Bank Loan for car

[Scunna]

i have just passed my test and am looking for a car.

i go to barclays bank ask for a loan of 4k, everything seems good.

they phone me and tell me i cant have a loan cause i went overdrawn once £50.

i have proved 2 them that i can save

now i have to wait till fukin march before i can get a loan

i hate barclays :frown:

 

[Link]

tbh, don't get a car loan for your first car. I know its tempting to get a spanking car, but you really are likley to smack it into something. I nearly did, several times in my first year of driving. Assuming you are young (<20) then you will likley only get 3rd party, so if you wrap the car round a wall, you will lose your car but still have to pay the loan.

What I did was bought a cheap fiesta for about £500, and that has done me untill recentley, when I aquired a nice new car. Lasted about a year and a half.

I know thats not what you want to hear, because I didn't when I started driving, but I followed the advice and as a result, never had to pay off loans for a car, nor did I have to pay crippling amounts of insurance.

 

[No Limit]

How old are you? If you are under 18 I find it amazing that they would even consider you for a loan. I couldn't get a loan until I was past 21 here in the states.

 

[[Matt]]

And dont go to a bank for a loan either... try and find a really cheap finance company with a low APR. You can even get great rates from supermarkets... Ive got a loan with Tesco's and i only pay 6.9% APR!

 

[Link]

He is over 18. No lending institution will even let you apply if you are under 18, as the repayments are aggreed under a legal contract. therefore if a bank agreed to a loan for an under 18, the repayments agreement would be automatically viod and the person would not be required to repay the money...

 

[Element Alpha]

What Link said. Buy a piece of junk. You'll learn a lot. After a year (or when the car breaks down), buy yourself a better car. By then you'll know how to treat the car right.

 

[DiSTuRbEd]

I'm 18, mom got me a loan for my Integra, and if it gets wrecked, GAP insurance covers that, so I am not really afraid of anything like that.

 

[DiSTuRbEd]

and i only pay 6.9% APR!

4.05% APR....OWNED

 

[[Matt]]

4.05% APR....OWNED

Try living in the UK m8....

 

[lePobz]

Go to a car dealership, ask to see their part-ex'es .... you can pick up a pretty decent part-ex car for less than £100, most are already taxed + MOT'd ... plus theres absolutely no depreciation whatsoever.

Just stay away from ford fiestas or vauxhall novas.

 

[pr0nking]

I say do it.

I'm stupid, i've got 3 loans, worth £7,000 and I pay out like £250 a month, despite having no job

 

[Scunna]

i have now tried alliance and leicester and hopefully ill get one from them. However they r like 12% apr at £132 per month.

ill have a look at tesco though cause its chepaer!

thx