Hi all
I am thinking of getting car on finance I was thinking up to £3000 - £3500 but I want to put about £1500 deposit on it so the amount will be around £1500-£2000 to pay back plus interest.
i want to ask if any one was taking it or have it at age 19 and how hard was it go get it ? Any companies you recommend ?

Thanks

Not had car finance for such a long time but when I did use it I had it from Black Horse Finance, not sure what sort of criteria they are wanting these days but it's a start

I've bought 2 cars on finance, but my first was at age 25 so it was a little easier to get finance. With a £1,500 deposit you should be OK. The first policy I had was with Nissan finance I think as I'd bought my Sei 2nd hand from a Nissan dealership. The 2nd policy was with a local Huddersfield company but their name escapes me at the moment.

Oh ok
Is it better to get finance from the local dealers or try to get it seperately ?

6 and 1/2 a dozen. Easier to take the dealers package, probably slightly cheaper to shop around.

A bank loan will probably have a better APR figure, dealer finance deals usually quote a "typical APR" figure which then grows by the time you sign up. Some people like PCP deals, which is fine if you want to change car every couple of years.

If you're looking at a car at £3500 borrowing maybe £2,000 you really won't get a very good deal. Expect to pay quite a premium to borrow such a little amount

Just got mine through Black Horse, probably have a pretty average credit score (credit card always paid on time, and I'm 20

I had my current punto Evo on a personal loan, I put £1700 towards it and loaned £5000. £100 a month, £25 a week nothing major.

Im 19 and my Evo was 4500 with 5% finance interest.
5s the lowest im only payong back 5500 i think maths aint to good its below 6 atleast

CZR,


As a retired Banker I hope I can offer some sensible advice.


If your credit score is good, and your in regular employment you should be able to get a good loan rate over 60 months (the normal car loan time scale)


Ask the dealer your buying from what the APR is and write it down. If it's over 6% (as of August 2015) it's currently too much, as most banks and the likes of Tesco will offer you a better rate, and the payments won't kill you. If you have a bank account ask your bank first, but remember the 6% as they want your business.


If it's your first loan just be sure you can afford it through good and bad times as it could ruin your future lending for all sorts of things if you default.


Good Luck.