will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by shaunmods
quote:
Originally posted by will_doyleYeah.. I will just have to save up for my insurence next year.
Birhday / xmas money.. etc
Would it not be better just to save up the first time round?  No loan to worry about for the next 4+ years then
No because I have waited so long for a car..
Living in a village is horrible
I have to rely on mates to pick me up
The bus (which runs every hour)
and Parents
me having a car means I could work more shifts aswel.
It would take me about a year to save up.. as I would spend most of it.
[Edited on 25-07-2009 by will_doyle]
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DannyB
Premium Member
Registered: 6th Feb 08
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Did you see my comment about the overdraft? much easier and better way in the long run.
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
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quote:
Originally posted by DannyB
Did you see my comment about the overdraft? much easier and better way in the long run.
I did
But didnt understand it
basically I want £4000 in my account
go!
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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quote:
Originally posted by will_doyle
What are you saying will be nearly twice as much?
Insurance next year.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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What you're proposing would get you a nice car but it's a silly idea. If you absolutely want to do it then don't talk about it on the internet, go make the call.
If you want advice and to be what told what is in fact the sensible option, listen to this thread.
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DannyB
Premium Member
Registered: 6th Feb 08
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But you could get a 1k overdraft, get a car, earn more money by getting to work more and pay for your insurance that way, without the worry of paying 5.5k back.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
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Don't forget if you write it off you will be left with a 4k loan to pay back and nothing to show for it.
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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 ed
Don't get a loan on an old Corsa. It's a pointless exercise.
A person in your financial situation can only afford a car worth a grand or so, so don't over stretch yourself.
just get a cheap runaround for a year or two without a loan, or you will struggle every month with money and thats a crap way to live 
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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
quote:
Originally posted by will_doyle
What are you saying will be nearly twice as much?
Insurance next year.
How will it be nearly double?
you are prob right
But If I get 1 years no claim... surely it will be cheaper?
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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 W
Don't forget if you write it off you will be left with a 4k loan to pay back and nothing to show for it.
Thats a risk I am willing to take.
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Danny P
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Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
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What he means is if your insurance is £100 per month next year, you will still be paying £100 per month from your loans as well. So in effect it will be costing you £200 per month to insure your car.
You could run a car on £400 per month if you pay for the car outright in the first instance (I managed, just, doing it that way)
Getting a £4k loan for something that is only worth £2k now, and will become less valuable over time is plain stupid IMO.
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oceansoul
Member
Registered: 19th Jun 06
Location: Sunbury, Surrey
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Looks like you already made up your mind. So whats the point in this thread?
Personally IMHO; do what the others have already said. Buy a cheap run around for a few hundred. Then run that for a year whilst saving up for the car you want.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
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I still doubt you'll even get a loan tbh.
Do you have any sort of credit history? Whats your monthly wage from the part time jobs and how much of that is contracted hours and not just random time given?
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
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quote:
Originally posted by Cosmo
I still doubt you'll even get a loan tbh.
Do you have any sort of credit history? Whats your monthly wage from the part time jobs and how much of that is contracted hours and not just random time given?
I dont have any credit cards.
1 of my jobs is 2 days a week.. clocking a total of 4 hours.. not alot.. but I dont do that job for the money.. I do it for my C.V and I enjoy it..
My other job.. the hours are all over the place.. But I have a minimum income of £400 a month..
When I get my car (If I get my car) I will be able to get a few more hours.. maybe even a job in eve as I will be able to drive...
at mom I am relying on my sister (dont start) and my parents to take me to work.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
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Yeah but the bank will want to see a secure income to give you the loan, not the fact that when they give it you you could maybe get some more hours.
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by Cosmo
Yeah but the bank will want to see a secure income to give you the loan, not the fact that when they give it you you could maybe get some more hours.
hm.. well I have just started my job
So I take it they will decline me
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DannyB
Premium Member
Registered: 6th Feb 08
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Yep they will, they need a good few months proof of regular income.
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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sampayne21
Member
Registered: 3rd Sep 08
Location: Sidcup Kent Drives: BMW E46
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banks will also credit score you on where you live, so if your living with parents or have unpaid bills at your house, you wont get a loan or find very high interest rates
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
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If you live with parents they wont give you a loan?
Also, another reason why they will prob decline is because they will be able to see on my statement that I do online betting.
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bigdan
Member
Registered: 4th Jan 07
Location: Jarrow (Newcastle)
User status: Offline
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i got a 3k loan over 38 months and i was only earning 500 a month at the time
i pay back 100 a month
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by bigdan
i got a 3k loan over 38 months and i was only earning 500 a month at the time
i pay back 100 a month
you alright with it?
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bigdan
Member
Registered: 4th Jan 07
Location: Jarrow (Newcastle)
User status: Offline
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quote:
Originally posted by will_doyle
quote:
Originally posted by bigdan
i got a 3k loan over 38 months and i was only earning 500 a month at the time
i pay back 100 a month
you alright with it?
yea just do your homework on it
my insurance dropped from my last car to this 1 i have now
so i was just paying the same but had a better car lol
go down to the bank and have a mini meeting with 1 of the advisors who will tell you how to get brownie points
she told me to put some money into a savings account etc etc
dont take insurance out either or you will paay back a bomb im sure it was 6-7k to pay back over 5 yrs with insurance
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will_doyle
Banned
Registered: 25th Nov 08
Location: Exeter
User status: Offline
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quote:
Originally posted by bigdan
quote:
Originally posted by will_doyle
quote:
Originally posted by bigdan
i got a 3k loan over 38 months and i was only earning 500 a month at the time
i pay back 100 a month
you alright with it?
yea just do your homework on it
my insurance dropped from my last car to this 1 i have now
so i was just paying the same but had a better car lol
go down to the bank and have a mini meeting with 1 of the advisors who will tell you how to get brownie points
she told me to put some money into a savings account etc etc
dont take insurance out either or you will paay back a bomb im sure it was 6-7k to pay back over 5 yrs with insurance
What you mean by dont take your insurence out?
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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You'll regret taking out a loan to buy a car.
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