I'm nearly turning twenty and want to get a new car, I love my little pug to bits but want something with more grunt so I'm looking at the ford fiesta zetec S 07 reg. Now for the average person it's a little hard to get 4000k to buy it straight out. I've tried a finance company and because I've only been in my new place for 3 months they won't do it. Do you guys know a way to get it on a pay monthly option.
Cheers.
Originally Posted by snootyjim
Most places when checking your credit history should ask for previous addresses, where you haven't lived in your current address for long enough.
Finance company as in some one who offers unsecured loans? Like a bank? Or are you already looking at secured finance?
I have no idea, never done it before! I'd just like a way to get the money buy THR car and repay it monthly, am I better off actually going to the ford dealership?
Best place to start would be your current bank, which should know your credit history.
It tends to be cheaper to get an unsecured loan from a bank/building society/supermarket (some have good rates these days) to buy a car; then repay monthly (lender will sort out a direct debit)
Finance from a dealership will tend to be more expensive but usually easier to get if your credit rating isn't amazing or lack credit history as the loan is secured against the vehicle.
What I mean by cheaper and more expensive is the rate of interest; this should be quoted as APR.
Also, a unsecured loan is preferable to a secured loan.
Save up for another year. I would at least wait until you have been in your job for a year.
Don't want yourself into debt
Save for it, 4k isnt unreasonable to save in 2 years if you are frugal (less than £200 per month), it's not even the limit for deposits in a cash ISA for a year
Have you looked at insurance? I know as an older driver with more experience/ncb getting a sporty car made a fair jump on my policy and you would have to factor that cost in too which is potentially a few years until your premium settles down
I rang them earlier and it was a add on of £187 + £25 for admin fee's
That's the issue, I earn enough to pay back around 100/150 a month but beyond that is pushing it thats why saving it would take FOREVER, like I originally mentioned I'm going to wait till my 20th so my insurance comes down again before switching.
Don't bargain on that happening...
Mine jumped by over £300 using the same details from the previous year...
I went from £1200 (18) to £700 (19) to back over £1000 (20), which well and truly messed me up financially as I bought a festival ticket thinking that I'd be in for cheaper car insurance...
I'm now trying to scrimp and save, my tea today was spaghetti that someone left in the house, sweetcorn and mayonnaise... And I now have 2 jobs...
Basically... Don't get complacent...
Last edited by TAKTAK; 23-06-2011 at 01:48 AM.
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I actually meant to create a thread about the age drop thing a while back. After playing around a lot on confused.com, I feel fairly safe in saying that the "insurance drops when you hit X age" is a myth, or is at least no longer true.
Changing my DOB had no noticeable effect on premiums. On the other hand, changing the level of experience and NCB had a dramatic effect.
I replicated the same results with my mum and sisters account, so I'm fairly sure about the results.
Anyone know any different with supporting evidence?
Post code also has a big effect, I'm looking at a new car and just by changing the post code between where I live and where my parents live took quotes down by half.
It is (in a knock on effect) that I have found, although the premium isn't massively affected the mandatory excess is on limits, I think my old insurer was £500 for 17/18, £350 for 19/20 and £250 to 21-25 year olds so you would adjust the voluntary so you pay the same excess in an accident so as you get older the voluntary excess would increase dropping the premium
When i was playing around with it a few years ago, it didn't change much between 19 and 20, it isnt until you get to 25 it starts to drop a bit. This might have been more to do with the added years of experience though.
I would have a check for the insurance on the car you are thinking of getting though, im 24 and i have the Fiesta 1.6 Ghia (basically the same car as the Zetec S just with different gearing, 5 door and non of the chav-ness) and the insurance is still between £600 and £800 so you are probably looking at upwards of a grand depending on the area you live in.
Last edited by Biscuit; 23-06-2011 at 11:34 AM. Reason: Dont know my own age!
I would seriously check out insurance before you dive in, I am 23 with 2 years NCB and did a few quotes on a Zetec S, was coming out at £1200 still, My Manchester postcode is to blame I think!
I started driving when i was 25 and over the past 7 years I have never noticed any drop due to age change, if anything they seem to be trying to push it up each year.
Another vote for saving up rather than getting in debt over a car. If your circumstances change you don't want to have that weight on your shoulders. I've always considered that if I can't afford it now, then I can't have it now. If you want a car with more grunt and don't want to wait ages, why not save for a bit, then go for an older car with similar specs.
I live in a very quite and respectable area which is why my insurance for my pug is only 700 (I say only haha) and my friend who lives in a sh*thole with a newer version of my car (1.1 but with airbags) his was 4700 :-/.
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