to places it doesn't need to go instead of trying to answer the question that was asked. In this thread the question is clear and that is what we should answer.

The OP is a business owner, paying themselves a wage £16,000 that by their own estimation will double later this year, so a potential wage of £32,000. I am pretty sure the OP is able to make decisions on what is best financially for them. What he appears to lack is an understanding of what the finance companies or banks require to be able to apply for a loan/finance and his question was structured clearly to ask for guidance in that sense.

takman

Pay_me wrote: »

I am not disagreeing with that, I just think in some cases some forum users ask non-relevant questions and basically snoop or move the thread in to places it doesn't need to go instead of trying to answer the question that was asked. In this thread the question is clear and that is what we should answer.

The OP is a business owner, paying themselves a wage £16,000 that by their own estimation will double later this year, so a potential wage of £32,000. I am pretty sure the OP is able to make decisions on what is best financially for them. What he appears to lack is an understanding of what the finance companies or banks require to be able to apply for a loan/finance and his question was structured clearly to ask for guidance in that sense.

If everyone just stuck to the exact question in a thread then this forum would be very boring and nowhere near as useful to the people on it. Everyone is anonymous on here so that means you can have open and honest discussions with people and find out the reasoning behind their questions.
Reading other peoples opinions of a situation is interesting and can only be beneficial to the OP.

But I find your comments amusing because your expressing your opinion but offering no helpful advice whatsoever to the OP. Which is exactly what your against!

Pay_me

takman wrote: »

If everyone just stuck to the exact question in a thread then this forum would be very boring and nowhere near as useful to the people on it. Everyone is anonymous on here so that means you can have open and honest discussions with people and find out the reasoning behind their questions.
Reading other peoples opinions of a situation is interesting and can only be beneficial to the OP.

But I find your comments amusing because your expressing your opinion but offering no helpful advice whatsoever to the OP. Which is exactly what your against!

I clearly stated very early on that I had no idea what the lending criteria is for £15k car finance and stated that others will be able to answer that question.

takman

Pay_me wrote: »

I clearly stated very early on that I had no idea what the lending criteria is for £15k car finance and stated that others will be able to answer that question.

Which doesn't help the OP at all so using your logic you shouldn't be posting on this thread. You said people should only post on this thread to answer the OP's questions. But your trying to "move the thread in to places it doesn't need to go" by starting a discussion about what responses are acceptable on this thread.
Personally I don't have a problem with your comments. But you need to give yourself a good telling off because your breaking your own rules!. Lol

Pay_me

takman wrote: »

Which doesn't help the OP at all so using your logic you shouldn't be posting on this thread. You said people should only post on this thread to answer the OP's questions. But your trying to "move the thread in to places it doesn't need to go" by starting a discussion about what responses are acceptable on this thread.
Personally I don't have a problem with your comments. But you need to give yourself a good telling off because your breaking your own rules!. Lol

Re-read the thread you are missing the context of the posts. You will see my comments from the point of saying I did not know are directly related to people asking me a specific question or making a comment direct to me... like yourself. I'm being consistent answering the question people ask me :-).

I have been clear in saying that the OP asked a specific question, first and foremost we should answer that. For me there was another poster that made comments that were out of context with the OP request. I have seen too many smart !!!!!! on this site put people on the defensive when all they seek is answers to a question. I rightly or wrongly guessed that this thread was about to shape up that way also.

I guess with the OP not returning that this thread is dead anyway.

takman

Pay_me wrote: »

Re-read the thread you are missing the context of the posts. You will see my comments from the point of saying I did not know are directly related to people asking me a specific question or making a comment direct to me... like yourself. I'm being consistent answering the question people ask me :-).

I have been clear in saying that the OP asked a specific question, first and foremost we should answer that. For me there was another poster that made comments that were out of context with the OP request. I have seen too many smart !!!!!! on this site put people on the defensive when all they seek is answers to a question. I rightly or wrongly guessed that this thread was about to shape up that way also.

I guess with the OP not returning that this thread is dead anyway.

