Young person Loans.

[Not-All-Here]

Right, hopefully I will have a new job as a supervisor in the next week or two, so i will then be earning around 16k a year(not good, but not bad for a first job).

If i get the job i would like to get myself a new car. preferably a Golf Mk3 GTi 16v. To pay for this i would like to take out a loan.

Anyone know of any companies that will give a lone of roughly 5k to someone aged 20?

Thanks

Thom

[The Riddler]

How about saving up?

You obviously know how stable most jobs are right now.

Saving will give you a safety net incase you lose your job.
Saving will mean you give £x for the car, and only for the car, no interest to pay.
Saving will give you chance to assess what car you want, as well as time to research the market to give you the best possible value for money.
Saving also means should you have an accident, there is no payments going while you have no motor!

I'd try avoid to get finance or loan on a motor myself, other people may say differently though!

[Eric Mc]

Good advice in these straightened times. Aim a bit lower in the car stakes and see what you can afford to buy without the need to borrow.

As we all know, borrowing is a form of slavery. Necessary at times, but not to be entered into unless there are no alternatives.

[Gibson70]

I will have to agree with the above two comments due to the current climate. Never take out a loan otherwise you will end up in debt. Simple as that.

Try and save as much as you can and you will feel happier that you own the car outright rather worrying how to repay the loan.

Cheers

[Kozy]

£5k on a Mk3 16v? Are you mad?

You know you can buy E46 330Ci Sports, Audi S4s and the like for that money now don't you?

Even so, it is HIGHLY unlikey anywhere will give you one at the moment. So sadly it wil just be a case of buy what you can afford.

A Mk3 16v shouldn't cost more than £1k anyway, you can save that up in two months if you really want to.