Starting work, need loan for a car.

*Tripper*

Well I start work on Friday and I need to get a loan for a car asap!

I'm starting on minimum wage and then moving up after training, a few weeks.

I don't have any expenses at all as I still live at home.

I want to get a loan of around 8000e, what are the chances of me getting this soon?

I don't have an account with my local building society or post office, I have an Ulster bank account.


Thanks!

stepbar

I hope you are going to be paying your parents some keep money!!

TBH an 8k loan over 3 years would amount t c270 - 300 eur a month. Add in insurance, car tax, fuel and maintainence bills and you could be looking at a nice bill every month. Realistically, I'd say that you would have problems getting that amount to start with. That is unless you have nice parents who might go guarentor on your loan. I wouldn't go stretching yourself just for the sake of a car. Maybe you should look at a cheaper / smaller car to start with. I bought my car for 2.7k and spend 1.3k on insurance / tax. 5k in total. Add into that about 40 - 50 eur a month in petrol and 500 eur of repairs this year alone. Running a car ain't cheap. That being said I earn a good deal more than the minimum wage and work for a bank, but the point still remains.

Random

Is there a particular reason you need to spend €8000 on a car or whatever? Buy something cheap for €2000 and it'll keep you going til you move up in the salary scale.

You're much more likely to get a 2k loan.

My 2 cent ..

*Tripper*

Sorry didnt explain myself fully, I have a few options i'm looking into right now.

But the 8g is for a car, tax, insurance and then i'm going to stick some of it away to pay for college fee's later on!

Cheers for the replies, I think i've it sorted now.

cailinoBAC

Your car loan will only cover the price of the car, not insurance, definitely no non car stuff. But get the loan directly through a branch of a bank, not through a dealership.
You could try to get two separate loans, one for the car and a separate personal loan. It will be easier if you have a parent as guarantor.

subway

paying your insurance on a 3 year loan is a bad idea,
most insurance companies will let you pay in installments if needed.

and the idea of getting a loan of some money to "put away" is completely backwards.
your going to pay more for that money that will do nothing for you.

chump

subway wrote: »

paying your insurance on a 3 year loan is a bad idea,
most insurance companies will let you pay in installments if needed.
.

I think quinn is ~ 20% apr in the installments thing?
It mightn't necassarily to pay to off over 3 years

example
1.5k @ 8% of two year, interest = €128
1.5k @ 20% over 12 months, interest = €167


1.5k @ 8% of three year, interest = €198
1.5k @ 20% over 12 months, interest = €167

just food for thought
I know with quinn there's a bigger upfront fee
Also know that with quinn if installments can cancel mid term and not be punished financially as much as otherwise
Also depends on personal loan rate

For me when I bought by first car got a 10k loan, paid off outstanding loan (~2.5k)
got car for 5k, and then tax, insurance and drink with the rest!
not clever perhaps! but cheap loan, ~7.2%, over 2.5years

cazzy

you will only get a car loan for the cost of the car, not the insurance or tax as the bank will have an interest in the car as security and cannot give you the extras on the specific car loan.

If you have no employment record (ie if this is your first job) and have had no credit in the past it is unlikely that the main banks (AIB and BOI) would give you a loan for 8k as they are quite conservative around their lending criteria although you chould still apply and see. Maybe they have got better in the last few years. Maybe the credit union might give you a loan if you have a record of saving with them. You also must be over 18 for lending facilities so I assume you are.

Bottle_of_Smoke

Slightly off topic but get a better job. an 8K loan is going to hang over you horribly unless you earn a bit more.

If you have a very basic leaving cert you'll prob get a job in a bank handy enough.