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Author Car Finance
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 18:26   View User's Profile U2U Member Reply With Quote
I recently changed jobs, my new job involves a lot of travelling down the motorway, and the betrol bills are cripling me!

Im going to buy a diesel, but need to borrow £6500 over 3 years! I know i can easily afford the repayments, but who is likely to lend an 18yr old that knida money?
DAYZEE
Member
Registered: 13th Nov 00
Location: Stevenage, MR2 Turbo, 328i Coupe, CBR600F
User status: Offline
7th Feb 05 at 18:29   View User's Profile U2U Member Reply With Quote
As long as you have a good credit rating and the means to pay the loan back any bank will lend you the money. I borrowed 4K when I was 18 to buy my RST and the bank didn't even bat and eyelid.
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 20:29   View User's Profile U2U Member Reply With Quote
if you show willingness to have a financial interest in the car, then it will sway the application descision in your favour. I.E. put a large deposit down. Obviously many other factors involved! but do that and you'll be doing yourself a favour.
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 20:30   View User's Profile U2U Member Reply With Quote
will be a 3k deposit! Hows best to apply? online or go to the bank? does it make any difference?
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 20:47   View User's Profile U2U Member Reply With Quote
For CAR FINANCE? or a loan in order to buy a car? Car Finance is usually done through the dealership from which you're purchasing the car.
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 20:59   View User's Profile U2U Member Reply With Quote
yeah, should have been clearer, either but ideally a loan to pay for a car!

If not then yes i would go through the dealership
liamC
Member
Registered: 28th Feb 04
User status: Offline
7th Feb 05 at 21:02   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by MikeLamb
will be a 3k deposit! Hows best to apply? online or go to the bank? does it make any difference?


Doesnt make a difference with the bank pal. i went in to see about a loan from them as the APR is less than what Im paying with my finance from the car place. No-one was there to help me but she said for the amount I was wanting (5,600) and with my age (19) I wouldnt get that much.

I decided to try online instead, and was happy at seeing after my 10 minute online form filling to see that was application was successful.

Got a letter a few days later telling me to feck off. Managed to get car finance no problem at 18 like.
Rebrabuk
Member
Registered: 28th Mar 04
Location: North East
User status: Offline
7th Feb 05 at 21:03   View User's Profile U2U Member Reply With Quote
Nationwide Building Society are offering personal loans with fixed rate of 6.7% at the minute..
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 21:08   View User's Profile U2U Member Reply With Quote
that flat rate? will work out approx double that on APR. about 13.5% or so apr.

Car loans are fixed on the vehicle and not on the person. If your not a home owner, have no credit history etc. It wont be easy getting a bank loan for a large amount.
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 21:09   View User's Profile U2U Member Reply With Quote
And you can get car finance at that sort of rate now anyway, dependant on the car he's buying and how long he wants the agreement term.
Rebrabuk
Member
Registered: 28th Mar 04
Location: North East
User status: Offline
7th Feb 05 at 21:12   View User's Profile U2U Member Reply With Quote
6.7% APR.

I'm 21 and only been working for 6 months. No credit history, live with my parents and got a 4k loan last week from them. Paying it back over 2 years and it works out that i will repay £4250 altogether or something like that.

[Edited on 07-02-2005 by Rebrabuk]
Twiggy
Member
Registered: 15th Oct 04
User status: Offline
7th Feb 05 at 21:23   View User's Profile U2U Member Reply With Quote
Sometimes the rate depends on the person i.e.

18 Year old + bad credit = 49134234234%
40 Year old + good history = 5.9%

Always ask how they get there rates....

Try doing the 0% hop on credit card!
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 21:48   View User's Profile U2U Member Reply With Quote
I do my rates by finding out how much they can afford each month, then calculate appropriately. Bump up the rate and make more commision
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 22:06   View User's Profile U2U Member Reply With Quote
wanting to buy a 2.2dti vectra, £9500 budget, i guess ill have to go to a dealership with a 3k deposit and see what they offer! Can they secure the loan on the car as i dont own a house?
Dean_H
Member
Registered: 19th May 02
Location: Rhondda Cynon Taff
User status: Offline
7th Feb 05 at 22:10   View User's Profile U2U Member Reply With Quote
silly, very silly.... Fair enough you need a car for work but is there any need for a diesel? what car do you have at the moment? Do you really need to spend £6500. If you havent got the money get a £500 1.7 diesel L reg good condition astra
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 22:34   View User's Profile U2U Member Reply With Quote
because im spending £50 a week+ on petrol! I can afford the repayments on the loan, so why wait 3 years when i can have it now for not that much more, and i also have a few holidays planned which will be much better with a bigger car
Mattb
Member
Registered: 2nd Feb 03
Location: Under your sisters bed
User status: Offline
7th Feb 05 at 22:36   View User's Profile U2U Member Reply With Quote
lease car... they pay for servicing, fuel etc etc etc. may work out cheaper
corb
Member
Registered: 24th Apr 02
Location: Calgary, Alberta, Canada
User status: Offline
7th Feb 05 at 22:37   View User's Profile U2U Member Reply With Quote
They reckon diesels become cheaper to run, generally, if your annual mileage is 15k+
Red_SXi
Member
Registered: 23rd Sep 02
Location: Dunstable Drives: 52 Plate BMW 3 M Sport Coupe
User status: Offline
7th Feb 05 at 22:38   View User's Profile U2U Member Reply With Quote
Look for a car dealership that is offering good finance deals. Lots of vauxhall dealers offer 0% finance over 3 years with a 40% deposit of the car up front. Could get yourself a nice corsa CDTi, or astra etc
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 22:51   View User's Profile U2U Member Reply With Quote
really hoping for a new shape veccy! Would vauxhall do that for an 18 yr old? I do approx 25k miles a year!
chr15barn3s
Member
Registered: 5th Oct 03
Location: Farnborough
User status: Offline
7th Feb 05 at 22:59   View User's Profile U2U Member Reply With Quote
think about the insurance on that car though
JJ
Member
Registered: 20th Apr 00
Location: Northern Ireland
User status: Offline
7th Feb 05 at 23:03   View User's Profile U2U Member Reply With Quote
in order to get car finance u firstly need...

VOTERS ROLL INFO

GOOD PAYMENT PROFILE

DEPOSIT

MUMMY OR DADDY AS JOINT ON THE DEAL (if your young like 18ish)
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 23:06   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by chr15barn3s
think about the insurance on that car though


£990 fully comp
chr15barn3s
Member
Registered: 5th Oct 03
Location: Farnborough
User status: Offline
7th Feb 05 at 23:07   View User's Profile U2U Member Reply With Quote
really? good quote if its in your name
MikeLamb
Member
Registered: 23rd Sep 03
Location: Crowthorne Drives: Veccy SRI
User status: Offline
7th Feb 05 at 23:09   View User's Profile U2U Member Reply With Quote
nah not in my name! not worth it till im 21!

 
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