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any 20 yr olds had problems ...
- Thread starter 106GTi97
- Start date
Little Newms
ClioSport Club Member
182, D2 Td5 & 840CI
Dont get dealer finance mate!!!! Will kill u in the long run! Get a loan, easier and u wont be paying an extra 10k than what the car is worth
yeecup
ClioSport Club Member
mk8Fiesta ST,172 cup
im an underwriter with blackhorse finance and i have to say the majority of 20yr olds would struggle to get finance especially if u are looking at getting a 182. are u on the voters roll? do u have good credit, ie do u have up to date c.cards, bank account, hp agreements? u need to show that u have the ability to pay the finance payments. i take into consideration the type of car the person is looking to finance as the cost of insurance is a factor on your monthly outgoings. u could get your parents to act as a guarantor if they have good credit which would help your chances.
i got my cup at 22 and i think there was a problem with the finance so the dealer increased my part-ex value to 7k and just increased the finance apr% so i ended up paying the same amount over the 5 years. So i just got a bank loan and paid off the lot as I was actually borrowing less at the start(if that makes sense).....interest rate is 9% lower with the bank loan!!
Saved me £45 a month
yeecup
ClioSport Club Member
mk8Fiesta ST,172 cup
how old are u? u wouldnt believe the amount of proposals we get through honda finance for type rs , usually 20-24 yr olds with defaults or little or no credit history. one of the main men i speak to regularly from honda is sick of taking repossed type rs to auction because they just cant afford the payments plus the crippling insurance. hence the reason i decline so many of them.
You need to be able to put a deposit down of about 4k to get the dealer down. I got it down to 5.5% over two years with a 4k deposit and my old clio for 1k. It is obviosly because the finance company has little risk - a new 182 would be worth at least 10k of anyones money so add 5k to that and that equals the total retail price... if they took it off you for non payment.
You can get 0% deals but you will have to pay the full asking price for the 182 because your discount will cover their finance fees. Your better off trying to get a desposit together if possible.
Renault Clio 172 Ph2
i aint got finance - but i coulda had it. they wanted me to have it. was 0% aswell. but no dicount on car. so was crap lol.
i got a 6500 loan @ 19 from hsbc for my scooby (i asked for 8, they said only 6500). at the time money wasnt given away as easily as it is now. and to be honest i asked 1 year later (@20) for a 10k from tesco and they said yer heh
i doubt youd have a prob so long as you pay your bills.. better off getting a loan though.. pay less in the long run
1 year of payments.. soo about erm 2500 (interest rates were a killer then)
total payable was about 8700 i think..
the 10k was the extra i needed for a skyline. but i ended up coming to my senses and not buying one. but i did find after i didnt go for the loan i got declined for £500 shop finance.
born in 1980 so 1999 and 2000.. getting money now adays is sooooo much easier though.. so long as you have credit cards and stuff.. i remember a web site for barclays loans i think ..
you would enter in your details.. incomings, outgoings, and then put your loans, storecards and credit cards. the more cards i ticked the better credit scoring i got..
it helps having a little bit of managable debt, it shows the bank you know how to pay back money
i will say though, store cards and credit cards are the work of the devil !
[Edited by Doc on 25 October 2004 at 10:39pm]
I would seriuosly get you to think this though. Just imagine how much £ a month you will loose just in depreciation. Its scary the amount.
Buy a cheaper car. I wish I had made different finacntial decisions yrs ago. I only had a £6k loan and paid it off very quick (no social life) but that was a lot of money just wasted as the car isnt work anything on the £6k loan I took out for it. Your looking at twice the loan, dont make twice the mistake a shiny new car can look to tempting.
Embarrassed to say
http://moneycentral.moneyextra.com/compare/personalloans/Start.jsp;jsessionid=3573B851448ABA126314422B375A70BChttp://moneycentral.moneyextra.com/compare/personalloans/Start.jsp;jsessionid=3573B851448ABA126314422B375A70BC
See the above link, tells you the cheapest loans available. Just goto personal loans, put the amount you want to borrow and payment period and it will give you a list of the cheapest. Not sure how helpful this is for a 20 year old. Was thinking about borrowing this way to fund purchase of a 182. a few hundred quid to borrow 9k over 3 years, seems quite reasonable.
Embarrassed to say
Forgot to say press the personal loan search title to forward to the options page.
Quote: Originally posted by 106GTi97 on 25 October 2004
the bear? I dont understand explain? I aint gunna get a CC with 10k on it lol
Actually, Ive just read that Capital One are offering 0% interest on balance transfers for 18 months. They say you can have up to £25000 too. Only snag is its not available online or by phone. You have to be sent an application or there are leaflets in various magazines - 4-4-2, Rugby World are the only 2 I know of.
f**k me some of you boys are paying silly interest on your finance, my 172 is currently 3.25% through the dealer i made plenty of phonecalls and beat him right down in the end he admitted they werent actually going to make a pittance out of the deal after the discount i got on the car but they just wanted it ran through their finance for turnover
Embarrassed to say
Loony can you explain your deal, with your 3.25% is that the rate of interest per month?
When you finished the payment period is the car yours?
never had any problems, but ive always had a well paid job and built up a good credit rating with credit cards and other loans ect. It always looks better on the loan application if your a home owner as well.
You can get a copy of your credit reference file online from http://www.equifax.co.uk/ this will give you a good indication as to wether you will get refused for a loan.
P
peterh2
I’m 21 (just) and self employed, don’t have masses of credit history just a personal account, 1 credit card, a mobile phone and a store card. Also have a business account with a business credit card.
Got finance on my 182 from Renault with no problems what so ever
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