18 Y/o Car fiance please help
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IF UR GOING TO JUST SAY DON'T DO IT UR STUPID BLAH BLAH PLEASE DON'T.
Okay my names jack and I'm 18 in january.I I've in the middle of no where and can't reply on busses or parents. I need a car to get to work or even the nearest town bottom line is need a reliable car. I can't afford new cars left right and center when they break. I passed my test a while back and bought a cooper sport for 1200 quid. It had loads of problems then It broke and I was without a car for a few months till I bought another spent a bit more money to try and avoid the same problem so I got a nice Sline 2.0l audi once again this one after a while the gearbox is going with 4.5k to fix it... not happening.
So I've turned to thinking about Car fianace. (Would of preference a loan personally but it's not gunna happen) I want to spend around 7000-7500 max on a more reliable car. That I know will most likely be reliable for my circumstances. I'll be 18 and have no Co singer. Because I can't get one but if I could because of morals. Wouldn't put that on anyone. I'm wondering what my likely hood of getting one is? I earn more than enough to pay for the monthly payments I've been seeing. My pay ranges from minimum of 850 - 1000 pounds a month with no outgoings (at time of application) outgoing as of now is 230 a month for insurance. (Will be gone in a week) I have proof of all this. Payslips from a secure job. Every week since December last year up till when I apply. Easy access of bank statements showing solid income weekly. Can also get boss to say my status is secure. Can also put around a 1000 pound deposit too. (Car is a car that won't depreciate over time if kept nice)
Okay my names jack and I'm 18 in january.I I've in the middle of no where and can't reply on busses or parents. I need a car to get to work or even the nearest town bottom line is need a reliable car. I can't afford new cars left right and center when they break. I passed my test a while back and bought a cooper sport for 1200 quid. It had loads of problems then It broke and I was without a car for a few months till I bought another spent a bit more money to try and avoid the same problem so I got a nice Sline 2.0l audi once again this one after a while the gearbox is going with 4.5k to fix it... not happening.
So I've turned to thinking about Car fianace. (Would of preference a loan personally but it's not gunna happen) I want to spend around 7000-7500 max on a more reliable car. That I know will most likely be reliable for my circumstances. I'll be 18 and have no Co singer. Because I can't get one but if I could because of morals. Wouldn't put that on anyone. I'm wondering what my likely hood of getting one is? I earn more than enough to pay for the monthly payments I've been seeing. My pay ranges from minimum of 850 - 1000 pounds a month with no outgoings (at time of application) outgoing as of now is 230 a month for insurance. (Will be gone in a week) I have proof of all this. Payslips from a secure job. Every week since December last year up till when I apply. Easy access of bank statements showing solid income weekly. Can also get boss to say my status is secure. Can also put around a 1000 pound deposit too. (Car is a car that won't depreciate over time if kept nice)
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You should be able to get a decent car for half if that;take someone mechanically minded with you.0
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IF UR GOING TO JUST SAY DON'T DO IT UR STUPID BLAH BLAH PLEASE DON'T.
Okay my names jack and I'm 18 in january.I I've in the middle of no where and can't reply on busses or parents. I need a car to get to work or even the nearest town bottom line is need a reliable car. I can't afford new cars left right and center when they break. I passed my test a while back and bought a cooper sport for 1200 quid. It had loads of problems then It broke and I was without a car for a few months till I bought another spent a bit more money to try and avoid the same problem so I got a nice Sline 2.0l audi once again this one after a while the gearbox is going with 4.5k to fix it... not happening.
So I've turned to thinking about Car fianace. (Would of preference a loan personally but it's not gunna happen) I want to spend around 7000-7500 max on a more reliable car. That I know will most likely be reliable for my circumstances. I'll be 18 and have no Co singer. Because I can't get one but if I could because of morals. Wouldn't put that on anyone. I'm wondering what my likely hood of getting one is? I earn more than enough to pay for the monthly payments I've been seeing. My pay ranges from minimum of 850 - 1000 pounds a month with no outgoings (at time of application) outgoing as of now is 230 a month for insurance. (Will be gone in a week) I have proof of all this. Payslips from a secure job. Every week since December last year up till when I apply. Easy access of bank statements showing solid income weekly. Can also get boss to say my status is secure. Can also put around a 1000 pound deposit too. (Car is a car that won't depreciate over time if kept nice)
Car finance may have age restrictions attached to it.
You say you have no outgoings yet you mention you do.
You can get reliable cars that dont cost £7k to £7.5k.
How mich have you got saved up ?
