Loan for car with little credit.
Hi wondering if I could get some advice. I’m 21 have recently graduated and have been sharing a car with my mum since I passed my test at 17. Ive been recently looking into getting my own car, however only have my phone bill, gym membership and a store card with a low credit limit, any suggestions on how I would go about getting a loan/0% credit card of around £8000. I could afford repayments of around £250 per month.
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Best idea would be save £250 a month for four months, buy a car for £1000. You will then still have £250 spare each month to cover insurance, fuel and general maintenance. Any leftover cash out of the £250 can go into a savings fund for your next car.0
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Why do you need to spend £8k on a car?!
As stated above, save the £250pm and get something for ~ £1k.
If you need your car ASAP for work then you could get a money transfer or balance transfer for ~ £1k to cover it.
If you cannot afford £8k for a car, don't. It's also your first car... I'd rather crash an old Renault Clio than a new BMW.0 -
Also don't forget that if you've been sharing a car as a "named driver" you won't have any No Claims Discount to carry across onto your new car, so the insurance premiums are likely to be a bit frightening for the first couple of years - make sure you factor that into your calculations about what you can afford!0
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Hi wondering if I could get some advice. I’m 21 have recently graduated and have been sharing a car with my mum since I passed my test at 17. Ive been recently looking into getting my own car, however only have my phone bill, gym membership and a store card with a low credit limit, any suggestions on how I would go about getting a loan/0% credit card of around £8000. I could afford repayments of around £250 per month.
You have to apply for a loan - go to your bank and one other and see what rate they offer you.
£8500 over 3 years at 3.4% is just over £250, as an example.
Let us know how you get on.0 -
You could be looking at car insurance of £1000+, road tax of £200pa, breakdown insurance of £75pa, all on top of the price and running costs of the car itself. Fuel could be £50 a week, maintenance £10pw, MOT £58. Then the odd parking or speeding tickets, reckon £100 a year.
Still want to pay eight grand for a car?"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
poppasmurf_bewdley wrote: »You could be looking at car insurance of £1000+, road tax of £200pa, breakdown insurance of £75pa, all on top of the price and running costs of the car itself. Fuel could be £50 a week, maintenance £10pw, MOT £58. Then the odd parking or speeding tickets, reckon £100 a year.
Still want to pay eight grand for a car?
Fortunately there is no such thing as road tax to pay.
It is possible to get older cars with £0-£30 VED - they would also most likely have decent MPG. Who budgets £100 a year for parking/speeding? I have been driving my own cars for 14 years and had 1 parking ticket in the whole time0 -
Fortunately there is no such thing as road tax to pay.
It is possible to get older cars with £0-£30 VED - they would also most likely have decent MPG. Who budgets £100 a year for parking/speeding? I have been driving my own cars for 14 years and had 1 parking ticket in the whole time
Many brand new drivers get at least one speeding ticket, or similar, in the first 12 months of driving. My own son being one. As for parking tickets? Too numerous to mention!"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
What is your income. That!!!8217;s a major factor To determine if you can get 8k . Then the company loaniningg you the money will decide on the interest rate.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.160 -
Fortunately there is no such thing as road tax to pay.
Really ?
Most people i know refer to it as Road Tax.
No one has ever said to me Remember to save up for your vehicle excise duty..................:cool:I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »Really ?
Most people i know refer to it as Road Tax.
No one has ever said to me Remember to save up for your vehicle excise duty..................:cool:
:rotfl:
I think 'There is such a thing as no road tax on certain cars' got a little jumbled there.0
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