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Under 18 Loans?

Thread title: Under 18 Loans?
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03-27-2007, 11:58 PM
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Originally Posted by stillt View Post
Yes.

And the reason your friend most likely got it insured for £900 is either:

1. He's insured under his mum/dad's name.
2. He's only on 3rd Party Insurance.

My fiat cinquecento would have been £1400 on my own, 3rd Party. Thats only 899cc.

2 years on, I have a 1litre Corsa Full insurance, which is £1000....and thats with a years no claims and a clean/full driving license.
Like i said, i do't mind what the insurance is, as long as i get the car.

But you're probably right, i don't know much about cars personally. I'll ask him how he got his for £900 / yr..

03-28-2007, 08:52 AM
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Thats fine, I was just trying to alert you to the fact that you wont need £1000, you'll need like, £2500 (unless you already have £1500).

Car: £1000
Insurance: £1000-1500
Tax: £115
MOT: £50? Not too sure on that one, but obviously if you need parts for it to pass it would be alot more!

Dang, running a car is expensive.

03-28-2007, 10:02 AM
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I presume you have a job if you can afford a car so if you can't get a loan why not open a bank account with a large overdraft and just use that? - Not all that practical but if your desperate....

My bank account has a £1600 over draft limit it's interest free too, the joys of being a student

03-28-2007, 12:13 PM
#24
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Originally Posted by Bazza` View Post
I presume you have a job if you can afford a car so if you can't get a loan why not open a bank account with a large overdraft and just use that? - Not all that practical but if your desperate....

My bank account has a £1600 over draft limit it's interest free too, the joys of being a student
hehe, this is also going to probably sound awful to you guys when i say i can afford more than £200 a month.. i don't have a job. I'm a student also but i get £35 a week, £140 a month already. I normally work on a friday with my uncle, which i get £40 for labouring, so thats £400 a month altogether. I then do quite a lot of work on the web.. so i'm all settled and have more than £600 a month coming in normally.

stillt thanks very much for your replys.. i wasn't trying to pull out of all the cash by making up excuses :P but the car is already taxed for a few more months and recently been serviced and all is good. But i definately get what you mean when you say running a car is expensive.. it definately is.

03-28-2007, 12:14 PM
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Originally Posted by Bazza` View Post
I presume you have a job if you can afford a car so if you can't get a loan why not open a bank account with a large overdraft and just use that? - Not all that practical but if your desperate....

My bank account has a £1600 over draft limit it's interest free too, the joys of being a student
also Bazza` is that possible to do for under 18s? Open a bank with an overdraft.. because i might look into it if allowed.

03-28-2007, 02:15 PM
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I'd just wait 2-3 months and save up for it, it's too risky getting a loan without a secured job or anything for collateral. Not only would your parents have to sign as guarantors, but you'd get charged 18%+ interest on that loan - which is RIDICULOUS.

03-28-2007, 02:51 PM
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are we talking about 1.1 LITRE here?

You guys pay that much to insure a car that is only 1.1L

Here, its like 3,000 a year for a 5L v8, or a sports coupe v6 or something, (for under 25's), thats like £1300 i think.

03-28-2007, 04:14 PM
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Originally Posted by !LLu$!0N View Post
also Bazza` is that possible to do for under 18s? Open a bank with an overdraft.. because i might look into it if allowed.
It might have been possible if you were under employment but I doubt you'll get an account with an over-draft at under18 while not working. Although to be honest I have no idea, it's very unlikely though (I only get mine because I have a student account).

03-28-2007, 06:36 PM
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Overdrafts are for 18+ only. It's a type of loan.

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