Butler
Member
Registered: 2nd Jun 05
Location: London
User status: Offline
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At 18 has anyone else taken out a loan in order to buy a car? Im after a Corsa C for a second car. Just wondering if anyone else has gone down this route or whether il have to resort to even more overtime and good old fashioned hard saving!
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Dave M
Member
Registered: 21st May 03
Location: Rainham, Kent
User status: Offline
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i dunno bout the loan but i got a corsa c for sale next month
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Jamescorsa97
Member
Registered: 19th Aug 04
Location: Middlesbrough Drives: Cliosport 182
User status: Offline
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If you can, always save.
I personally hate loans!!!
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Rob_Lee
Banned
Registered: 9th Dec 05
Location: Folkestone Drives: Nova 1.6 16v
User status: Offline
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Agreed!
Leave loans alone!
More hassle than they are worth!
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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I had 10k worth of car finance at 19.....then realised I was paying £48 a month Interest & paid it off 3 years early 
Loans / Finance is fine - so long as you can make the repayments easily & take the anal shafting interest!!.
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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quote:
Originally posted by Rob_Lee
Agreed!
Leave loans alone!
More hassle than they are worth!
I got loan at 18 and got more and more as i wanted to do the car up and go out....
I'll be debt free as of July but what a mess I gotmyself into!
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JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
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Moneys too easy to borrow these days & theres alot of daft folk about that will get in over there head!! I know several people owing £20k+ with very little to show for it - FOOK THAT!!
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Pablo
Member
Registered: 3rd Feb 03
Location: Milton Keynes
User status: Offline
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I think money is TOO easy to get hold of.....! There are more buckrupt teens > late 20years then there ever has been!
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gianluigi
Member
Registered: 9th Mar 05
Location: Ipswich, Suffolk
User status: Offline
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you've just turned 18 
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stubbsy05
Member
Registered: 23rd Oct 02
User status: Offline
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I borrowed 4K when I was 19. Allowed me to buy my Civic VTI and have a mint holiday with the lads.
I now owe 1.5K on the loan but repayments are easy!
Looking back I wouldn't bother getting a loan for a car!! I'm now selling my 52 reg Clio dci and replacing it with a P reg Ford Fiesta 1.25 so I can afford my mortgage deposit
I consider myself to be lucky to have only 1.5K loan at the age of 21.
My mates however!!;
One (20 year old) has just borrowed 13K for a Audi A3 TDI
One (20 year old) owes 18K and has nothing to really show for it!!
One (18) she owes 16K and has a Corsa worth 8K to show for it.
Basically cars depreciate, moneys so easy to borrow these days, its the paying back you need to consider!
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Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
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my missus's sister is 30 years old, still leaves with parents, no car and is £40k in debt yes £40k.
She only earns £700 a month
But she still doesn't care and still buys shit 
i'm a bit in debt but I don't class it as real debt as its on a mortgage so its an asset that can be used to clear it.
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Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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Well i took out £7.5k loan at 19.
But i knew what my repaymens where going to be and know exactly whats coming out each month.
And i'm the sort of person who doesn't have a single credit card, and only spend what i have. But it would have taken me years to save up 7.5k.
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Gavin_G
Member
Registered: 12th Apr 02
Location: Bucks
User status: Offline
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Im 22 and I owe £9k student loan (from Uni)
and law school over 2 years is going to cost £18k (The College Of Law)
Thats Approx £27k Debt from education alone
.....Wouldn't even think about getting a loan for a car
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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i don't see anything wrong with loans as long as you can manage the repayments and still leave yourself with money to play with each month.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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for example, after each payday i had so many outgoing i was left with about £150 a month. This wasn't enough to cover those misc. things that cropped up. things that needed doing to the house, car tax etc...
I got one loan to pay off loads of things, including an existing car loan and finance for other things. I'm now £300 a month better off. Fair enough the loan term has been extended by a year or so but I can live with that.
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