18 y/o 1.8-2k loan

FestiveJoy

Jackh1 wrote: »

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

Jack

I'm sure no one ever mugs anyone off on this site.

This forum is a great MoneySaving community for people to chat and discuss consumer issues, free from nasty comments and people trying to sell to you.

Happy Holidays

:xmastree::xmastree::xmastree:

Your thread from last month asking similar can be located here:
https://forums.moneysavingexpert.com/discussion/5924303/18-y-o-car-fiance-please-help

Barny1979

Jackh1 wrote: »

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

What a charming, young gentleman.

BoGoF

Seriously, give up on the idea of an old vxr that has been thrashed to bits. It will be a huge money pit.

Farmer_Johnson

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 lean an 18 year old theese days considering most phones are around 1.1k and my mate got accepted for that

Need a car, that bit’s understandable, as is wanting a VXR at your age (to me it’s weird the way young people have no idea what a decent sports car is, but you need to learn that for yourself), but you don’t need a VXR, so why not get something cheaper and then save up to change it for a VXR when you can afford it without a loan?

To give yo a perspective from someone a bit older, who likes cars that you won’t be looking at for a few years VXRs are not really very good. They don’t handle well, they aren’t that fast, and they don’t look good, they just seem that was from where you are currently standing.

As others have said though, if you are determined then speak to your own bank. They can see how you’ve handled your account and are more likely to accommodate you than other firms would be.

My first car was a Toyota Celica, nice enough, but when ai wanted a sports car I bought an S1 Lotus Elise, probably the best handling car available then, and possibly ever. I was able to do so as I hadn’t over-extended myself when younger and had no debt.

Another way to put it is the more you spend now the less you will be able to spend in the future.

Herzlos

Yeah, I thought you'd have learned from the last 2 performance bangers. You either want something reliable or something to show off in.

VXRs are pretty aggressive looking, noisy and fast in a straight line, but there isn't much more to them than that.
I'd be looking at something like a 1.8 Sri 3 door as a compromise. Reasonable power and looks, much cheaper to buy run and insure.

You'll hit a sweet spot by about 22-23 when you'll be able to afford to run something really nice, and get decent insurance.

Barny1979

Mug him off as well?! Are we in an episode of Eastenders?

Caz3121

only you can decide how much of your future income you want to forego
work out how much less you could afford to live on when you factor in your living costs and insurance/tax/run costs
...how long would you like to reduce your income for (loan duration)?
Work out in advance what the likely repayments would be each month and think of this this like a salary reduction, you should be able to get an idea yourself what the affordability would look like to someone you are asking, on trust (because you have no history) to give you their money
your own bank has had visibility of your financial behaviour so would be the ones to go to

Farmer_Johnson

And remember, purchase cost is not the most important number, it’s cost to own which matters.

I ran a V8 Audi R8 a few years ago. Bought it, used it for three years, sold if for £4,000 more than I had paid for it, which covered insurance and tax for the years in between.

You can’t really know in advance if any car will do that for you, but it’s definitely worth at least trying to think about likely residual values when buying.

DD265

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

https://www.moneysavingexpert.com/eligibility/credit-cards/

gycraig_2

Vxt at 18 ? If you need a 1800 quid loan where you gonna pull 3-400 quid a month from for insurance