Car finance

[VTECBOY]

Hi everyone, I have been looking at car finance and decided to go for the skoda fabia vrs. Trouble is I am only 18 and the finance company has came back to me and said that I need a garuntour before they could go ahead with it. The monthly payment would be £250 a month and obviously if I failed to pay it one month it would be taken out the garuntours account.

Both my parents have came back saying that they are not willing to be the garuntour so it looks like I'm going to loose out on the car does anyone have any suggestions as to how to get the car on finance without a garuntour at this age?

[Butter Face]

See if your bank will lend you the money.

Otherwise if they have asked for a guarantor, they won't go further without one.

Why won't your parents stand for you?

[carreauchompeur]

Popcorn...

[Sarnie]

carreauchompeur said:

Popcorn...

Mines in the microwave

[VTECBOY]

Parents don't want to get involved just incase I miss a payment and they get charged as they can't afford it apparently.

[GG89]

If your own parents don't trust that you can meet the repayments then what chance have you got. The finance company certainly won't take that risk. Save up would be my advice.

[Jockman]

Tell your parents you have NO intention of moving out over the next 15 years.

THAT should crystallise their thinking...

[Shirt587]

Slightly silly question - if you're 18, why are you spending more than £500 on a car? And how bad will your insurance on a Fabia VRS be (I'm guessing almost as much as the car, unless you're spreading the car over 10 years )

[VTECBOY]

Insurance was only £800 that's why I wanted it so bad haha, thanks all

[spikeyhead]

Sarnie said:

carreauchompeur said:

Popcorn...

Mines in the microwave

Isn't that a potentially explosive?

[rfoster]

Standard with most finance companies for any applicant under 21 years old I'm afraid - your bank is the best bet if you do continue down this road.

[VTECBOY]

Will try that, thanks

[Cemesis]

Do you have any cash? You could give £1,000 to your parents to cover any 'missed' payments and if you miss none, they give it back to you at the end (once its paid off). If you do miss 4 payments and the money goes, you agree to sell the car and settle up.

[northandy]

VTECBOY said:

Parents don't want to get involved just incase I miss a payment and they get charged as they can't afford it apparently.

Which is fair enough, if they cant afford £250 a month and they obviously think you will miss payments, why should they take the risk.