Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
User status: Offline
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TBH, seeing as 99% of people in this thread have said its a shit idea to get a loan and Doyle still thinks its a good idea to get one I think he has no hope.
What do your parents think of the idea of getting loan Doyle?
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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The thing I dont get is why people are telling me to get a banger!!
wtf
I am a lad
I love cars
a banger? nty
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sampayne21
Member
Registered: 3rd Sep 08
Location: Sidcup Kent Drives: BMW E46
User status: Offline
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quote:
Originally posted by will_doyle
The thing I dont get is why people are telling me to get a banger!!
lack of money?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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They're telling you not to do things which are financially silly.
By all means get a nice car but don't get a four or five year loan to pay for one years insurance. And don't count on things like birthday money to pay off debts.
Just be sensible. That is all. Everyone wants a nice car but you shouldn't do it at the expense of your financial predicament in years to come.
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shaunmods
Premium Member
Registered: 12th Mar 07
Location: Glascote, Staffordshire
User status: Offline
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quote:
Originally posted by will_doyle
The thing I dont get is why people are telling me to get a banger!!
wtf
I am a lad
I love cars
a banger? nty
A cheap little run around to use for a while until you've saved up for the car you really want. That way you can get to work etc. Good advice imo if you want to get on the road asap
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by Ian
They're telling you not to do things which are financially silly.
By all means get a nice car but don't get a four or five year loan to pay for one years insurance. And don't count on things like birthday money to pay off debts.
Just be sensible. That is all. Everyone wants a nice car but you shouldn't do it at the expense of your financial predicament in years to come.
Remember.. I am not taking out the money to just pay for 1 months insurance. I will be buying a car with that money aswell.
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BarnshaW
Member
Registered: 25th Oct 06
User status: Offline
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i had a 6k car for my first car, worst thing i ever done. got battered to fuck. lost alot of money, paid back loads for something i was not experienced to drive. i WISH i had bought a £500 banger then got a newer one after a couple of years. But you will make your own decision. everyone has been there and wants a flashy motor. but just think about it seriously first.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by will_doyle
The thing I dont get is why people are telling me to get a banger!!
wtf
I am a lad
I love cars
a banger? nty
Because what you are planing to do is stupid.
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sampayne21
Member
Registered: 3rd Sep 08
Location: Sidcup Kent Drives: BMW E46
User status: Offline
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you've also gota think about what if 6 months down the line, your car needs work?, how are you going to pay for that? also what if you crash?, ul have no car and a big debt
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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Look
I plan to get more hours if I get a car
so the £400 a month will increase
I dont plan to crash, but I might, but thats life.
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Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
User status: Offline
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Before making any moves, have you sat down and written out some sort of plan to see exactly how much money you'll have coming in, and how much you will be paying out? Taking into account intrest, and done it over the 4/5 years that you'll be paying the loan off?
Do this, post the figures on here and see what people think.
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shaunmods
Premium Member
Registered: 12th Mar 07
Location: Glascote, Staffordshire
User status: Offline
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Have you thought about what you would do if you lost your job or get your hours cut? Wouldn't be that suprising in the current climate.
[Edited on 26-07-2009 by shaunmods]
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Pete_vxl
Member
Registered: 24th Nov 06
Location: Lochgelly, Fife
User status: Offline
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quote:
Originally posted by will_doyle
I plan.....
I dont plan to crash, but I might, but thats life.
 please dont get any credit, when your in the mind set you are its going to end up in mummy n daddy bailing you out.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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In the current climate, if you try to get a loan, you'll either get a ridiculously high interest rate, or not a loan at all. When I was at HBOS, people who were making £100,000 per year could still get rejected if they only had £400 p/m useable income and the monthly payment was £300. So if you're not making much cash, and want £4000... At your age you're not in for much luck I don't think!
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sampayne21
Member
Registered: 3rd Sep 08
Location: Sidcup Kent Drives: BMW E46
User status: Offline
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out of interest what are yours reasons for not wanting a cheap run around?
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Following on from Eck's comments, if you were in a full time job you might stand a small chance, but 2 part time jobs are classed as less secure in the admin/finance world.
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BluKoo
Member
Registered: 8th Apr 02
Location: Stonehaven (Scotland)
User status: Offline
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Will, no offence, but you appear to me as a bit of an idiot therefore I think it would be in your best interest to get a cheap run around for 6 months or so.
I know you've been driving your dads car or company car for a while, but you will be more careful in that than you will be in your own car, so just because you haven't had any incidents in that, it doesn't mean you won't in your own car.
Then again, i am an idiot and i drove like a typical 17 year old wanna be race driver for the first 12 months and I never crashed. Touch wood, i still haven't.
Listen to all the advice on here. Most (or at least some) is good advice, but at the end of the day its your life, so just do what you want.
Learn from your own mistakes.
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bubble
Member
Registered: 24th Jan 04
Location: Darwin, NT Australia.
