Can I take out a loan?

J.fray · 27 January 2005 at 2:28PM

I am a 19yr old who has just come back from traveling for 6 months and currently unemployed/seekeng work. There is a high possibility I actually start work in the coming weeks though. I am going to university in September and I'm wanting to borrow no more than 3000 pounds to help buy a car. I have no credit cards or bad credit rating and only have a small overdraft on my one bank account. Are there any loan companies with a low APR which will lend me this amount regardless of me not having an income?

J.

nearlyrich · 27 January 2005 at 2:55PM

The first question is how are you going to make the repayments if you have no income? I would be surprised, but not totally surprised after watching some of the adverts on daytime tv recently, if you are able to get a loan.
Would your parents or another family member be able to lend you some money until you get a job?

Do you really need to spend £3000 on a car? my teenagers have both recently passed their driving tests and bought decent cars with tax and MOT for a year, one spent £1200 and the other less than £500.

Good luck with the job hunting and hope that you manage to get sorted out without getting into too much debt.

nh · 27 January 2005 at 5:13PM

Agree with nearlyrich, try get a cheaper car...

I would be surprised if anyone would lend you money with no job and, I assume, you are not a homeowner. Also, if you have been out of the country you may not be on the electoral role. Get on it but in the meantime you have little to no chance of getting even a credit card.

Sorry

Hope your job hunt goes well though...

Could you get the bus?

jonesMUFCforever · 28 January 2005 at 12:21AM

Before you rush out to buy a car find out how much the insurance will cost you. It could cost you more than the value of the car!!
Eric

Malestrom · 9 February 2005 at 7:50PM

Perhaps thats why the OP is looking to borrow £3000, because he/she is looking at £1000-£1500 insurance too. Even buying a £150 car will still mean borrowing probably £1000 to cover the car, insurance & road tax

OP, its not the fact that you have no 'bad credit rating', its the fact that you have no credit history and no income, which is going to prevent you obtaining a loan. Probably the only place where you stand a chance, other than a nasty loanshark, is your bank. However, as you already sound like you're running in the red with your overdraft, I don't think they'll be too interested either.

Its not very glamourous but what about a pushbike if distance isn't too much of a factor? Or public transport? Going into debt before going into employment is not a terribly clever thing to do - will you need the car for Uni? Will you be able to continue paying the loan payments while at Uni or are you planning on the selling the car in September?

Can I take out a loan?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free