Car Finance

Alexhat

Hi there,

I am currently 18 and a full time university student who is unemployed due to the nature of the course I am studying. I was wondering whether it would be possible for me to save up around £4,000-£5,000 of my student finance for a large deposit on car worth around £15,000-£18,000 when I turn 19. Would it be possible for me to get finance on a car with a large deposit and a guarantor but unemployed or is it impossible?

Thanks in advance.

MovingForwards

To get a loan you need to be employed.

If you can save some of your grant then buy a used car outright, insure it outright, pay the years tax in one go, then all you need to do is find money for maintenance and petrol etc.

lopsyfa

Not the question you asked (but as this is a MSE site) but why do you want to start going into debt at such an early age. Insurance and maintenance of a £15k car will be a lot. Just buy a cheap runaround and run it until you get a job and ideally save for the car you like or take finance then if you don’t have enough.

neilmcl

Your student finance is there to pay for tuition fees and maintenance, it's not so you can go out and buy a car you clearly can't afford. School, or rather University, holidays have definitely started

noclaf

My first car cost me £3700..in hindsight I think it was too much and my older self thinks I should of bought a banger for less than £1k. My 2nd car cost me £5000 and I'm still driving it more than 10 years later...I could of had a nicer car and nothing wrong with that but would rather save or invest the money than have a nice car.

I echo the other comments here and would avoid taking on so much debt straight out of uni and for a car of all things.

Alexhat

I have a cheap run around at the moment and I commute a 100 miles a day to university and I would be looking for a bit of an upgrade since I drive quite a lot.

Alexhat

Student finance wales have changed the way they give out the money so you get a set amount and depending on how much income my parents get determines how much I have to pay back. As a result of this I have more money that I need at the moment hence me asking this question.

born_again

Alexhat wrote: »

I have a cheap run around at the moment and I commute a 100 miles a day to university and I would be looking for a bit of an upgrade since I drive quite a lot.

What is the point in that? All that wasted drinking time @ Uni... Far cheaper to get student accommodation.

peter_the_piper

Why not move closer and save money and time?

Scrapit

Alexhat wrote: »

Hi there,

I am currently 18 and a full time university student who is unemployed due to the nature of the course I am studying. I was wondering whether it would be possible for me to save up around £4,000-£5,000 of my student finance for a large deposit on car worth around £15,000-£18,000 when I turn 19. Would it be possible for me to get finance on a car with a large deposit and a guarantor but unemployed or is it impossible?

Thanks in advance.

How do you expect to make the monthly payments without an income?

Alexhat

peter_the_piper wrote: »

Why not move closer and save money and time?

It is actually cheaper to commute to university rather than stay in student accommodation.