im going to be tsking my driving lessons in less than a week when im 17 then i want to buy a used car. a deposite is ok but i cant afford to pay all at the same time. i want to know if i can loan some of it and pay back weekly/monthly as im in a full time job
2007-01-22 22:46:40 · 13 answers · asked by millen_yasmin 1 in Cars & Transportation ➔ Buying & Selling
no sorry current finance laws do not allow people under the age of 18 to obtain credit. you would have to ask a willing family member to take out finance for you but they will remain responsible for the debt
2007-01-22 23:07:48 · answer #1 · answered by elloboy33 3 · 0⤊ 0⤋
Good question.
You have some good answers, that you should note.
However, you must also take into consideration car tax and insurance costs.
If you get to purchase a car over 3 years old, you also have to consider the MOT, that can be rather costly.
It was years ago when I bought my first car, cost me £70.
Put it on my fathers insurance until I could afford to insure it myself.
Your first car should be a good reliable cheep one, and work up from there.
Start saving up for better things, but don.t get into debt with loans and the like, this can only lead to problems later.
Good luck, and may I wish you many happy and safe years driving for the future.
2007-01-26 03:42:00 · answer #2 · answered by Dr David 6 · 0⤊ 0⤋
probably not as ur not 18 yet, though talk to the place ur buying ur car from, they might offer u finance but if they do, make sure u read all the fine print, they really like 2 con u out of money, and specially being so young, if not i'd suggest saving the money up if u can, as beens u havent actually passed ur test yet let alone learning, u might have all the money saved up 2 buy the car outright by the time ur ready to take ur test. remember if u do buy the car u gotto find money 4 tax n probably MOT if its older than 3 years and insurance, so might be paying out alot of top of lessons aswell, i'd wait a while if u can.
2007-01-22 23:05:01 · answer #3 · answered by karen h 3 · 0⤊ 0⤋
First thing is that the state I am in, none of the dealership will be able to discuss about selling a vehicle to someone who is age under 18 years of old. So, even if you go to dealership at this moment, if your state is same way, then they will not be able to offer anything to help you until you bring someone to co-sign for you purchase, who is age 18 or older. Leasing or financing a vehicle is very tough decision to make. I know for a fact that I have both finance and lease vehicles at this moment. As some people would say that the leasing is a big rip off??? You need to know few things when you lease the vehicle to save you money. Let's not talk about it here now. Common objection to leasing the vehicle is "I never own the vehicle..." Take a time to think about this, lease or finance, lien holder owns the vehicle, not you until you pay off. Only the way to "own" the vehicle is to pay cash for whole. Here is what I think of each options you have: 1) Lease the vehicle---it may not be a wise choice for you if you worry about the damage to the vehicle, payment, and "own" part. 2) Finance the vehicle---most likely you will need co-buyer to get financed because of the income you have. However, you will be able to get more of the vehicle than you can get with cash deal. 3) Pay cash---may be the best idea for you to do at this moment because you will not have to worry about the damage you may cause on the vehicle. Plus you can save money on insurance since you do not have to carry the "full coverage insurance" for the lien holder. You may not be able to find a vehicle you really like, but if you can find something you can settle and may last for few years---then the next vehicle you buy will be much easier because you will be able to save up more money (by put aside $50-$100 a month to save up in Cookie jar or something) and you can start establishing your credit by having a credit card or two---you can not really use it because you may have trouble on the credit card bills like people I know. I know how you feel, but if you parents are not helping you to buy a car (even co-sign for you), then you might want to go online or ask your parents to find a less expensive car for now.
2016-03-28 22:28:23 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Probably not, because you are still a minor. Contracts made with minors can be breeched by minors without any reprecussions to the minor, but they are binding on the other part, if the minor desires. For this reason, companies will not make contracts of any kind with minors. You will have to get your parents, or another adult to co-sign with you.
2007-01-22 22:53:49 · answer #5 · answered by WC 7 · 0⤊ 0⤋
You'll probably need a co signer...that's someone who will foot the bill in the event you can't pay it...Many people are uneasy about being one but if your parents trust you and have no reason to doubt you'll keep your end then you should have no trouble.
2007-01-22 22:56:56 · answer #6 · answered by jedi46300 3 · 0⤊ 0⤋
I do not think you can get a loan under the age of 18, but you could get one of your parents to take the loan out for you, and set up a standing order for them from your bank to theirs. try loanlands.co.uk as they are helpful and competitive
2007-01-22 22:51:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I am pretty sure you will have to have a co-signer for the loan and the car
2007-01-22 22:50:51 · answer #8 · answered by crackermelons 3 · 0⤊ 0⤋
Not from any reputable company without a guarantor.
18, like credit cards and overdrafts
2007-01-24 02:21:38 · answer #9 · answered by richard n 2 · 0⤊ 0⤋
probably not, you normally have to be 18 to get a loan - ask family to help!
2007-01-22 22:50:18 · answer #10 · answered by KB 2 · 1⤊ 0⤋