Quote:
Originally Posted by RCS2810
I'm 21. My credit rating is good just not old enough for it to be high enough. This is what I dont get, I can get acceptes for finance on two cars of £8000 and £3500. Got store cards, credit card yet I cant get a bank loan..
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That seems strange that you can get finance on those value cars yet unable to get a loan of £1500. Car finance is normally a rip off at some stupid rate..only a suggestion but could you not get a £1500 overdraft??
Before anyone jumps on my back I am not advising to do it though I suspect it would be cheaper than car finance.
A colleague at work borrowed 10k towards a Audi s5 and in total over 5 years I think it was a tiny bit over 11k he had pay back, when he looked into it you couldn't earn the same in interest on savings so effectively it was cheaper to borrow.
By all means I am no finical expert but if its cheaper to borrow money than to save and wait I would look at lending.
I'm sure there are people on here who could better advise on the cheapest ways to borrow £1500, though it will always come down to personal circumstances.