Not Sure Where To Post. 18 And Looking at Peugeot Just Add Fuel. Will I Get Accepted?

Herzlos

2 pieces of advice from someone who was in your position:

1. Don't even look at buying a car until you've actually passed your test. It's pretty easy to fail and you don't want to be paying £255 a month for a car that you can't use. Put the £255 a month aside until you pass, that'll give you a good deposit on one.

2. Don't look at brand new cars, leases or the likes, as
a. it's almost inevitable you'll at least scratch it, and that'll cost you a fortune when you give it back
b. You'll probably want a better car in a couple of years when your insurance goes down and you're a more confident driver.

It's a good choice of car, but instead of a new 108 on essentially a lease, have a look at an older 107 for about a quarter of the price. You'll get the same motoring out of it, but you'll pay less, and you won't be as terrified of damaging it. Then once it's paid off, have a look for something better.

Candyapple

Superfan9816 wrote: »

I work part time at Sainsburys and have done since 2014. My credit history exactly says 195/700, 4 positives and 4 negatives. It says I'm not signed up on electoral register but I did that a couple weeks ago so that should be updated on my file on next months report.

Do you have any ideas as to how to build my number a bit before October/November when I should be applying? I'm paying off the entire credit card balance on 2nd September

First of all to gain accurate information you need to have sight of all 3 of your credit reports from Equifax, Experian and Call Credit.

You already have Equifax (ClearScore), next sign up to Call Credit's free one (Noddle) and pay £2 to get a copy of your Experian one as they are the only ones who don't offer free credit reports. Don't get mugged off by signing up for CreditExpert, you just need your £2 statutory report.
http://www.experian.co.uk/consumer/statutory-report.html


What's your annual salary?

The electoral roll information may not be updated for at least 3-4 months so don't hold out hopes for it being done next month.

What are the 4 negatives from ClearScore?

Is your Halifax credit card / any bank accounts / mobile phone account showing on all 3 reports?

If you only have 5 months worth of history and not showing as on the electoral roll, don't even bother applying for anything as it will more than likely be an instant decline.

You should wait until you have at least 6 months minimum worth of green zeros and all your accounts are showing on ALL 3 of your credit reports along with you being on the electoral roll.

meer53

You're excited at the thought of a shiny new car to drive once you pass your test. It's normal, but unrealistic. Pass your test first, then buy a second hand car until you can really afford a shiny new car.

pvt

MadMat wrote: »

they were all happy to lend to me, As long as one of my parents signed as guarantor.

Let me just reword that bit for you:

they were all unhappy to lend to me, unless one of my parents signed as guarantor.

pvt

ampersand wrote: »

Saving is addictive, but you don't know this yet.

^^^^THIS^^^^

I would echo all the excellent advice about saving up and running a banger on a shoestring until you can afford something better to buy (not lease/finance/PCP, but BUY. With your own money).

But I don't think it's necessary for me to do that because I don't think there's a snowflake's chance in a furnace of you getting that deal on a new 108, unless you can find someone stupid enough to act as a guarantor and facilitate your further descent into the abyss of debt you're already teetering at the edge of with your CC.

You are 18, earning relatively little, already in debt, and looking for how to spend more money you don't have.

You need to wake up and smell the exhaust fumes.

DCFC79

Superfan9816 wrote: »

What I do with my credit card and my money is my business. I'm aware I've made mistakes which is why I'm paying it off in full and cancelling it next month...

I merely asked a question on here and now feel as if I am being attacked. I guess I shouldn't have asked :money:

Bullying no

Being given sensible information yes.

Are we responsible if you don't like that advice ? No

Gunther_Golf

If you only qualify for this deal aged 18 driving a Peugeot 108 that surely cant be costing you £255 a month - I'd be checking that out before anything else.

Some advice you will receive on here is good and some is frankly honking - I learnt that pretty quickly and have only been posting for a few weeks.

A £500 car at the auctions on in a shop window is minimal outlay but you WILL have plenty bills coming your way on such a cheap car - As you have said yourself by the time you factor in insurance/tax/maintainence and repairs your £500 car will quickly become an absolute cash cow.

But with such a limited credit history i'd be waiting several months before considering something like this - Taking something like this on before you have passed your test would be crackers as well. A shiny new car that can't move off the driveway seems pointless to me.