Guarantor for first car loan

annemarie13

hi,

the car i have is costing me a bomb. last year i spent loads on fixing the rubber seal for leaking oil, a new coolent house plus other stuff like tyres. the catalytic converter is gone and it wont pass nct cause this is effecting emissions..


so i think i need a new car.i was looking at a polo today. i need a loan for 8000 but because its my first time getting a loan i need a guarantor. my dad wont be it so i dont no who else i can ask. can your boyfriend be guarantor? he is a electrican in work at the moment but work isnt guaranteed.

keep the old car running or get a new one.

advice is appreciated.

rovoagho

Anyone, as long as they have the funds to support it and are willing to take on the debt if you default.

ironclaw

What car do you currently have?

Obviously with all those issues, the value of it is negligible compared to the same model in perfect working order. Post up what the car is, how much you have spent on it and what needs to be done to put it right. If it costs even half the loan amount to put right, then your probably better off keeping it.

If it was me, given your credit situation, I would urge caution obtaining a loan because your going to lose twice. First, the depreciation on the new car will be criminal and secondly, the cost of the repayments. Each to their own, but I would never recommend obtaining a loan for a car. The loss on the depreciation and the loan itself is eye watering in some cases. That of course is variable based on the car etc.

Atlantic Dawn

Do you need to spend €8k on a car. I'm sure a car costing around €3k would have similar spec to a €8k Polo, especially if cash is tight.

biko

You can find a reliable car for much less than that (and get a cheaper loan).
Look in the bangernomics thread where people suggest good cheap cars they would drive themselves (at least that is the aim of the thread).

Also, calculate the cost of buying a car you know nothing about and the cost of fixing what's wrong with the current car.
A cat is a hell of a lot cheaper than a whole car..

Bpmull

Tbh I really wouldn't see the point in taking out a loan like that on still an ultimately secondhand car. It would be different if it was a new car but there is no guarantees with used cars. Obviously the newer should cause you less trouble but it doesn't always work that way. I would just keep the car you have. And save up some money so that in a years time you could revisit it and see if its worth changing then. Any good mechanic should be able to identify and sort out the emissions problem.