First Car - Finance or not? Clearscore 313 stable?

Almondo

Hey everyone,

I'm a 19 year old male living in the West Midlands and currently have a credit score of 313 (stable). I work a full time job bringing almost 20k and an soon going to be passing my driving test hopefully.
There are a few online lenders such as wearemarmalade who specialise in insurance free finance cars, but what is the likelihood of me being approved by them?

I have a credit card with a limit of £600 and a phone contract for £720 which is almost paid off. I've never missed a payment which I'm proud to say at my age!

Thanks!
A

:beer:

Jlawson118

Generally I think those car finance companies work with a guarantor anyway, so if something happens and you don't pay it, then your guarantor has to I think, depending where you get it from.
It was something I was looking into before I passed my test although personally it worked out too expensive than what I could afford, and a lot of them force black boxes for insurance now too which I didn't want. But with your credit score, you should still be fine, they don't expect young drivers to have a perfect credit score.

I'm 20 and mine is just over 400 with Clearscore

angrycrow

This is no comment on the OPs driving but most new drivers have some sort of accident in their first 6 to 12 months driving after passing. Often non fault but something an experienced driver would avoid. For this reason I would never recommend buying an expensive new car on finance as a first car. Better to buy an older well maintained car.

gilbert_and_sullivan

You won't believe how much motoring will cost you, don't saddle your young self with a loan for a car, get a cheapy (doesn't have to be the smallest thing either, insurance is all over the place) which won't still be costing you whether its running or written off or breaks down.
Newer cars do break down and more complicated to fix with less chance of using parts from the scrappy, if a car costs you several thousand instead of several hundred you will feel obliged to get whatever goes wrong with it fixed, remember some overrated cars gearboxes now cost up to £4000.

curty510

my advice is to steer clear of finance...for now. Save and get a small car with good history, use that for a couple of years until you have saved for a better car and built up your no claims discount. As Gilbert and Sullivan has said, motoring is very expensive, quite shocking when you first start out.

dannyrst

As someone who enjoys fast cars and having owned hot hatches in the past, whilst not on finance but money borrowed and paid back to parents, I would say avoid it.

I'm 27 now and I live with my girlfriends parents because we can't afford to buy a house. We rented for several years, but because of the cars and holidays I borrowed money for and had to pay back, we ended up with nothing after 3 years of renting.

After a year of no repayments and no bills, we are in a position where we can buy a very nice house and afford the repayments easily. Believe me, you are far better off getting on the property ladder than buying or leasing a car. The time for that sort of thing will come when you're older. Buying a house is only going to get harder, the sooner you do it the better.

gabitzul

dannyrst wrote: »

As someone who enjoys fast cars and having owned hot hatches in the past, whilst not on finance but money borrowed and paid back to parents, I would say avoid it.

I'm 27 now and I live with my girlfriends parents because we can't afford to buy a house. We rented for several years, but because of the cars and holidays I borrowed money for and had to pay back, we ended up with nothing after 3 years of renting.

After a year of no repayments and no bills, we are in a position where we can buy a very nice house and afford the repayments easily. Believe me, you are far better off getting on the property ladder than buying or leasing a car. The time for that sort of thing will come when you're older. Buying a house is only going to get harder, the sooner you do it the better.

A very mature reply, well done (and I am not saying it in any patronising way, it's the right way to see things in my opinion).

I am 34 and only feel sorry that I did not buy a house earlier. At my age you can enjoy pretty much any car (within reason), I have a Merc W204 and wife has a Jazz, insurance for both combined is about £500.

Just buy a small Japanese petrol car (Yaris, Jazz) or something similar and you won't go wrong. The faster cars will come later, when you can actually afford them. To finance a depreciating asset is financial suicide!