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Loan for a 19 year old
Comments
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UPDATE - I did manage to get an £7500 loan at 3% over 3 years. The insurance for the car was £1000, I paid the insurance outright.0
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I'm guessing that your insurance is third party only, or 3rd party F and T?No free lunch, and no free laptop
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duggankieron wrote: »UPDATE - I did manage to get an £7500 loan at 3% over 3 years. The insurance for the car was £1000, I paid the insurance outright.
Sometimes you have to have the experience and feel the situation.
Make sure you remember to put £100 away for your tax/ins for next year - paying it outright is the right way.
You don't say what car it is but I'm sure you've got an idea of maintenance & repairs to put that away too.
A belated Welcome to the forum.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Thanks, it was a BMW 1 series 2013. I am making sure to put at least £1000 away to cover next years insurance as well as next years tax.0
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dont forget to factor in MOTs, a service, general repairs and consumables like tyres etc.0
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duggankieron wrote: »Thanks, it was a BMW 1 series 2013. I am making sure to put at least £1000 away to cover next years insurance as well as next years tax.
Statistically, now, your next biggest hurdle is not to have a claim in the next couple of years!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
I currently do £50 a month for my car - maybe I'm lucky but it all soon adds up when you get MOT, service, tyres, even wiper blades & oil.duggankieron wrote: »Thanks, it was a BMW 1 series 2013. I am making sure to put at least £1000 away to cover next years insurance as well as next years tax.
Did it come with FSH?
Changing the Cambelt is a good shout if there's no record of it being changed previously which will probably be a couple of hundred quid but a good investment. From previous experience though, it's very disheartening paying out money for work on a car that is running prefectly fine (when it had the Cambelt changed) - it did pay dividends in the long run though and I managed to get it to 193500 miles/10 yrs out of it before it went to car heaven.
I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
duggankieron wrote: »Thanks, it was a BMW 1 series 2013. I am making sure to put at least £1000 away to cover next years insurance as well as next years tax.
Make sure to put the same again for consumables and maintenance.0
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