Getting a loan with low/no credit history

[seagullsovergrimsby]

What happened to the insurance payout on the car which was purchased (and insured) for £4,800 and then written off? That car must have cost over £3k, why did you get such an expensive car (relative to your age and earnings)?

Russ paid £1,995 for the car , the insurance was fully comp and cost £2,600 (the cheapest quote we could get for a 19 year old) and he wanted to put in a new cd player from Halfords. This car was written off after an accident and the insurance company paid out £1,850 plus whatever amount to the owner of the car he crashed into which had to be written off as well. His 2nd car cost £1,000 but because he couldn't pay for an annual insurance premium had to do this monthly which cost £280 per month. The gearbox died on the car after 3 months and the clutch was 75% knackered , plus the road tax and mot were also due and he couldn't afford to have it repaired and T&T.

 

[Lady Whistledown]

Russ paid £1,995 for the car , the insurance was fully comp and cost £2,600 (the cheapest quote we could get for a 19 year old) and he wanted to put in a new cd player from Halfords. This car was written off after an accident and the insurance company paid out £1,850 plus whatever amount to the owner of the car he crashed into which had to be written off as well. His 2nd car cost £1,000 but because he couldn't pay for an annual insurance premium had to do this monthly which cost £280 per month. The gearbox died on the car after 3 months and the clutch was 75% knackered , plus the road tax and mot were also due and he couldn't afford to have it repaired and T&T.

<Dramatic SIGH>

DAD, you're so EMBARRASSING

 

[Simster]

Russ paid £1,995 for the car , the insurance was fully comp and cost £2,600 (the cheapest quote we could get for a 19 year old) and he wanted to put in a new cd player from Halfords. This car was written off after an accident and the insurance company paid out £1,850 plus whatever amount to the owner of the car he crashed into which had to be written off as well. His 2nd car cost £1,000 but because he couldn't pay for an annual insurance premium had to do this monthly which cost £280 per month. The gearbox died on the car after 3 months and the clutch was 75% knackered , plus the road tax and mot were also due and he couldn't afford to have it repaired and T&T.

Clearly the lesson to be learned here is for him to keep buying cars he can't look after or indeed afford, ideally by making use of a loan.

 

[Lady Whistledown]

Has there ever been a previous example of an NSC poster being OWNED by their Dad?

 

[turienzo's lovechild]

BRILLIANT thread

 

[Simster]

Instead of borrowing £5,000, I have a better idea.

How about he gives me £1000, which would be roughly the cost of the loan, and I give him this:

Hey presto, everybody's happy. I make an easy grand, and he only pays £1,000 instead of £6,000 and gets the car in precisely the condition it will be in 3 months anyway.

 

[seagullsovergrimsby]

<Dramatic SIGH>

DAD, you're so EMBARRASSING

Russ is 20 tomorrow so he'll no longer be a teenager.

 

[Billy the Fish]

Clearly the lesson to be learned here is for him to keep buying cars he can't look after or indeed afford, ideally by making use of a loan.

 

[Ninja Elephant]

To be fair to master Taylor, this is a life lesson. He's 19, nearly 20. What do you expect of young people?! We make mistakes. So long as he realises that wanting the money, and posting this thread, WAS a mistake, he'll be fine.

Brilliant thread to read though.

 

[Lady Whistledown]

 

[Simster]

 

[hans kraay fan club]

 

[Lady Whistledown]

We all have to start somewhere.

 

[hans kraay fan club]

We all have to start somewhere.

Nice to see her doing something useful for once...

 

[seagullsovergrimsby]

We all have to start somewhere.

I wonder if Prince Charles ever tapped up his mum and dad for an interest free loan ?

 

[Lady Whistledown]

I wonder if Prince Charles ever tapped up his mum and dad for an interest free loan ?

Mother? One rather fancies a new runaround...and Cornwall

 

[Theatre of Trees]

Russ paid £1,995 for the car , the insurance was fully comp and cost £2,600 (the cheapest quote we could get for a 19 year old) and he wanted to put in a new cd player from Halfords. This car was written off after an accident and the insurance company paid out £1,850 plus whatever amount to the owner of the car he crashed into which had to be written off as well. His 2nd car cost £1,000 but because he couldn't pay for an annual insurance premium had to do this monthly which cost £280 per month. The gearbox died on the car after 3 months and the clutch was 75% knackered , plus the road tax and mot were also due and he couldn't afford to have it repaired and T&T.

Which makes the original idea of borrowing £5k and paying back £200 a month even more idiotic. I mean having got a car and paid the astronomical insurance, even with the lowest interest rate available for borrowing it would still take him 2-3 years to pay off the loan. And how would he pay for the insurance renewal the following year? Take another loan?

I left home when I was 17 and worked in a number of crappy low paid catering jobs and learnt early enough that you have to live within your means. And while I did used to look at loans I was always put off by the fact that I'd end up paying back much more than I borrowed in interest.

 

[Lady Whistledown]

Russ is 20 tomorrow so he'll no longer be a teenager.

Have you got him a present yet....?

 

[GYM]

To be fair I made the mistake of getting a loan for a car and insurance.

I made this exact mistake when I was 19. My car was writen off within 6 months.

I learnt from that and spent the next 3 years paying for the mistake, not to mention the ban and subsequntial (pardon spelling) insurance premiums.

Im 24 and just starting to get over it fully.

DONT DO IT LAD ITS FOOLISH

Remember DAD KNOWS BEST

 

[seagullsovergrimsby]

Russ didn't get any points on his licence because he forked out £150 to go on a 1 day driver awareness course organised by Humberside Police. The downside to this is being on the database for the next 7 years.