lushy_bird_08: Hi
I am 19 years old student currently on my 2nd year at uni. Recently I just found out my W reg Vauxhall corsa need a lot of repairs costing up to £2,500 . Well it is not worth the repairs especially with 105,000 on the clock. So I have got no choice but buy a new car. I really need to get the loan in my name not in my parents name. I dont want to give them to much hassles.
I am stuggling to find a car loan of £6,000. I am not sure if the bank lenders will lend me £6,000 even though I am not in full employment. However, I do work part time and 500 a month plus I get a small allowance from my family of £150 a month.
I would like to get a loan between 36 months to 48 months. Any extra cash I get, I will put it away to pay off the loan.
any advices please.
Much Appreciated
Martine
Hi Martine,
Ouch! Okay, I'm going to give my own personal opinion here and I understand there may be different views (lol).
Yes, repairs over £2.5k would be silly to repair so looking for a new one is a good idea. However, I can't see (m)any lenders wanting to lend a student money in one lump sum, especially a bank. Obviously students do receive loans but not for this purpose.
I'm struggling to see why you want £6k for a car loan. I would personally buy something at £1000 until you finish uni and then, once in full time employment, look to change the vehicle then! There are so many decent little runners available online these days - you don't have to end up with a rust bucket just because you are not spending the earth for a car!
I would not over-stretch yourself.
Not the advice you were looking for but I guarantee it will help in the long run! ;o)
Coyote