Loan for 18 year old

johnth

Hello, I am looking for a loan provider. I have been driving a year and would like to get a nicer car as mine isn't so suitable, I have found the exact car that I want in the correct specification(which is hard to come by) and would like to buy it. The car is £6500 and mine is worth an estimated £800-1000 on part-ex. I earn £19,000 a year and on Experian I have a credit score of apparently 999/Excellent and still live at home with my parents so don't have any other outgoings so I would be able to pay it off probably within a year. As you can see it wouldn't take that long to save up for it but I probably won't be able to find another one like it as they are hard to come by. Is there any loan providers that would accept me?
Cheers, John

P.s. This is what I would like to spend my money on, I have thought about it and I am happy doing this.

sourcrates

Hi johnth,


Unfortunately no one will be able to answer your question, as credit applications are unique to the individual.


All you can do is search around for a lender (plenty out there) make your application, and see what they say.


Good luck.

Herzlos

How much cash have you put aside for it?


You should do better if you can sell yours privately. £1000 p/x means you can probably get £1200-1500 for it privately.


Your only real chance for a loan will be from your own bank - presumably you've had an account of some form with them for a few years now even if you've only just been able to get credit.


Think very carefully if it's really the car you want need, and your total cost of ownership - tax, servicing, maintenance, insurance, fuel, etc. Can you make do with something cheaper for a while?


Also think carefully about your outgoings; are you going to be able to keep up that level of outgoing for the 2-3 years it'd likely take to pay off, with any changes of circumstances (moving out, starting family, whatever) that may come.


I'd suggest that unless this car is super hard to find later and you really need that exact one, to hold off for 6 months and put money away for a car. In the same time you can get a credit card for your daily shopping (paid off monthly) to build up some credit history.




So what's the car?

MEM62

Not another one :-(

Or are you back Jackh1?

tacpot12

You can use a comparison site like Moneysupermarket.com to check with a number of lenders.

Have you had a mechanic inspect the car you want to buy? You could find yourself with a large bill that you have no way of paying if the car has a problem and you have no spare cash because it has all gone on the purchase of the car.

fatbelly

With a credit score like that the world should be your oyster.

Shame the world does not work like that.

Try the mse eligibility calculator and see what it suggests

https://www.moneysavingexpert.com/eligibility/loans-calculator/

DCFC79

johnth wrote: »

Hello, I am looking for a loan provider. I have been driving a year and would like to get a nicer car as mine isn't so suitable, I have found the exact car that I want in the correct specification(which is hard to come by) and would like to buy it. The car is £6500 and mine is worth an estimated £800-1000 on part-ex. I earn £19,000 a year and on Experian I have a credit score of apparently 999/Excellent and still live at home with my parents so don't have any other outgoings so I would be able to pay it off probably within a year. As you can see it wouldn't take that long to save up for it but I probably won't be able to find another one like it as they are hard to come by. Is there any loan providers that would accept me?
Cheers, John

P.s. This is what I would like to spend my money on, I have thought about it and I am happy doing this.

Whats wrong with the current car ?

How long you been working ?
What have you got saved up ?

You tried your own bank ? Apply for the minimum amount which might be more than £6500.

You had a look how much insurance and tax could be ?
You checked if its got an mot ?

MallyGirl

Is it just me that is so disappointed by all these young lads living at home and not giving their parents any money so that they can run a boy racer car.

forgotmyname

MallyGirl wrote: »

Is it just me that is so disappointed by all these young lads living at home and not giving their parents any money so that they can run a boy racer car.

Not when its ficticious. :A


999 credit score they will pay you to take a loan. Earning £19k you will have loads saved so wont need a loan anyway.

sheepy21

This is jack right :rotfl: