Loan help?

[JayDKirk]

Hello,
Does anyone know what company will give me a loan for £25,000 over 10 years or longer for less that £300 a month or at tops £350 a month
I'm after a new car I know plenty of companies who will give me money for only the car but I'm after a personal loan so I can spend between 20k - 22k on the car and the rest goes on insurance and saved for fixes ect,
People said look around for a cheeper car but i want the one I have in my sights on its a 2013 plate and the older ones look horrible so if anyone knows a company who will do this is be very thankful!

My details witch might help,
Age: 19
Credit rating: 980/999 (Expedia) I'd say average personally
Income: 10k a year
Out going: Nothing
Home owner: rented
Reliability: 5/5

I've never missed a payment I just need that one company to trust me,
So any recommend company's or ideas very welcome!

Like to point out I might be 19 but I've have had at least 10 direct debits since the age of 17 always been paid on time! I've done **** jobs witch paid less then minimum wage just so I could pay them on time.


My credit rating (personally I'd say This is a load of sh** but it's on tv all the time so I don't know)

 

[Liquid Knight]

£25,000 plus interest over ten years so roughly £32,000 in total or more to buy a car that will be worth £300 in ten years time?

For someone so clued up that sounds idiotic.

 

[Ziggy122]

Wait you say outgoings = Nothing, yet you rent?
So that is an outgoing
A phone contract? Monthly insurance? They all tot up

Ziggy

 

[JayDKirk]

My work pays for it all mate, sorry I should of pointed that out

 

[haymaker]

Best change your profile then, says your unemployed....can't see anyone giving a 19 year old unemployed person 25g.

 

[haymaker]

You say income of 10 grand a year above in comment tho, so your 800 quid a month roughly, and that's before tax, national insurance etc all comes off, and your willing to pay up to 350 a month of a 25 grand loan. How do you expect to insure and run your 25 grand car aswell as have a life

 

[JayDKirk]

Sorry I use the app and still not figerd out how to update it,


Strangely it's cheeper then my fiat,
Road tax: £130 a year (£222 currently)
Mpg: 45-67 (currently 29)
Insurance:
1st year: £1,890 (I'd be £987 on my fiat) (1YNCB)
2nd year: £951.04 (no clue for fiat) (2YNCB)
But work offer to pay for insurance so I'm not fussed to much,

But all in all just mainly after a hell of a nice car

 

[doggybob]

i'd be surprised if you will find any 'honest' loan company's to lend you the money , you may think you want it for the time being with your circumstances being what they are but what about in a year or 2 , thing's change you never know what's round the corner , my advice is to get something more affordable for your income you're only 19 and i dont think you want that sort of mill stone round your neck , sorry mate dont take it the wrong way but i don't think you've thought about it properly
what car is it anyway?

 

[Noxide]

Frankly I'd be more inclined just to finance the car.

Also by the time you've taken the forecourt price hit, this could be a very expensive day out.

 

[haymaker]

Sorry I use the app and still not figerd out how to update it,


Strangely it's cheeper then my fiat,
Road tax: £130 a year (£222 currently)
Mpg: 45-67 (currently 29)
Insurance:
1st year: £1,890 (I'd be £987 on my fiat) (1YNCB)
2nd year: £951.04 (no clue for fiat) (2YNCB)
But work offer to pay for insurance so I'm not fussed to much,

But all in all just mainly after a hell of a nice car

If you don't mind me asking, what line of work are you in that, you only make 10,000 a year and your work "offers" to pay your insurance. 10g a year ( no offence to any McDonalds employees BTW ) is a yearly wage you'd earn working there, and they aren't quick at paying there workers insurance. Maybe if this car was a company car, but no way at what your saying sorry, it doesn't add up at all.

 

[haymaker]

For instance, my fiat grande punto 1.3 mjet is only 30 quid a year road tax, excellent miles to the gallon on it, you'd think it runs on fresh air half the time. Its a tidy, sporty wee car, repairs are more than affordable, and most importantly with you only being 19, it dosent come with a rope to hang yourself with debts of 25g. Once your yearly income improves, and rack up some experience on the road with regards to no claims etc, then look at something else.

 

[JayDKirk]

If you don't mind me asking, what line of work are you in that, you only make 10,000 a year and your work "offers" to pay your insurance. 10g a year ( no offence to any McDonalds employees BTW ) is a yearly wage you'd earn working there, and they aren't quick at paying there workers insurance. Maybe if this car was a company car, but no way at what your saying sorry, it doesn't add up at all.

It's a family business that's why I get loads of perks and spending money on too

 

[dave]

Hello,

People said look around for a cheaper car

listen to them people they are very wise. a lot can happen in 10 years, wasting all that money on a car could be your biggest regret in life, run around in a cheaper car and invest that money instead! so instead of paying interest and making someone else money you earn interest and make your self money, in 3 years you will probably then be able to buy the same car outright and be debt free.

 

[haymaker]

It's a family business that's why I get loads of perks and spending money on too

With it being a family business, then your family I imagine would surely tell you the same as everyone else on this forum. A lot of kids your age punch above there weight to get a so called flashy car, 9 times out a 10 just to impress either there mates, or to catch themselves some tail. Few of my mates back in the day done the same thing, leaving them skint to do anything, even sometimes the car lay empty with no fuel in it until next pay day at end of the month. Your just a kid, so, if you want a car at that amount, on the low income that your on, then you'll do what you want at the end of the day regardless of what anyone else says. But its pure madness, as I said before, 10 grand a year income is a bit on the low side when its coming to the price range of car your talking about. Can I ask what car it is you currently drive that is so dear on road tax but yet so low amount of miles to gallon? Also, what is the car you have your eyes set on.

 

[bravo86gaz]

These people speak sense, is 20k on a car really worth spending the rest of your days paying off debt?? Your earning 10k a year that's less than me and no one would touch me for a loan of 5k

If you're really set on it then no one who has commented on here will talk you out of it, all I ask is that you take some of it on board, saving a hefty deposit will take some of the weight off and make it easier...

Just my 2 cents, do what ever you're comfortable with, bear in mind 20k over 10yrs is going be a killer on interest and missing payments whether your fault or not can lead to consequences

 

[JayDKirk]

I do agree with you guys not going to lie so I'm thinking maybe get a 1995-2003 model of the car as I rather like them too and after a while go for my dream car once insurance gets cheeper and credit rating gets better,

The car I have is a Fiat Stilo 1.6 dynamic 2002 plate
The car I want is a Mercedes-Benz SLK250 CDI 2013 plate
Always liked the SLK, the fact it's a diesel and not petrol makes me want the CDI, but taking your guys advice I might get the SLK but a 2001 plate untill things pick up but I'd still be looking at a loan of 5k or so, my car is going in 4 months so need a new car, so would that be a better idea? Get a old one see how I like that and then save up maybe and buy the other one up front?

 

[bravo86gaz]

No offence but it's a bit daft spending 5k on a car you don't want, I suggest you keep the stilo a bit longer save up around 50% of the car you do want, if you don't have to worry about outgoings then it should be easy, finance or loan the rest whatever works out cheaper

Like they say, what's for you won't go by you...

 

[CaptainPotato]

I'll be very surprised If you get finance for 20K. Im 25 years old, full time Part 2 architect, I pay rent, bills and council tax and I couldn't even get finance on a £300 bicycle for commuting on Wasn't very long ago I was 19, Do you self a favour. Save your cash and buy what you want when you have the money, otherwise it will be a burden for the next 10 years.

£25,000 plus interest over ten years so roughly £32,000 in total or more to buy a car that will be worth £300 in ten years time?

 

[AndyRKett]

£300 a month over 120 months..... Is £36,000 on top of which you're paying a loan and interest on your insurance for the first year.

Your take home on £10k a year is going to be around £650 so you're looking to spend half your salary on a flashy motor!?

Looking about the car you're after starts at £18k (ish) for a 62 plate so twice your annual income and you're looking to repay twice that!!!

As mentioned you seriously need to look at what you really need, flashy cars really only impress when you're mates are all 19 but when you're 29 and driving about in a 12 year old £3k merc no one is going to care

You can buy an old car for £2k and rag it about without the silly costs, your main issue though is being so young and paying thousands for insurance you really shouldn't be relying on long term loans to pay insurance costs

 

[Stu DemonD]

It's a family business that's why I get loads of perks and spending money on too

You must have a cracking P11D