Car Finance

ptsue

Hi, I am 19 and in the army trying to get car finance but keep getting declined due to my job even though I have a good steady income and no debts and I have guarantors if needed. I am too young to get a bank loan also. What would you suggest? Thank you

daveyjp

Save whatever you would be spending on the loan and buy a car with cash.

Ectophile

Buy the best car you can with the money you have. Save the money you would have been paying every month on finance.  By the time the car is beyond economic repair, you should have saved up enough money to buy a better one than before.  Repeat the process for the rest of your motoring life.  You never have to pay a penny in interest, and end up better off.  You also don't have finance to worry about if your personal circumstances change, so less stress.

MinuteNoodles

DO NOT GET A LOAN FROM THE NAAFI. They were horrific when I was in the army, I doubt they've improved.

Young soldiers have a long history of not repaying their debts so lenders tend to avoid them like the plague. Just save your money, buy something cheap to wreck and do what Ectophile posted.

flashg67

I guess at 19 you have no credit history which is important to lenders, regardless of a good income, job etc. Showing you can pay smaller agreements like a mobile phone, credit card etc regularly  will help build that up, but sounds like you'll have to wait a bit for a bigger loan like a car loan

fred246

Do you need a car? Insurance will be very expensive. Is it the best transport solution for you?