Loan Help Please!

sophielouise_2

Hello

I'm a student, and im 21. Iv just passed my driving test and although my mum and dad are putting £1,000 towards a car, I am going to need another £500-600.

I contacted my bank, but as I have a student account they can't give me a loan. I can't use my graduate loan until July when I get my exam results. and I cant extend my overdraft for a car, it has to be for living costs.

I do not know which way to turn now. My credit rating is 'fair' I have defaulted a couple of times, missed a few payments etc but I have sorted all debts out now and have began to pay them back with direct debits etc.

can anyone help??

~Beanie~

I think you should forget the loan and buy a cheaper car which the £1000 will cover completely.

sophielouise_2

i cant find a decent car for 1,000. so loaning 500-600 is the only option really. plus the car i have found is in really good condition and is a bargain. if i buy a car for 1,000 that isnt as good. in the long run it may cost more to maintain

Rafter

Sophie,

No idea where to go for a loan in your situation if you don't have any overdraft left.

I think you are going to have to wait until you have a job and income and then get a car.

Remember the cost of owning a car isn't just the purchase price - you are going to have a big insurance, tax, MOT and petrol bill too and it may be you are better off waiting for a bit - although understand how great it would be to be mobile once you have taken your exams.

R.

sophielouise_2

i have a job starting in june so it isnt really an issue about cost of petrol, insurance etc. i was thinking maybe gettin the 500-600 remainder on HP?

sophielouise_2

also: need a car to start the job...catch 22??

~Beanie~

I doubt you will get such a small amount as £500-600 on HP, I assume that you are buying the car through a dealer? Also, they will still credit score you and you admit yourself that you have missed payments and no job which will both count against you.

sophielouise_2

i do have a job. part time whilst im at uni, but starting full time in june.

epsilondraconis

If your Mum and Dad are putting £1000 towards the car, could they not loan you the additional money and you pay them back after you start work in the summer.

BTW you have a nice name...

sophielouise_2

i think that is what i am going to do. im going to have to loan the money off someone or something.

thank you

sophielouise_2

my parents and boyfriend are loaning me the additional money.

thank you everyone