18 y/o 1.8-2k loan

Jackh1

Turning 18 on 8th of January. Need a car got half saved but need around 2k to get the car. Can probably push it down to 1800. I CANNOT get a Co signer. How likely am I to be accepted
Affordibilty isn't a worry backed up with pay slips dating back a year weekly.

I've made my mind so dont come to mug me off

Jack

DCFC79

Jackh1 wrote: »

Turning 18 on 8th of January. Need a car got half saved but need around 2k to get the car. Can probably push it down to 1800. I CANNOT get a Co signer. How likely am I to be accepted
Affordibilty isn't a worry backed up with pay slips dating back a year weekly.

I've made my mind so dont come to mug me off

Jack

How likely is anyone's guess.

You really should speak to your own bank, don't ring them but go in person.
Whats exactly on your credit files ? Any negatives ?

No 1 is going to mug you off.

Ah yes you posted last month didn't you, thought I recognised the username.

fwor

It's a very good decision not to go for a guarantor loan - you won't regret that.

As above - who do your hold your savings with at the moment? They are likely to give the best rates, all other things being equal, because they should be able to see direct evidence (from your account with them) that you have the ability to put money away each month.

cajef

You had 57 answers in this thread why start another one?

https://forums.moneysavingexpert.com/discussion/5924303/18-y-o-car-fiance-please-help

Jackh1

I hold my savings with my bank.

No negatives on my credit file as I don't have one

I had 52 answers yes but that for for a very different borrowing ask

DCFC79

Jackh1 wrote: »

I hold my savings with my bank.

No negatives on my credit file as I don't have one

I had 52 answers yes but that for for a very different borrowing ask

What would you do if you cant get whats needed ?


Can your parents buy you a car and you pay them back as you have the money ?


Maybe you need to wait a while to build up your credit file.

Herzlos

Or look at it this way, you've got another month to raise £2000. Got any old phones, games, dvds you can sell? You can easily dump a lot of stuff on eBay and have it sold by then.
Can you get any overtime at work?

When you hit 18 with no credit history the only place you should be looking is your own bank - you've presumably had an account with them for years.

I'm glad you gave up on the VXR Racing, that would have been a millstone. What are you looking at now?

Jackh1

Can't borrow money off my parents. A loan would be the only option. I need to get a car in january and that's the bottom line unfortunately.

Yes I've had an amount with them since around 14 or before can't quite remember

Still looking at a vxr mate just a bit cheaper one.

I don't now what I'll do if i can't get the loan to be honest
I just dont think 1.8k is an unreasonable number to lean an 18 year old theese days considering most phones are around 1.1k and my mate got accepted for that

DCFC79

Jackh1 wrote: »

Can't borrow money off my parents. A loan would be the only option. I need to get a car in january and that's the bottom line unfortunately.

Yes I've had an amount with them since around 14 or before can't quite remember

Still looking at a vxr mate just a bit cheaper one.

I don't now what I'll do if i can't get the loan to be honest
I just dont think 1.8k is an unreasonable number to loan an 18 year old these days considering most phones are around 1.1k and my mate got accepted for that

Different circumstances I bet.


Unfortunately you aren't a lender, loaning an 18 year old 1.8k could be seen as a high risk but as I say go and speak toy our bank, not teh counter staff though but someone who deals with loans.

dealer_wins

Save up, save yourself lots of money which you can put towards go faster stripes!

sourcrates

There are very good reasons why most 18 year olds drive around in battered old vauxhall corsa`s, for one thing, they tend to have no credit history, so lenders are reluctant to risk there cash, and for another, the insurance on anything with even the slightest hint of horsepower, is going to be astronomical.


Have you checked you can even get insurance on one of these cars ?


For example, Ive just quickly made up some generic 18 year old drivers details, searched, and the cheapest quote to come back is £4999.98 per year for a 1.6, eleven year old VXR, around £500 per month just for basic 3rd party insurance.