Car Finance

Alexhat

Scrapit wrote: »

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

Because at the moment i am getting £2700 every 3 months so that works out at around £900 a month.

Alexhat

born_again wrote: »

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

The accommodation at my university was not very nice and i could not justify spending £150+ a week to use a communal toilet and shower. also, it is much cheaper to commute to university.

DrEskimo

Put the money away for when you may need it in the near future. It will be valuable for getting you on the housing ladder, paying for postgraduate courses or anything else in between.

Using borrowed money as a upfront payment to take out more finance is nuts, particularly without an income whilst you are a student. All you will be left with is wasting a bunch of money on interest and an asset that will be worth 50% of its original value in 3yrs time.

If you get in the habit of saving money now and not living beyond your means, you future self will be VERY grateful!

DrEskimo

Alexhat wrote: »

The accommodation at my university was not very nice and i could not justify spending £150+ a week to use a communal toilet and shower. also, it is much cheaper to commute to university.

Do you have an option to reduce the amount you borrow? Remember you will have to pay this all back, and it will earn around 6%+ interest as well.

AdrianC

born_again wrote: »

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

Quite. I think somebody's missing the point of student life - sever those apron strings...

Alexhat

DrEskimo wrote: »

Do you have an option to reduce the amount you borrow? Remember you will have to pay this all back, and it will earn around 6%+ interest as well.

i dont think there is a way to do that as people who live at home get £8,178 per year which is split into 3 payments and the people who get accomidation get £9,000+

Alexhat

In all honesty, people are not really answering the question I initially asked haha.

Mr.Generous

Sounds a great idea, which Audi, BMW or Mercedes do you feel a necessity?



PS Girls aren't that impressed by a flash car - they will think Daddy paid for it.

Alexhat

Haha, I’m not bothered if people would or wouldn’t be impressed with it.

facade

To answer your original question,


Yes you will get finance, as long as the lender reasonably thinks they will get their money back, and then lots more. The modern way to use a guarantor is a "joint loan" where they just move to the guarantor for payment if the primary borrower dries up.



The rates won't be very attractive though, and remember you have to pay that student loan back as well if ever you are daft enough to get a job, and it earns interest all the time too....