User status: Offline
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go and get the loan!!!!!!!!!!!!!
DO IT!!!!!
then in about 5 or 6 years time when you need to get a real loan like a mortgage, where you will see the rewards daily, you will come to realise that you literally wasted a lot of money. this big mistake you are contemplating will set your expectations for later in life, and if you make this mistake and learn from it, then its a winner.
tbh, you come across as a bit of a chump, and dont wanna seem to listen to advice of people who are a lot more mature than you.
get the loan, struggle your tits off and become another statistic of someone heavily in debt.
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by bubblevaux
go and get the loan!!!!!!!!!!!!!
DO IT!!!!!
then in about 5 or 6 years time when you need to get a real loan like a mortgage, where you will see the rewards daily, you will come to realise that you literally wasted a lot of money. this big mistake you are contemplating will set your expectations for later in life, and if you make this mistake and learn from it, then its a winner.
tbh, you come across as a bit of a chump, and dont wanna seem to listen to advice of people who are a lot more mature than you.
get the loan, struggle your tits off and become another statistic of someone heavily in debt.
you have read that I have 2 jobs?
Your making it sound as though I am getting a loan..and that I don't have a job.
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Your getting some good advice Will, I suggest you take some of it onboard, there is a lot of life experienced members taking time to help you, I personally would never get a loan on anything, other than a mortgage and even one of them didn't sit well with me before I paid mine off.
Loans and car finance are a mugs game, have the cash first then the product second.
[Edited on 26-07-2009 by J da Silva]
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by will_doyle
The thing I dont get is why people are telling me to get a banger!!
wtf
I am a lad
I love cars
a banger? nty
Because you earn very little and have no coin to put down. Its the obvious advice, your hardly going to get anyone advise you to go out & buy a minter 
Im a lad, I love cars, but im not going to go out & finance a 997 Turbo just because somehow I think I might be able to scrape by making the repayments on one. Maybe I could but Im not a complete diddy when it comes to money & I know if I do well it will come with a bit of hard work.
Ive burned out trying to talk sense so i'll say no more & just sit on the fence now. I very much doubt you will get the loan, banks are in dire straights just now & have had to put a stop to throwing money at any bullet head like they used to, if you do somehow msnage to get the funds I stand in wait ready to laugh when it goes tits up & you cant afford to pay back the loan and run the car.
Theres folk on here earn your monthly income in a single day & they started with a cheap smple modest first car and it didnt affect their pride too badly. Why not just accept that your skint & any car will be a bonus over what you have now.
You can get the car you want, very easilly if you go about it the right way & slightly lower your horizons, however you absolutelly no way need to borrow 4k to do it!!
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bubble
Member
Registered: 24th Jan 04
Location: Darwin, NT Australia.
User status: Offline
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quote:
Originally posted by will_doyle
quote:
Originally posted by bubblevaux
go and get the loan!!!!!!!!!!!!!
DO IT!!!!!
then in about 5 or 6 years time when you need to get a real loan like a mortgage, where you will see the rewards daily, you will come to realise that you literally wasted a lot of money. this big mistake you are contemplating will set your expectations for later in life, and if you make this mistake and learn from it, then its a winner.
tbh, you come across as a bit of a chump, and dont wanna seem to listen to advice of people who are a lot more mature than you.
get the loan, struggle your tits off and become another statistic of someone heavily in debt.
you have read that I have 2 jobs?
Your making it sound as though I am getting a loan..and that I don't have a job.
yes, you have 2 part time jobs, which means your financial security is lower than if you had one full time job. so, you start earning more in both of these PT jobs, which then means you get taxed more as you are classed as having 2 disposable incomes, so the more you earn, the more you give away.
its a no brainer. you wanna throw away 5k or so of money for something that in 3 years time, you wont have or be valued as much.
when you apply for a loan they ask what it is for, they use this info to judge if the loan security is there.
example-you have a 10k loan for a 10 year old nissan silvia. the bank are more likely to reject this type of loan, because there is no security in the loan for them with a 10 year old car ie if loan isnt paid back, bank can take goods instead ie the car, which will be worth shit all to them
hence why lot of loans have to be secured against a property or a gurantor.
get the loan-come back in 5 years let us know if you regret it.
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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Get the loan, then hopefully when you are towing to repay it you might have to sacrifice the internet, then we are all on to a winner.
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Danny P
Member
Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
User status: Offline
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quote:
Originally posted by Carl
Get the loan, then hopefully when you are towing to repay it you might have to sacrifice the internet, then we are all on to a winner.
As I asked before Will, what do your parents think on the matter? Im guessing you've asked them for advice as well 
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Ive come to the conclusion he wont get the loan anyway.
What banker is going to put their already under fire ass on the line to assist a doyle in getting on the road in a car worth a small fraction of the outlay. Its a no brainer!!
No chance
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