19 year old to get accepted for finance on a car?

Mccabe96

Hi, just wondering would it be difficult for a 19 year old with a full time job to get accepted for finance for a car of about 9,000? I've applied for one last night just wondering how difficult it is, thanks.

Atlantic Dawn

I'd say if your in a job a year you won't have a problem once your salary is enough to make the payments. Also could be worth trying credit union, all banks and the actual dealers themselves who will have facilities with the banks. Make sure you are comparing like with like and calculate what the final cost of credit will be.

allthedoyles

If the banks and credit unions let you down try the garage you buying from

Mccabe96

Atlantic Dawn wrote: »

I'd say if your in a job a year you won't have a problem once your salary is enough to make the payments. Also could be worth trying credit union, all banks and the actual dealers themselves who will have facilities with the banks. Make sure you are comparing like with like and calculate what the final cost of credit will be.

My salary is about €1300, not a lot. And the weekly payments would be about 60-65.. So fingers crossed.

Kristopherus

Mccabe96 wrote: »

My salary is about €1300, not a lot. And the weekly payments would be about 60-65.. So fingers crossed.

Have you figured in the running costs of the car? That alone will at least double your weekly outlay.

Mccabe96

Kristopherus wrote: »

Have you figured in the running costs of the car? That alone will at least double your weekly outlay.

Yes, I've worked it all out. And my weekly wages I'll have €240 left so that will be used on diesel etc for the car, €240 after I pay my weekly bills, so it should be no bother to look after it.

wonski

Have you checked insurance? That's where most of the money will go given your age.

Other than that just wait for their decision.

2Mad2BeMad

Mccabe96 wrote: »

Yes, I've worked it all out. And my weekly wages I'll have €240 left so that will be used on diesel etc for the car, €240 after I pay my weekly bills, so it should be no bother to look after it.

Can't see you getting it to be honest.

I'm 22 and I got my car last year on finance.
It cost 8500.
I was in my job 2 years. Had a salary of 28000 and my credit rating was perfect.
I tried 3 different finance company's they all said no mainly because of my age and I've neve done finance before.
I eventually got one with a UK company based here but I had to get my Ma to be a guarenter.
I hope you have better luck.

Sleeper12

I know that you are getting conflicting advice on who to get the loan from. Credit Union is best. Lower interest rates & very understanding if you fall behind. Banks come next. Last on the list should be a finance company. This is usually what the garage will offer. Finance company charge higher interest rates and more importantly once you draw down the loan you must pay all the interest even if you paid it all off a week later. At least this is the way it was the last time I looked. Either that or they charged you a penalty for paying early. This isn't the case with credit union and most bank loans

Mccabe96

wonski wrote: »

Have you checked insurance? That's where most of the money will go given your age.

Other than that just wait for their decision.

I already have a car and I'm insured, €2500 lol

Mccabe96

Sleeper12 wrote: »

I know that you are getting conflicting advice on who to get the loan from. Credit Union is best. Lower interest rates & very understanding if you fall behind. Banks come next. Last on the list should be a finance company. This is usually what the garage will offer. Finance company charge higher interest rates and more importantly once you draw down the loan you must pay all the interest even if you paid it all off a week later. At least this is the way it was the last time I looked. Either that or they charged you a penalty for paying early. This isn't the case with credit union and most bank loans

I already have a loan out with the credit union, that covered the payment and insurance for my first car.

bazz26

Mccabe96 wrote: »

I already have a loan out with the credit union, that covered the payment and insurance for my first car.

So you're going to be paying back two loans?

I'd be very surprised if you get approval for second loan given your age, income level and you having a loan already. Also I'm not trying to tell you your business but personally myself I wouldn't have that many loans or that much debt on my shoulders at 19.

Zurbaran

I think you'd be mad spending that much on a car when you earn that amount.

lfc200

Mccabe96 wrote: »

Hi, just wondering would it be difficult for a 19 year old with a full time job to get accepted for finance for a car of about 9,000? I've applied for one last night just wondering how difficult it is, thanks.

Didn't you buy a car only a few months ago? Why the desire for a new one and a second loan?

lfc200

Mccabe96 wrote: »

Hi, just wondering would it be difficult for a 19 year old with a full time job to get accepted for finance for a car of about 9,000? I've applied for one last night just wondering how difficult it is, thanks.

Didn't you buy a car only a few months ago? Why the desire for a new one and a second loan?

colm_mcm

Yes, I can remember the last thread(s)