A car that wont depreciate over time, Id have 1 of them.0 -
If your take home is ~£1000 per month, that means you are only earning around £13k a year?
Is very unlikely a lender will lend you nearly 50% of your year income, and if they do it won't be a favourable rate. Even if you manage to get 5% APR, you are looking at £230 to borrow £7,500 over 3yrs. That combined with your extortionate insurance means you are spending half your income on just loan repayments and insurance...factor in MOT, maintenance, servicing and petrol and you're practically just working to pay to run a car!
What gearbox does the Audi have? Is it an automatic with the multi-tronic gearbox? If it's a early B8/B7 A4 then it was a common problem. Did it have the gearbox oil changed at 40k miles? You can get a gearbox repaired for much cheaper than £4,500. Get it fixed for a reasonable sum and stick with it...save the £230 you were going to spend on loans for a year or two and then sell the car and use that to upgrade the car.0 -
Seriously, instead of looking at spending more on a car, such for a reliable model! A reliable model might not be as attractive, but look at reliability of luxury cars and they’re crap. Best bet is a Honda or Toyota, I bought a Honda jazz that was five years old and five years down the line not had any major problems.0
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you have said one good thing OP, and that is NOT to get anyone else involved as guarantor etc, so to me you have some good sense on your shoulders.
use that good sense to get a cheaper car. The models you have bought Mini Cooper, Audi... those are higher end cars, so the amount you are paying are going for older models, bound to have issues.
you are looking for a small hatch - i know you 18 and image is everything, but as you want something reliable, look at newer at a cheaper maker...
you can spend £500 on a car without any issues for years, and you can spend 10k on a car with all problems under the sun
like others have said, take someone mechanically sound with you, or if you going to spend a decent amount of money, make sure you get an independent to look over it beforehand - yes, will cost you £80 odd , but rather that than buying a 9 year old BMW that will break down around the 2nd corner0 -
From my point of view finance is an only option. U say buy a 500 pound car and it will last but it's purely luck of the draw. I might get a cracker of a car I might get a heap. I can't take that risk. I've thought about it and it's a waste. I'm also half qualifiedechanic so going to view a car is a problem and yes it was a dsg box in the audi, nothing the eye could see or the ear could hear at the time unfortunately.
You are also right I could get a decent car for half that but the problem is when I'm running a car It would take me a long time to save up around 3.5k for a car half the price of around 7. And I need to be running a car. And the way I can afford this is by doing finance, but I don't see the point in getting my self stuck in a stiff situation like a finance deal with no way out constantly with the thought of this isn't the car I wanted but I'm stuff with It? So if I'm trapping my self so to speak why not do it with what I want.
As for my out goings at the time of my application I'll have no outgoings and if I get accepted only outgoing will be the finance, and fuel. Insurance will be paid outright aswell as tax. As for the car depreciating if its kept nice it won't. As the one I'm after is a limited model at only 444 Made.0 -
I'm not looking for luxury. I'm looking for reliability and what I'm interested in. Its nothing about show. Its what I like0
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How about saving up to buy a nice car, rather than making an already expensive thing even more expensive!0
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You need to keep in mind that a loan is just borrowing money from your future earnings, with interest.
If you are worried that you can’t save a lot while running a car, then it stands to reason you should also worry about paying back the loan while running the car. The loan is just a more expensive way to accrue money, as you have to pay the finance company interest (and in your situation, that’s likely to be substantial...).
The difference is, if you aim to save £250pm and run your current car, and realise in 3yrs you can’t save £250 every month, then you have just saved less money. If you get a loan and find you can’t pay £250 every month, then you are in trouble....0 -
What savings do you have?From my point of view finance is an only option. U say buy a 500 pound car and it will last but it's purely luck of the draw. I might get a cracker of a car I might get a heap. I can't take that risk. I've thought about it and it's a waste. I'm also half qualifiedechanic so going to view a car is a problem and yes it was a dsg box in the audi, nothing the eye could see or the ear could hear at the time unfortunately.
You are also right I could get a decent car for half that but the problem is when I'm running a car It would take me a long time to save up around 3.5k for a car half the price of around 7. And I need to be running a car. And the way I can afford this is by doing finance, but I don't see the point in getting my self stuck in a stiff situation like a finance deal with no way out constantly with the thought of this isn't the car I wanted but I'm stuff with It? So if I'm trapping my self so to speak why not do it with what I want.
As for my out goings at the time of my application I'll have no outgoings and if I get accepted only outgoing will be the finance, and fuel. Insurance will be paid outright aswell as tax. As for the car depreciating if its kept nice it won't. As the one I'm after is a limited model at only 444 Made."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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