car loan ?

vwhead · 11-01-2014 11:08am #1

hello im new to boards.ie

im 19 years old and intrested in getting a loan off my local CU for a car. Im currently unemployed and on jobseekers allowance and part of the reason for getting a car is to help expand my field of looking for work the other is because i am a car enthusiast (not a boy racer). Ive been told that i need to be saving consistantly for 3 months and i have being doing that. Ive been saving 50 euro a week since september so im nearly 3 months saving and i nearly have €1000 i am looking for a loan of €5000 but i would settle for a bit less. I found out today that i need to prove of my income but seing as im unemployed how would i work around this ? i have done the homework and i know exactly what car i want i have an insurance qoute on the car printed and sent from the broker. I have added up the tax, insurance, loan repayments and i am wel able to afford it as it fits wel with my with my yearly income of €5000 and il have money left over for diesel and other bits. I still live at home and not in any hurry to move out (god help my parents)! can anyone tel me any probloms i might run into or the best way to go about it ? thanks for reading

Fol20 · 11-01-2014 3:05pm

Im afraid to tell you, you wont get any loan. Your income of 5k isnt actual income. No banks will count social welfare as income and as such you shouldnt be counting it yourself and this should only be used to get by until you get a job.

At the age of 19, why do you need to spend 5k on a car? I had decent savings when i was your age and i still went with a 500e punto. Your first car never has to be anything special. A cheap reliable fiesta will get you about and will allow you look for work further afield.

vwhead · 11-01-2014 3:11pm

im not going trough a bank im going true the credit union and no offence why waist money on a small cheap car when you could have a better safer and nicer car at the end of the day your spending money either way

vwhead · 11-01-2014 3:13pm

and no offence but im entitled to social welfare as many other young people i dont think they tel you what you haveta do with your money

smcgiff · 11-01-2014 3:15pm

What Fol20 said. You're unemployed, effectively the state is paying you 100 euro a week to survive. It cannot afford to indulge your car hobby.

Getting a cheap car even if only temporary to find a job to support your hobby and burgeoning life style is a great idea.

And a CU is not going to give you a loan based on your 100 a week social welfare.

Besides, whatever you think the running costs of a 5k car would be then at least double it. Think about the repairs that will crop up. A new clutch and flywheel could wipe you out.

I can remember the excitement of a first car. Good luck.

vwhead · 11-01-2014 3:36pm

no sorry i think your wrong i live at home still and i am on social welfare because there is little or no work in this town, i do not have to survive i am not a dog i am claiming the money i am entitled to from the lovely state that we live in, therefor spending my money on a car is not a crime or against the law a car can increase my chances of work aswel as keep myself entertained. if your not happy with my spending sure il just sign off the dole live at home go nowhere and let some junkie put it up his nose instead how about that ?

smcgiff · 11-01-2014 3:48pm

vwhead wrote: »

no sorry i think your wrong i live at home still and i am on social welfare because there is little or no work in this town, i do not have to survive i am not a dog i am claiming the money i am entitled to from the lovely state that we live in, therefor spending my money on a car is not a crime or against the law a car can increase my chances of work aswel as keep myself entertained. if your not happy with my spending sure il just sign off the dole live at home go nowhere and let some junkie put it up his nose instead how about that ?

I'm wrong? You think the CU will advance you a year's worth of social welfare?

Anyway, I've seen the thread on motors and bar one person it seems they all agree that you cannot afford to run 1.9l bora diesel on 100 a week and repay a 5k loan.

Now, you might get a loan from the CU if your father underwrites the loan, but that's him getting the loan and hoping you can pay it back.

I get cars. I drive an Alfa romeo 250 BHP 159. I also know a lot about expenses and general costs. As do the people in the motors forum.

I also know what it's like to be 19 and so I know you're going to justify this and get the loan through your dad.

Best of luck and hope you prove all us old codgers wrong.

vwhead · 11-01-2014 3:49pm

ok ya cheers for that!

vwhead · 11-01-2014 4:05pm

smcgiff wrote: »

I'm wrong? You think the CU will advance you a year's worth of social welfare?

Anyway, I've seen the thread on motors and bar one person it seems they all agree that you cannot afford to run 1.9l bora diesel on 100 a week and repay a 5k loan.

Now, you might get a loan from the CU if your father underwrites the loan, but that's him getting the loan and hoping you can pay it back.

I get cars. I drive an Alfa romeo 250 BHP 159. I also know a lot about expenses and general costs. As do the people in the motors forum.

I also know what it's like to be 19 and so I know you're going to justify this and get the loan through your dad.

Best of luck and hope you prove all us old codgers wrong.

ya see i know im 19 but thats doesnt make me incapable i have done the maths on running cost etc and i can wel afford everthing inculding repaying the loan so why are you jumpin down my throat when i have done the maths and am 100% sure i can run it ? after all i did ask for advice on how to talk with the credit union not a life lecture on what i can and cant do!

smcgiff · 11-01-2014 4:46pm

vwhead wrote: »

after all i did ask for advice on how to talk with the credit union not a life lecture on what i can and cant do!

:rolleyes::pac:

Fol20 · 11-01-2014 5:33pm

vwhead wrote: »

ya see i know im 19 but thats doesnt make me incapable i have done the maths on running cost etc and i can wel afford everthing inculding repaying the loan so why are you jumpin down my throat when i have done the maths and am 100% sure i can run it ? after all i did ask for advice on how to talk with the credit union not a life lecture on what i can and cant do!

No one is jumping down your throat.. Were just giving opinions on the information you have given.

I would still not recommend a larger car at your age. I know your a car enthusiast but at your age and earning power its not the wisest, its wasteful to spend all of your money on a depreciating asset. Insurance alone may cost you 1-2k per year for a bit. Car tax maybe another 5-600. Why not get a cheap and cheerful car, and save up to invest in your education so when older, you can buy a car you really love.

Fol20 · 11-01-2014 5:34pm

All the best anyway, i still remember "cruising" in my punto when i bought my first car

Frynge · 11-01-2014 5:46pm

I bought my first car when I was 19 with an €8000 loan that was guaranteed by my da. As much as i loved the car it was one of the stupidest purchases I've ever made. All down to the running costs. When the exhaust went I repaired it and then sold it on before anything else went.

If you intend going to college have a look at the bangernomics thread. there are some real bargains to be gotten.

car loan ?

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