student wanting a personal loan

Lokolo

Idiophreak wrote: »

But the OP's demonstrated above that they can afford both the running costs of a car and to make repayments on a loan at the same time...So it's not a case that he can't afford it...

If that were the case the bank would have accepted his loan....

lawbunny

Hey,

I sympathise with the student on this post.

I am currently at university, but work part time earning just over £5500 a year. I too am looking at cars at the moment and trying to work out where to get a loan. I am more than capable of paying the £100-£200 repayments for a loan every month (earn around £450 a month, am lucky enough to not have to pay rent so have hardly any outgoings). Obviously I could save up for a car, but it would take me most of a year to save enough money, whereas a loan means I could purchase the car now and pay it up per month, which I can completely afford. A colleague of mine at work (also a student, on same wages as me) recently purchased a car worth approx £9000, over half of which was through a bank loan, so it is possible: just hunt around.

Good luck.

Stubert

Tell them your unemployed rather than a student and you're more likely to get a loan

System

Ask your parents for a loan, see if they can talk some sense into you

Gemmzie

Apply online and then count your student loans as income

Shoshannah

There is no way you need £3000 for a car! :eek:

I bought my current car for £250 off a famous internet auction site . I've run her for two years and 40,000 miles. In that time she's gone through two MOTs with very minimal work done, has needed nothing more than a new tyre, a new alternator and a new caliper.

I'm no mechanic, but I service it myself as much as possible and have made several repairs with bits from scrapyards. This is a 16 year old Ford Sierra GLX, I do a lot of miles on work placements so I enjoy having a large comfortable car to eat up the motorway miles.

I insure it myself for £300 per year TPF&T (I'm a girl so this probably helps lower the premium at bit). Tax is £99 every six months (due to go up next time :rolleyes: ). This would be even less if you got yourself a little runaround like a Fiesta or the like.

The only thing that I'm feeling the pinch on now is the fuel - the car is a 2.0i. :mad: But once again, a smaller car would be much better on economy, especially a diesel. If people say my car is expensive to run, I have to agree but I point out to many of these people that they smoke four packets of cigarettes per week at £5.50 a pack - my cash goes on fuel instead! :rotfl:

Don't overlook these old 'bangers', they can be very reliable cheap motoring.

And I'm also a student so I'm not the richest person in the world.

Cardelia

Look in the local papers and you'll find quite a few cars under £1000. Stick to "reliable" manufacturers (i.e. nothing French or Italian) and you'll probably get at least a couple of years of trouble-free motoring out of it. Remember that service history is FAR more important than low mileage as it shows the car has been looked after well so always make sure of the service history before you buy.

There's also the option of going round to local car dealers and asking them what sort of old bangers they have which still have tax and MOT. In general they'll be unable to sell anything which is worth less than £1000 so the car is just sitting on their storage yard costing them money in rental space. If you ask nicely, you'll probably be able to take it off their hands for a few hundred pounds or, if you're Jeremy Clarkson, just £1!

shonimac

Ah,. the joys of being a student...

When i started uni in 2000, i was lucky enough (or unlucky enough, considering the circumstances, but that's another story...) to be able to buy a car new at £6000. I travelled up and down to Edinburgh from the Scottish Borders, about a 100 mile round trip, 4 times a week, and stayed (luckely) with my parents. I was able to claim back travelling expenses, but only half of what i spent on petrol (i got about £600 of the £1200 i spent).

Even then it was cheaper than living in the city!!

I'm now a student nurse and still have the same car (my good wee boy hahaha), its done 150,000 miles and still gets me up and down to Edinburgh 3 days a week!

I'm not sure what the purpose of this message was, becuase i've completely forgotten! But the thing is, sometimes if the public transport system is rubbish (as it most certainly is in the Borders) its better to have private transport - or carshare!! If i wanted to get a bus into Edinburgh for a 9am start, i'd have to leave my house at 530!!!

But if its only a half hour drive, get a banger!! As long as you look after it, it'll look after you (my brother's mantra - he's a mechanic!)

Shoni
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