18 Y/o Car fiance please help

MEM62

Jackh1 wrote: »

The thing is the normal astra isn't what I want and why would I settle for something I didn't want?

Because you cannot afford it. But that's cool, go fill your boots. Enjoy the car.

When you are up to your neck in debt for your car & repairs in a year or so come back and post on the Debt Free Wannabe board for further help. By that point you might be more receptive to the guidance that we are trying to offer.

heartbreak_star

I do think you've had a good think about this and I really hope your next post isn't on the DFW board.

Good luck

HBS x

heartbreak_star

Snap, MEM

HBS x

ndf9876

From someone who did what you are going to do, I will tell you this thread is full of sound advice and good ideas. As much as (for whatever reason) you want this car, forget it. Go PCP a Suzuki Celerio for a couple of years, save up your cash and then get something decent when you might enjoy it a lot more.

I love cars too, I am modifying mine heavily right now, but I am older, wiser and I can afford to do it from savings - not from financing my backside off to do it.

Genuinely wish you all the best and strongly urge you to consider this and other comments here - otherwise you are going to find yourself skint and neck-deep in debt quicker than your car will do 0-60.

Herzlos

Jackh1 wrote: »

The vxracing I'm trying to buy has not been thrashed. Its spot on. My mate had it from new. Always let to heat up cool down. He's nuts over text book driving. Gear box had never been block down shifted. Its always 6-5-4-3 if he wants to overtake blah blah. Its a good car.

So he says. I bet he's given it a good thrash at some point though. I would have done.

The thing is the normal astra isn't what I want and why would I settle for something I didn't want?

Because you wanted reliability.

Anyway the car aside I was just wondering in my circumstances would I get accepted.

Probably not. You've likely not got much credit history, and you're wanting to take out a loan that's essentially half of your pre-tax salary for a car. You can possibly bring that down by waiting a bit longer and selling stuff, but it's a bold bank that'll give you the loan based on your actual affordability and that's before you move out.

But I imagine some of you will be older and wiser than me (correct me if I'm wrong) but I'm sure when you were kids or my age financing a car at 18 wasn't really heard of.

True, I paid for my first 2 cars with (my dads) cash - £750 and £3000.

But it seems theese days everyone's 'mummy and daddy' who bought them their first 18 plate for their first car.

It's less common than you'd think, and a bad idea. You can get some pretty nice cars brand new with some pretty good financing deals though.

It may be a rediculous car for my age but I can afford it.

Then you wouldn't be asking on here.

After all my outgoing once ivr moved in with my mate I'll still have spare money.

That never works, how does moving in with a mate save you money over living with your parents?


Are you looking at insurance quotes for your new place instead of your parents?


Have you factored in all the stuff you need to live on your own?

Craig1981

some useful information on here OP, whether you accept it or not, is your choice.

thank you however for not getting stroppy at the advice like some youngsters and first time posters get when they do not hear what they want to.

to answer your original post though, i also doubt you would be accepted for finance at your age for that amount without a guarantor - you may be accepted for a smaller personal loan for something cheaper

Rosemary7391

If you think you'll have £400 a month spare once you move out, could I suggest you move out and save £400 a month for, say, a year. You'll have almost £5k to put towards your car. You can also spend that year working on your credit worthiness - get a credit card with a low limit, buy your normal weekly shop on it and pay it off on time every month. That will still get you the car you want, just a year later, but you'll be able to prove you can afford it (by having saved up so much), you'll be more likely to get the loan (by having a track record for paying things back on time and asking for less), you'll be tied in for a smaller amount of time in case your situation changes and you'll have a bit more flexibility to pay for repairs etc if need be.



If you rack up a bunch of rejections you look desperate for credit and therefore much less attractive to lenders. So definitely don't apply loads of times as soon as you turn 18. Just once, and take the answer you get.

Herzlos

Your only real chance is of you apply to your own bank; they'll have some history for you.

Bermonia

I don’t drive so I’m not gonna weigh in on if this is a good idea or not... however as said by others your chance at being approved for the amount you want are very slim.

You will have little or no credit history, your affordability is ‘suspect’ to say the least... regardless of how much you say you’ll have spare lenders will do their own assessments.

If my some miracle you do get accepted it will be a dubious lender at and extortionate rate which will eat into that spare income you claim to have and have defiantly accounted for.

Either save for a bit or lower expectations, check on line for ways to improve your credit... but bare in mind this will not happen overnight.

Mobeer

I love cars, and spend far too much money on them, so I can understand your desires.

But when I can find Toyota Celica's for 2-3k I can't see why you would spend so much more on an Astra. Your car history suggests your troubles come not from spending money but in choosing a reliable car. That's where I'd much rather trust an old Toyota than an old Vauxhall.