car loan, backed by savings, no income?

hiohaa

i'd like to take out a 6k loan to buy a second hand car, paid over say 4 years (i'd probably keep the car for 7-8 years like i have with my current one, until it dies)
i have the savings to back it up and pay fully in cash now if i wanted to - currently 15k, BUT...
i quit my job last year May to go back to university, so i'm currently a student with no income.

I don't particularly want to spend 40% of my savings immediately in 1 go, i'd much rather smooth out that consumption over time.
by the time i finish my masters in december, i'll be back in a decent job by February, so I have zero concerns that i suddenly won't be able to pay back the loan.

If i were to spend 6k now, i'd only have about 2k left in savings by December, not a position i want to be in.

is there any way i can get a car loan that's backed by savings? the few places i've looked all require income to back it up, or the ones that don't the interest rates are silly.

what are my options?

thanks

PeacefulWaters

Not going to happen.

Use your savings and make a point of rebuilding them with what would have been your monthly payment.

Scad

Totally agree with the above response ... not going to happe. Every bank is required to make sure that payments on a loan are affordable and it sounds like they won't be for you.

JuicyJesus

You have no income so you will not get any credit.

I haven't the foggiest why you want to pay interest on effectively your own money.

DCFC79

hiohaa wrote: »

i'd like to take out a 6k loan to buy a second hand car, paid over say 4 years (i'd probably keep the car for 7-8 years like i have with my current one, until it dies)
i have the savings to back it up and pay fully in cash now if i wanted to - currently 15k, BUT...
i quit my job last year May to go back to university, so i'm currently a student with no income.

I don't particularly want to spend 40% of my savings immediately in 1 go, i'd much rather smooth out that consumption over time.
by the time i finish my masters in december, i'll be back in a decent job by February, so I have zero concerns that i suddenly won't be able to pay back the loan.

If i were to spend 6k now, i'd only have about 2k left in savings by December, not a position i want to be in.

is there any way i can get a car loan that's backed by savings? the few places i've looked all require income to back it up, or the ones that don't the interest rates are silly.

what are my options?

thanks

Can you not get a part time job to replenish the savings you would use for the car ?

Unless your Mystic Meg Im not sure you can say for sure the job starting next year is for definite.

ratrace

buy a cheap runner for £1,000 cash with full mot untill you get a secure job, as a student you dont need a 6k car trust me, a cars job is to get you from a to b and thats it, i love my cars but i dont go into debt to buy them anymore think mse

Silvertabby

Compromise. Buy a decent enough car for £3K cash.

MEM62

Not confident enough to use savings but confident enough to commit to a loan. Think about that and you will realise that it makes no sense.

dieselv2

I think they do but they'd also want to see regular income aswell incase you go on a mad spending spree with your savings haha.

If your parents are only there as a backup, how about a guarantor loan? Not sure exactly how they work and what financials they require but the savings alone may do it.

DCFC79

Why dont you simply get the money from your parents then, I bet you could get a really good rate from them.