In your first post in this thread all your doing is encouraging the OP to go ahead with it. But you didn't answer any of his questions or provide any useful information about getting finance. It's a bit hypocritical to then start telling people they need to answer his questions directly when you didn't even do that!.
Your post is no different than a post that disagrees with the OP's decision to buy a car on finance. They are just opposite sides of an argument.

Critical posts are useful to someone making an important financial decision. If a person is unable to deal with negative critism from anonymous posters online then they arnt very confident with their choice!

Pay_me

takman wrote: »

In your first post in this thread all your doing is encouraging the OP to go ahead with it. But you didn't answer any of his questions or provide any useful information about getting finance. It's a bit hypocritical to then start telling people they need to answer his questions directly when you didn't even do that!.
Your post is no different than a post that disagrees with the OP's decision to buy a car on finance. They are just opposite sides of an argument.

Critical posts are useful to someone making an important financial decision. If a person is unable to deal with negative critism from anonymous posters online then they arnt very confident with their choice!

You seem to have missed the context completely. My issue was not with the posts disagreeing with him getting finance (I have no issues with critical posts and people putting forward a different point of view or even their thoughts) My issue was with the post about what makes him different to other 19 years olds. They are the kind of posts that we should cut out. All of the discussion I have been involved in since originated from there. If that comment had not been made I wouldn't have been seen on this thread again.

Those sort of posts are not needed I have read too many threads on this website that starts with a simple question and descends in to a character assassination with the OP having to defend themselves. To be frank it is one of the worst aspects of this forum!!

You are correct about my first post offering no financial advice however if you look at the post 13 you will see the OP found something useful in it. Like I say if it wasn't for the post I mention I would have only made one comment on this thread.

spikyone

joel491 wrote: »

I am mainly posting this thread to ask whether it would be physically possible for me to have the remaining £15k financed at my age or whether it's just completely unreasonable. I have checked my credit score at Experian and it is in the excellent category. I have also financed before (not a car), and am actively financing a rowing machine with monthly payments at £80 per month (I appreciate that's not quite the same as the car, but it's something). It's also worth mentioning that towards the end of the year I will likely be paying myself nearly double my current salary.

Physically possible, maybe. But as others have said, there are some things to consider.

1) I get the impression this will be a stretch for you, especially if you couldn't afford to buy a rowing machine outright. Will you have the equivalent of at least 3 months salary left (£4k) as savings after putting down your deposit and paying the insurance? If not, forget the idea of this car.

2) You can't say with any certainty that you will be paying yourself double your current salary towards the end of the year. Any number of things could happen between now and then, and if the business is yours alone then you have to consider the "what if I'm hit by a bus tomorrow?" scenario. Financially, it would cause you more problems than most.
You also have to consider the risk of the UK leaving the EU, which would give all businesses a tough time in the short term. Buying a car that you might be able to afford in 7-8 months is not smart.

3) Have you actually driven one? Without driving the MX5, you don't even know you'll like it. I would also try the last-generation (NC) . An NC with under 10k on the clock can be bought for, coincidentally, about £10k. I know you're concerned about the looks, but the MX5 is all about the driving experience, and any MX5 will be a lot of fun. Image doesn't matter if you don't "click" with the car. (I had the use of a new Mercedes E-Class recently, and despite people's perceptions, it was dreadful to drive and I couldn't wait to give it back)

4) If you're dead set on the current model having tested both the NC and ND, wait a year. You will hopefully be earning more - and will have been earning more for a few months. A year may seem like a lifetime when you're 19, but in reality it's no time at all. You are looking at buying a car that costs more than your annual salary, so if a year seems a long time to wait, then consider how long it takes you to earn the amount of money that it costs.

pathtofreedom

My current car was exdisplay from a dealer. So was a year old, but only had about 1000 miles on the clock, as it was onnly used for test drives. It was the highest spec of that model to encourage people to buy addons. It was at least 5k cheaper than buying exactly the same car brand new though. As there is a new number plate out soon it might be worth checking out some dealers, and seeing if they do a similar thing for the car you want. It would still be under warranty etc but you don't have that new car price tag.

fruitisbad

Is there any chance of buying it as a company car? Are you VAT registered? There could be the potential to lease or buy and claim back the VAT a saving there, and also put through a %age of your milage as a business expense.