I am currently a student and my poor car is on it's last legs. My parents are unable to get the finance as they have just got a car themselves on finance and because I'm a student nowhere will be give me finance. I have an income of around £600 and only have outgoings of around £175. I don't go out and drink, and as far as I'm aware I have nothing against my name for there to be a bad credit history, if anyone has any ideas it wiould be much appreciated. Thanks!!
2007-11-01 23:33:53 · 7 answers · asked by Sara B 1 in Cars & Transportation ➔ Buying & Selling
I work for an agency can earn up to 80 a month.
2007-11-01 23:44:25 · update #1
Having no credit history is probably just as debillitating as having a bad credit history. You'll probably find it extremely difficult to get any mainstream credit and will have to try one of those "Guaranteed finance" places.
But a word of caution, they charge extortinate rates, require a cash deposit and the car they sell you wont be anywhere close to the value to are being charged for it.
Best bet it to stick the bus and try and save or establish a credit history so you can use mainstream car finance.
Best of luck
2007-11-01 23:40:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You really want to keep your car going as long as you can while saving up money and then buying a replacement once you've got a decent amount.
You'll probably have to settle for a used car (and probably an old one at that) although if you buy based on condition and maintenance history you should be able to get something that isn't a lemon (although used car buying is always Caveat Emptor).
2007-11-02 01:29:32 · answer #2 · answered by bestonnet_00 7 · 0⤊ 0⤋
If you are 18 you will still have to have a 1/3 down payment at least with no credit.
2007-11-02 00:36:54 · answer #3 · answered by 12pleze 6 · 0⤊ 0⤋
If I were you, I would save a bit and get a second hand car - you can get some real bargains nowadays!! (I bought an R reg Citroen Xsara the other day for £300.00)!!
2007-11-01 23:42:52 · answer #4 · answered by nickynoodles33 4 · 0⤊ 0⤋
I think a personal loan from your bank is the best bet - they will know you income and also your outgoings and the rate will be reasonable good luck
2007-11-01 23:43:31 · answer #5 · answered by Barbie V 6 · 0⤊ 0⤋
You've probably got a chance if you can prove that you have a part time job, or have a steady income. But it'll be tough.
2007-11-01 23:40:17 · answer #6 · answered by Mike C 3 · 0⤊ 0⤋
WHAT YOU ARE ASKING IS BASICALLY IMPOSSIBLE UNLESS YOU ARE WILLING TO PAY A VERY HIGH INTEREST RATE WHICH WILL PUT YOU FURTHER IN DEBT.
I WOULD SUGGEST THAT YOU DON'T AT THIS TIME SO YOU WILL HAVE MORE TIME TO CONCENTRATE ON SCHOOL AND NOT HAVE TO WORRY ABOUT SOME LOAN SHARK CALLING YOU ALL THE TIME.
GOOD LUCK.
2007-11-01 23:46:59 · answer #7 · answered by Anonymous · 0⤊ 3⤋