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On this very site


https://www.moneysavingexpert.com/loans/cheap-personal-loans

onomatopoeia99

eMundey wrote: »

facade wrote: »

I have limited credit score (I'm 18),

I bought my first car when I was 18. A 12 year old Morris Marina for £500.

Why do you need to spend thousands on a nearly new car?

System

Buy a cheap runaround. There are some bargains under £1000 for things like 10-12 year old Corsas and the like. My sis in law bought a decent 2006 1.2L Corsa for £250 a few months ago from the local Facebook stuff for sale page. It had a short MOT and needed a couple of hundred quid of repairs to get it through the MOT but nothing major and its a cracking little thing. Chances are you're going to be having an accident in it in the first couple of years so better to bend or scrape something that's cheap as chips than something several grand you have bought on finance because if you bend it on finance bad enough to write it off you'll still have to pay the finance even if you have no car and then you'll be stuck with no car and no money.

eMundey

onomatopoeia99 wrote: »

eMundey wrote: »

I bought my first car when I was 18. A 12 year old Morris Marina for £500.

Why do you need to spend thousands on a nearly new car?

Good point well made.
My original plan was to have my nan's 55 plate Renault Megane that was just sat on her drive, however, the insurance was sky high and I realised that although it was free, the clutch was on the way out so that would be another expense and god knows what else. I looked at other older cars but, I'm not sure really, I don't think personally, I'd feel safe. Plus, in my opinion, I believe it will be more economical for myself to just get a 5 year old car and just run it into the ground (lets say until its 14 years old so 9 years) so that's around £4,000 - including interest for 9 years, which isn't too bad. Plus I'd feel safer, if it worked for you when you where 18 then that's fantastic but I'm not too sure if that option is for me.

Although, I have been looking at cars around 5 years old to 3 years old, so maybe you have a point about looking at slightly older cars to reduce cost!

System

eMundey wrote: »

onomatopoeia99 wrote: »

Good point well made.
My original plan was to have my nan's 55 plate Renault Megane that was just sat on her drive, however, the insurance was sky high and I realised that although it was free, the clutch was on the way out so that would be another expense and god knows what else. I looked at other older cars but, I'm not sure really, I don't think personally, I'd feel safe.

My 2004 Ford Mondeo was 4 star Euro nCAP rated. Most things built from 2000 onwards are quite safe so I'm not sure what not feeling safe is all about.

£300 on a new clutch is going to be just more than a month's repayments on a loan. Talking of Mondeos my 19 year old son found it was cheaper to insure a 2 litre Mondeo Estate than it was a 1.2L Ford Fiesta. His Fiesta cost him £1250 to insure, the Mondeo that replaced it when he killed the Fiesta cost him £750, both fully comp.

forgotmyname

So your going to get a loan for the insurance etc which is £65 a month then get a car on finance at how much per month? Over £100?

Then add in the fuel and money for servicing and repairs.

foxy-stoat

Buy a cheaper car - I dont think your numbers will stack up