Should I apply for a bank loan to get a car? -NEED ADVICE-

noeld932

Hey guys,
I'm in a sticky situation at the moment and I need some advice.
I'm currently getting driving lessons and I've heard from loads of people that you should be practicing in between lessons with a sponsor.

Now, this is the problem. I don't have a car and don't know anyone that will insure me on their car.
So I was thinking, should I get a loan from the bank? I was thinking of getting a loan of €3,500 and paying it back over 12 months.
That would cover the cost of a car and insurance. I know a few full licenced drivers that would accompany me whilst driving.

So what do you think? Should I do this? I've never gotten a bank loan before and it would take me about 3-4 months to save up the money for a car/insurance.
Right now, this is my only option as to driving in between lessons to improve my driving skills.

Thanks guys!

FortyMedals

noeld932 wrote: »

Hey guys,
I'm in a sticky situation at the moment and I need some advice.
I'm currently getting driving lessons and I've heard from loads of people that you should be practicing in between lessons with a sponsor.

Now, this is the problem. I don't have a car and don't know anyone that will insure me on their car.
So I was thinking, should I get a loan from the bank? I was thinking of getting a loan of €3,500 and paying it back over 12 months.
That would cover the cost of a car and insurance. I know a few full licenced drivers that would accompany me whilst driving.

So what do you think? Should I do this? I've never gotten a bank loan before and it would take me about 3-4 months to save up the money for a car/insurance.
Right now, this is my only option as to driving in between lessons to improve my driving skills.

Thanks guys!

I tried get a bank loan for my car,and they were very strict, have you any money in the credit union by any chance ? loans from credit unions are much better and cheaper because they don't charge much interest, however i think you can only borrow twice as much as you have in your account, plus considering your getting your first car you could just spend around 1500, something like a POLO etc, small engine and cheap insurance, and when you pass your full test, your insurance will drop around 40 - 60%, it did for me, at that stage sell your 1st car and by your self a decent car, buying a car for more than 1500 may cost you considering you may hit things as well as ruin the clutch, just get a small lone and pay your insurance in monthly installments

Aint Eazy Being Cheezy

FortyMedals wrote: »

I tried get a bank loan for my car,and they were very strict, have you any money in the credit union by any chance ? loans from credit unions are much better and cheaper because they don't charge much interest, however i think you can only borrow twice as much as you have in your account, plus considering your getting your first car you could just spend around 1500, something like a POLO etc, small engine and cheap insurance, and when you pass your full test, your insurance will drop around 40 - 60%, it did for me, at that stage sell your 1st car and by your self a decent car, buying a car for more than 1500 may cost you considering you may hit things as well as ruin the clutch, just get a small lone and pay your insurance in monthly installments

This.

Check out the bangernomics forum on here, pick up a car for approx €1k and do all your learning in that.