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Author Taking out a loan
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:17   View User's Profile U2U Member Reply With Quote
Passed my driving test about 6 months ago.

I started learning about 1.5 years ago.

I want a car so badly and have done for so long.


If I save up from my 2 part time jobs... it will take me about 1 year so save up the £4000 I want

£1500 for car

£1500 for insurance (I think)

Then the rest of the £1000 for general car things to keep me going.



In the economic climate will the bank lend me £4000?


I hope to pay it off monthly.. at around £90... so that will take about 5 years.. and I will prob end up paying about £5000 back.



What do you think is the best way about this?

Cheers
Rich H
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Registered: 26th Oct 05
Location: West Sussex Drives: E46 M3
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25th Jul 09 at 09:24   View User's Profile U2U Member Reply With Quote
You can cut about a grand off that straight away and pay the insurance monthly, will just have to pay 2 months installment up front, and the rest will be split over 10 monthly installments.

If you're that tight for money, you don't need to budget for the further grand for "gerneral car stuff to keep you going" - again these can be purchased as and when you have spare cash.

So that then leaves you only requiring around £1750 - £2k up front for buying the car, maybe tax / MOT and 2 months insurance installments.

I can't see you would secure a decent loan tbh - seems utterly pointless too imo.
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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25th Jul 09 at 09:26   View Garage View User's Profile U2U Member Reply With Quote
what are you gonna do for the other 4 years insurance?
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:26   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Rich H
You can cut about a grand off that straight away and pay the insurance monthly, will just have to pay 2 months installment up front, and the rest will be split over 10 monthly installments.

If you're that tight for money, you don't need to budget for the further grand for "gerneral car stuff to keep you going" - again these can be purchased as and when you have spare cash.

So that then leaves you only requiring around £1750 - £2k up front for buying the car, maybe tax / MOT and 2 months insurance installments.

I can't see you would secure a decent loan tbh - seems utterly pointless too imo.


Ok.. I see.. thanks

What do you mean by


I can't see you would secure a decent loan tbh - seems utterly pointless too imo.
will_doyle
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Registered: 25th Nov 08
Location: Exeter
User status: Offline
25th Jul 09 at 09:28   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by IvIarkgraham
what are you gonna do for the other 4 years insurance?



Well by the second year I hope to take a year out off college.. and earn alot more money..

?
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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25th Jul 09 at 09:29   View Garage View User's Profile U2U Member Reply With Quote
i can guarentee if you took time off college to get a job you wont go back
Bonney
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Registered: 14th Nov 04
Location: St Helens
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25th Jul 09 at 09:31   View User's Profile U2U Member Reply With Quote
Now, if you went to lend 4k, you would end up paying back a bit more than 5k. the rates are better on amounts over 7.5k i beleive. (well they are with my bank barclays)
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 09:36   View User's Profile U2U Member Reply With Quote
You would be paying back around 5.5k

But due to you age and status you won't get a rate that good i wouldn't of thought.

Infact, not being employed full time and still at college, you will be lucky to get a loan imo

[Edited on 25-07-2009 by corsa_tomtom]
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:39   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by IvIarkgraham
i can guarentee if you took time off college to get a job you wont go back


I mean after next year I have finished college.. then I will take a year out.. then I might go Uni..

But I aint decided yet
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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25th Jul 09 at 09:44   View User's Profile U2U Member Reply With Quote
You'll be lucky to find someone to lend it you and any sort of reasonable rate in the current climate, mostly down to the face you're young and you dont have a full time job.
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:50   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
You'll be lucky to find someone to lend it you and any sort of reasonable rate in the current climate, mostly down to the face you're young and you dont have a full time job.


Well my application as been approved

They now send me the documents, and I sign and send off
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 09:50   View User's Profile U2U Member Reply With Quote
If you want to drive now, you are best off saving for a few weeks/months and just buy a few hundred quid shitter (Or borrow money from rents?) and save for the next 18months the 2k to get a better car.

Also you will gain a years NCB so you could get a better sized engine as well.

As Rich said, pay your insurance in monthly installments.
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:50   View User's Profile U2U Member Reply With Quote
sorry,, didnt read yr post propaply
AndyKent
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Registered: 3rd Sep 05
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25th Jul 09 at 09:51   View User's Profile U2U Member Reply With Quote
I'd forget about borrowing from a bank tbh. As said, if anyone is willing to lend it'll be on a really shit rate, and do you really want to be paying £1000 or more in interest charges?

See if a member of your family is willing to lend, thats what I did for my younger sister when she passed her driving test - I lent her the couple of grand she needed for a little car and she pays me back about £150 per month
will_doyle
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Registered: 25th Nov 08
Location: Exeter
User status: Offline
25th Jul 09 at 09:52   View User's Profile U2U Member Reply With Quote
Well I have asked to borrow £3000

I earn around 400 a month.. not alot.. I know..

But I have to pay the bank 100 a month

phone bill 50 a month

I will need weekly money on petrol

So surely the best option is for me to pay it out in full?
AndyKent
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Registered: 3rd Sep 05
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25th Jul 09 at 09:54   View User's Profile U2U Member Reply With Quote
Whats the total amount repayable and the term of the loan?
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 09:56   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by AndyKent
Whats the total amount repayable and the term of the loan?


£5000

I pay £101 a month
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 09:56   View User's Profile U2U Member Reply With Quote
Whats the 100 to the bank for?

So you are left with 250 a month?

When i first got a car i spent at least £50 a week on petrol and that was when it was at 86p a litre.

So paying insurance monthly isn't an option for yourself.

But after fueling the thing, you aren't left a lot to spend on nights out etc...
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 09:59   View User's Profile U2U Member Reply With Quote
Well if you got the loan you certainly wont be left with a lot after all your outgoings.

Run a car, go pub, buy clothes etc on £150
will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
25th Jul 09 at 09:59   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by corsa_tomtom
Whats the 100 to the bank for?

So you are left with 250 a month?

When i first got a car i spent at least £50 a week on petrol and that was when it was at 86p a litre.

So paying insurance monthly isn't an option for yourself.

But after fueling the thing, you aren't left a lot to spend on nights out etc...


the 100 is to pay the bank back.

Yeah.. about £200 a month
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 10:00   View User's Profile U2U Member Reply With Quote
Pay the bank back for what? Do you mean the loan?
will_doyle
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Registered: 25th Nov 08
Location: Exeter
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25th Jul 09 at 10:01   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by corsa_tomtom
Pay the bank back for what? Do you mean the loan?


yeah

lol

sorry
DC90
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Registered: 14th Nov 07
Location: Bedfordshire
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25th Jul 09 at 10:03   View User's Profile U2U Member Reply With Quote
I don't think they'd lend you anything knowing that you spend the majority of your pocket money on fake jeans, Doyles.
Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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25th Jul 09 at 10:05   View User's Profile U2U Member Reply With Quote
so you asked for 3k and to pay back over 5 years? and total is 5k repayment?

Ask yourself, will you keep the car for 5 years?
will_doyle
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Registered: 25th Nov 08
Location: Exeter
User status: Offline
25th Jul 09 at 10:08   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by corsa_tomtom
so you asked for 3k and to pay back over 5 years? and total is 5k repayment?

Ask yourself, will you keep the car for 5 years?


sorry.. I asked for £4000

and no.. I tend to sell the car after around 2 years. After its been featured in Fast Car.. hahaha

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