Help with my first financing :)

[AshleyCorbell]

Hi there, I am recently turned 18 and have finally decided to buy a MCS. I want to finance the car and looking to spend up to £7k, for a second hand MCS. Where should I look to finance the car? As from a dealer it doesnt seem likely that I will find a nice MCS for this price, whereas something like Autotrader seems to have plenty.

So basically, where do I go for finance?

Thanks very much!

[iain cooper]

do you have a bank account ? try and go to bank/building society etc for a personal loan.

the rates are very good at present, but you don't give much info re your financial position, ie do you have a job ? can your parents help you ? can you afford the insurance ? why a MCS and not a ONE ? can you afford the repairs as for £7K you could end up with a right dog !!

I'm not trying to dampen your enthusiasm Ashley, but they can be expensive to own and run, but I'm sure you know that.

let us know how you get on..........good luck

[AshleyCorbell]

Hi Iain, I can afford the insurance and repairs yes, and I could also get most work done at my dads work, My budget is 7k yes, looking for something around 02-03. I do have a job yes, and my parents are fairly willing to help me if ever needed! I've always wanted a MCS .. well not always, but since they came out, I drove one at my dads work that was in for repair and loved it, and now can finally get one for myself, i love the look, aswell as the power

Cheers

[kirsti_x]

Hi,

I managed to get the cheapest finance rate through my dealer in the end (but i know thats not always the case)

The problem i was finding when looking for a loan was because i has never had a loan before or credit card i didnt have any credit rating so hardly anyone was accepting me and if they did the APR was ridiculous!!

Good luck

K

[PK5]

the question is do you have a deposit, if you do you have more chance of finding a deal but watch out for apr above 14%. I think most building societies rates are around 9%. If you know a financial advisor that can be a good start too.

[AshleyCorbell]

So because I haven't had a credit card or anything before I will find it hard to get a better deal on the personal loan and finance front?

[PK5]

ashley, You cannot have a credit rating if you have never had credit. what that means is the loan company can see if you can manage your money or not.

[AshleyCorbell]

Quote: Originally Posted by PK5 (original)

ashley, You cannot have a credit rating if you have never had credit. what that means is the loan company can see if you can manage your money or not.

So I am .. 'screwed'?

[PK5]

not at all have you ever had a bank account

[AshleyCorbell]

Quote: Originally Posted by PK5 (original)

not at all have you ever had a bank account

Yes .. I have a solo card, opened the account when I was younger.

[PK5]

you will have a rating then. ask your building society first see what they say.

[AshleyCorbell]

Quote: Originally Posted by PK5 (original)

you will have a rating then. ask your building society first see what they say.

Ok cheers, I will go in on monday.

[PK5]

whats wrong with phoning either tonight or visiting tommorrow

[AshleyCorbell]

Quote: Originally Posted by PK5 (original)

whats wrong with phoning either tonight or visiting tommorrow

Oh bugger keep thinking it is saturday today! I will go in tomorrow!

[PK5]

great keep me posted wont you