Loan without a paying job

SureYWouldntYa

Have i any chance of getting a loan from a bank or credit union without a proper paying job?

Im currently in college where im due to go on work placement for 2nd semester for 4 months, which is very likely to be unpaid. The places iv been told by our co-ordinator are all 4-6km from where i live, a bit too far for walking in February weather

Id love to be able to get a loan for a car, 2-3k would get me something more than worthwhile. Im currently on btea, so 198 a week and id be able to keep that during work placement. If i was to spread the loan out over 4-5 years id be able to afford the usual personal or car loan rates quoted by the banks

A guarantee from my parents would be out of the question, they’re as uncreditworthy as you can get. Ditto for financial support from them, i am currently on named driver on dads car for the past year and being 24 insurance isnt too ridiculous according to quotes online with liberty

Any advice with this would be greatly appreciated

AndrewJRenko

4-6km is very easily cycled

Guffy

It's not the buying of the car. Insurance (first time driving?) Fuel, tax, nct, maintenance. They cost a fortune.

fits

I have a paying job and I avoid loans like the plague. You’d be better off in every way on a bike.

RossieMan

Pretty unlikely you'll find a bank to give you a loan with no job or no guarantee. Perhaps if you've some saving a credit union might be an option?

Otherwise I don't see you having any luck given your circumstances.

Pawwed Rig

RossieMan wrote: »

Pretty unlikely you'll find a bank to give you a loan with no job or no guarantee. Perhaps if you've some saving a credit union might be an option?

Otherwise I don't see you having any luck given your circumstances.

Are student loans a thing in this country?

Parents could guarantee the loan either. It's a bit crazy imo though. A bike or a pair of runners seems like the most logical choice considering how close the job is to the OP

AndrewJRenko

A four year loan for a crap car that will cost more in maintenance over that period is madness. Get a part time job and start saving.

RossieMan

Student loans are a thing, but you need a garunteur, which the OP has stated they do not have.

They'll literally very few options in terms of a loan. A weekend job might be the best option.

Wesser

Bike is much better and great exercise!

hairyprincess

Have you a record of saving with a bank or credit union?

Arbie

It can be tricky enough getting a loan even with a job. As others have said, tax/insurance/fuel/maintenance are the real costs of running a car and mount up quickly.

A few years ago I had no car and worked in a place 5km away - I either walked or cycled. It was fine, main disadvantage was the time it took, but it was good exercise. I would sometimes walk there in the morning and then get a taxi back home if the weather was bad. The occasional taxi is still much cheaper than repaying a loan and all the costs of running a car.

vectorvictor

Like others have said walk/bike and the occasional taxi when conditions are bad.

Plus you are very likely to find someone at the place who is going some/all of your way and a few quid for petrol will be far cheaper and less hassle than a big loan for something that will probably be well dead by the time the final payment comes around.

SureYWouldntYa

Insurance won't be an awful price, around 1k for most cars since I have a years no claims as a named driver, and I know the general running costs of a car can add up but I'd be able for the normal running costs as they happen, it's the outlay at the start that's the trouble for me

Unfortunately I have no history of savings, my parents have always been living paycheck to paycheck so it wasn't something I was brought up on and it's only the last while that I'm copping onto proper financial management myself

A bike might be a decent option I suppose, getting a lift is unlikely since the side of town I'm on is all student estates and odds are most of the workers would be coming from other directions

fits

Why don’t you get a bike in the short term and save the money you’d be spending on a car? You could then buy a car outright with no loan. You’d save a couple of grand quick enough and you’d save another load of money on interest.

Johnnyhpipe

No.

LionelNashe

SureYWouldntYa wrote: »

.... it's only the last while that I'm copping onto proper financial management myself

If you're honest with yourself, you don't absolutely need the car, and you can't afford it, so buying it wouldn't be good financial management.

SureYWouldntYa

LionelNashe wrote: »

If you're honest with yourself, you don't absolutely need the car, and you can't afford it, so buying it wouldn't be good financial management.

Fair point, it would make things a hell of a lot handier but it's not a total and utter necessity

peteb2

SureYWouldntYa wrote:

Insurance won't be an awful price, around 1k for most cars since I have a years no claims as a named driver, and I know the general running costs of a car can add up but I'd be able for the normal running costs as they happen, it's the outlay at the start that's the trouble for me

Good luck getting insurance for that price. A 2k car is probably over 12 years old which most won't quote. You have zero no claims bonus.

dellas1979

Youve openly admitted that your parents (in polite terms) havent been the best with money.

Financial matters are a skill (and can be learned). Youve to be smart about this. In life, there's what you want, what you need, and what you can afford. Essentially, if you live by the second and third rule, you'll be fine in life. Youre living by the first right now.

Youre 24, with no debts, or real need for a car....all positives. Youre giving all that up for a car that will suck all your money (Ive owned several cars. Unless you know of a magic car that doesnt suck money, well then, Ive been dooped by NCT, petrol, tax, insurance, mechanics etc all my life). There will be a lot of p*ssed off people in here to hear about this magic car.

The smart thing would be to get a bike. And put whatever cash you save per week (whatever, e20 for e,g.,) into a savings account. An let it mount up.

I've lived by the above all my life. I started off putting e20 into savings account every week (its what ever you can afford). Then onto a better salary e50. Then e100.

kathryn1985

Apply to your local credit union and see what happens. You won’t know for definite till you apply. I was approved a loan about 10 years ago for a car when I was finished college and looking for my first graduate position.

Mrs OBumble

Borrowing to buy any asset which depreciates just because you have bought it ( in this case because it goes from N to N+1 previous owners) is an incredibly stupid thing to do. You'd be setting yourself up for a lifetime of indebtedness. Credit unions and the like would probably be happy enough to get you into their clutches, though.

myshirt

I have never seen a stronger case where the answer is Bike it than this.

Bike it. 100%.

ozt9vdujny3srf

What are the roads like? (urban? country boreen? dual carriageway?) More than likely there will be roads that are suitable for cycling - but make sure you chose roads that are safe. (Motorways and Motorwayish national roads are pretty sketchy in my view, everything else is grand.)

15km/hr is an easily attainable average speed for cycling - thats 20 mins for 5km - if you are in any way an active person you won;t even break a sweat at that pace. A lot of people *with* a car would choose to cycle that commute (myself included).

Paul_Mc1988

4-6km would take between 10-15minutes to cycle

ozt9vdujny3srf

Paul_Mc1988 wrote: »

4-6km would take between 10-15minutes to cycle

That really depends on your level of fitness and whether or not you can/want to shower when you get to work. for 4-6km I'd be inclined to take it handy and skip the shower when I get in.

Pawwed Rig

Joziah Witty Peppermint wrote: »

That really depends on your level of fitness and whether or not you can/want to shower when you get to work. for 4-6km I'd be inclined to take it handy and skip the shower when I get in.

I was thinking it was a bit quick alright. I cycled to work yesterday (1st time I timed it) and it was 7.4km in 30 mins.



I stop at red lights though so others could probably shave 5 mins off that easy enough.