First car - possible to finance?

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!

I can free up about £400/pm for the car and insurance so was hoping to see what you can advise!

Thanks!
A

:beer:

Pixie5740

Not a Scooby what their acceptance criteria is, no one here will know.

You say you can free up £400 a month so are you currently saving £400 a month? Do you currently live with your parents or at some stage to you plan on flying the nest?

Does it have to be a brand new car? If you have your heart set on a brand new car can it be purchased cheaper elsewhere? For example using Drive the Deal, Car Wow, Coast2Coast. A second hand car might be better as a new driver 1) it will be cheaper, 2) you're less upset when you accidentally dent an older car, 3) the insurance should be less.

I'm not sure what you mean by insurance free car because it's illegal to drive on UK roads Without at least 3rd party insurance.

Almondo

Hey Pixie.

I'm currently saving the £400 for the deposit, so by january I should have a good £1500 down payment or so.

By insurance-free, I mean the car comes with 12 months free insurance for a newly passed driver.
Thanks!

Pixie5740

What make/model/trim car is you're after? How much would the insurance be?

Edit: It's just that after having a look at we are marmalade's website I think you're going to be paying over the odds for the car.

Almondo

Hi Pixie,

It's the most economical version of the golf (see below)

Thanks for your help again!

imgur[dot]com/vjSNA2Y
imgur[dot]com/YbTXju9

^ have to replace [dot] with . Since i cant post links...

Pixie5740

You can get that car through Drive the Deal for £18,804.36 with a representative rate of 5.4% on finance. I haven't checked Car Wow or Coast2Coast.

Have you plugged your details into a price comparison website like Compare the Market or Confused.com to get some insurance quotes for the car?

Have you ever test driven one of these cars?

Almondo

Hi Pixie

This is the car i drive each week on my droving lessons so I'm very comfortable with it.

Rreferring to money supermarket etc, I tend to avoid them as my emails and phone get bombarded.

DCFC79

Create a gmail account and use that, no need to enter your number, enter 0 11 times.

GingerBob_3

Almondo wrote: »

Hi Pixie

This is the car i drive each week on my droving lessons so I'm very comfortable with it.

Rreferring to money supermarket etc, I tend to avoid them as my emails and phone get bombarded.

Sheep, is it?


BTW, comparison sites are alright, but always use bogus, but realistic, information to start with (address geographically close to yours, DoB a day or two off your own, and so on. Fake mobile phone numbers and email addresses - per the above). Only when you're ready to go should you start again and put the real stuff in (phone numbers excepted - in most cases use bogus ones here for the real thing). And then if possible bypass the comparison site and go straight to the merchant's own site.

DCFC79

What other out goings do you have ?

Surely you should have a decent chunk saved ?

Whats wrong with buying a car with cash for like ?